Stocks Fall, with Dow and S&P 500 Pulling Back Further from Record Highs
Tiger Newspress01-08
Stocks fell on Thursday, pulling the S&P 500 and Dow Jones Industrial Average further from record levels.
The broad market index shed 0.2%, while the 30-stock Dow lost 45 points, or 0.1%. The Nasdaq Composite slid 0.7%.
Meta Platforms traded down roughly 1%, alongside Apple and Netflix. The moves weighed on the broader market.
Conversely, defense stocks rallied after President Donald Trump called for a $1.5 trillion defense budget in 2027, a massive increase from the $901 billion approved by Congress for 2026. Northrop Grumman and Lockheed Martin gained around 8%. Additionally, RTX advanced more than 3%, and Kratos Defense popped 14%.
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