The S&P 500 wavered as the benchmark index tried to avoid a third consecutive day of declines.
Roughly a quarter of the stocks in the S&P 500 traded in the red, with losses accumulating most of the market. Investors reassessed everything from high-growth stocks to shares of small companies.
Growth stocks like Tesla and Amazon were pressured by investors concerned about soaring company valuations amid higher interest rates and the specter of inflation. A slight pullback in bond yields Thursday, which remained at elevated levels, did no favors for financial stocks, though bank shares picked up momentum in afternoon trading.
Energy stocks slid alongside a steep pullback in crude oil prices and shares of small companies slid into correction territory, defined as a drop of 10% or more from a recent high.
Investors showed little to no willingness to wade back into the stock market beyond buying shares of more defensive companies, including utilities and consumer staples, even after Wednesday’s heavy losses.