A decline in tech stocks led by Apple and Alphabet pulled the major indexes down Thursday. Fred Katayama reports.
Tech stocks resumed their slide Thursday, as investors fretted about valuations. That pulled down the major indexes. Russell Investment's Steve Wood: SOUNDBITE: STEVEN WOOD, CHIEF MARKET STRATEGIST, RUSSELL INVESTMENTS, (ENGLISH) SAYING: "In a world where valuations are stretched, you're getting pockets that are even more stretched. So that is something an investor really needs to incorporate into their long term discipline." Kroger shares dropped. Quarterly profit at the U.S. largest supermarket chain fell by more than half, and the retailer issued a weak earnings forecast for the full year. Nike fell after the athletic gear maker said it'll cut about 2 percent of its global staff and eliminate a fourth of its shoe styles. Mattel slumped after the toy maker cut its payout. Snap shares fell back close to its IPO price. Investors got some positive economic news. Fewer Americans than expected applied for jobless benefits last week. European indices fell, dragged lower by telecom, materials and tech stocks.