Wall Street slips again, near bear market

Another volatile day on Wall Street ended with more losses for stocks Thursday, drawing the S&P 500 closer to its first bear market since the beginning of the pandemic.

The index, a benchmark for many funds, fell 0.6% after easing off a deeper stumble. The latest decline came a day after the S&P 500 had its biggest drop in nearly two years. It’s now down 18.7% from the record high it set early this year and is nearly at the 20% threshold that defines a bear market.

The Dow Jones Industrial Average fell 0.8% and the Nasdaq slipped 0.3%.

The latest pullback is further indication “that the market is trying to find direction,” said Lindsey Bell, chief markets and money strategist at Ally Invest.

The S&P 500 fell 22.89 points to 3,900.79. The Dow dropped 236.94 points to 31,253.13. The Nasdaq slid 29.66 points to 11,388.50. The three indexes are on pace to extend a string of at least six weekly losses. The Russell 2000 rose 1.38 points, or 0.1%, to 1,776.22.

Target fell another 5.1% a day after losing a quarter of its value on a surprisingly weak profit report.

Technology stocks fell Thursday, accounting for a big share of the S&P 500’s drop. Cisco Systems slumped 13.7% after the seller of routers and switches cut its profit forecast amid supply chain constraints. Synopsis jumped 10.3% after the software company raised its financial forecasts for the year.

Household goods companies, grocery store operators and food producers fell broadly. General Mills fell 2.1% and Clorox fell 5.3%.

Retailers and other companies that rely on direct consumer spending mostly rose. Amazon added 0.2% and Expedia climbed 5.3%. Bath & Body Works slid 6.8% after cutting its profit forecast for the year.