Wall Street ends lower as tech stocks slide

Stocks on Wall Street surrendered early gains and fell Thursday. Tech stocks were unable to maintain the momentum following Wednesday’s rebound. Energy stocks slid even more than the tech titans as oil prices dropped on a surprise build up in U.S. stockpiles of crude.

The Nasdaq ended 2% lower. The S&P 500 fell 1.8%. And the Dow shed one-and-a-half percent.

Adding to the negative investor sentiment: elevated weekly jobless claims, and the Senate’s move to kill the Republicans’ $300 coronavirus aid bill.

National Securities chief market strategist, Art Hogan:

“Tough energy tape, frustration over Capitol Hill in not getting the CARES Act ‘skinned up’ Senate bill out, and investors are saying, ‘All right, what are these guys thinking about’ and taking a pullback today.”

Back on Wall Street, a tale of two retailers: Shares of GameStop dropped 15%. The video game retailer lost more money than analysts expected for the second straight quarter. Its same-store sales declined nearly 13%.

But RH saw its shares rise 20%. The furniture chain’s earnings crushed expectations as people working from home spent more on their homes. At least three analysts raised their price targets on the parent of Restoration Hardware.

Video Transcript

[BELL RINGS]

- Stocks on Wall Street surrendered early gains and fell Thursday. Tech stocks were unable to maintain the momentum, following Wednesday's rebound. Energy stocks slid even more than the tech titans, as oil prices dropped on a surprise build-up in US stockpiles of crude. The NASDAQ ended 2% lower. The S&P 500 fell 1.8%, and the Dow shed 1 and 1/2%, adding to the negative investor sentiment, elevated weekly jobless claims, and the Senate's move to kill the Republicans' $300 billion coronavirus aid bill. National Securities Chief Market Strategist Art Hogan.

ART HOGAN: You know, tough energy tape and frustration over Capitol Hill and not getting the CARES Act skinnied up, you know, the Senate bill out, today, I think investors are saying, all right, you know, what are these guys thinking about? I'm thinking I'll pull back again today.

- Back on Wall Street, a tale of two retailers. Shares of GameStop dropped 15%. The video game retailer lost more money than analysts expected for the second straight quarter. It's same store sales declined nearly 13%. But RH saw its shares rise 20%. The furniture chain's earnings crushed expectations, as people working from home spent more on their homes. At least three analysts raised their price targets on the parent of Restoration Hardware.