Dow closes more than 300 points lower as December selloff resumes; European markets close lower as earnings optimism fades
Stocks fell Thursday as a year-end selloff returned to Wall Street following a brief respite this week. The Dow Jones Industrial Average fell 348.99 points, or 1.05%, to 33,027.49 — after falling as much as 803.05 points earlier in the session. S&P 500 declined 1.45% to 3,822.39. Meanwhile, the Nasdaq Composite was 2.18% lower at 10,476.12.
Tesla shares dropped nearly 8.9% after the automaker began to offer $7,500 discounts on some of its models, adding to investor concerns of slowing demand for electric cars.
CarMax shares dropped about 3.7% after the used car retailer missed profit and revenue expectations. Micron Technology shares slipped 3.4% on disappointing quarterly results, which were issued late Wednesday. One-time meme stock darling AMC dropped more than 7% after announcing a capital raise.
The Stoxx 600 provisionally closed 1% lower, with all sectors and major bourses in the red. Autos fell furthest, shedding 2.7%, as tech stocks dropped 2.6%.
Source: CNBC, Investing.com