Dow, S&P 500 fall with Disney, regional banks
STORY: The Dow and S&P 500 ended lower on Thursday, dragged down by shares of Disney and declines in regional bank stocks.
The Dow shed more than six-tenths of a percent, the S&P dropped nearly two-tenths, while the Nasdaq ticked up two-tenths.
Lifting the Nasdaq: shares of Alphabet, which rose a day after Google rolled out more AI products to better compete with Microsoft.
But Kleo Curry, Vice President of Wealth Management at UBS Financial Services, says she’s "cautious" about Big Tech despite its big run-up this year.
“What I've been telling clients with regards to AI and the opportunities within the tech space is keep in mind that from my standpoint, valuations are still quite high. [FLASH] So I would caution investors not to get too excited about one particular area of the market. It's important to understand why that's happening, and then what is coming up, what we are anticipating happening later in the year - which is a slowing economy, and that may have a muted effect on growth of the tech stocks.”
And it was another rough day for PacWest… the bank’s shares dropped after it reported that its deposits fell 9.5% last week and that it had posted more collateral to the U.S. Federal Reserve to boost its liquidity.
Other regional bank shares fell as well, as the news renewed worries about the industry's health following the recent collapse of three regional lenders.
Among other movers, Walt Disney shares slid a day after the company reported a drop in subscribers to its streaming service Disney+.
And shares of Tesla jumped in late trading after CEO Elon Musk said in a tweet that he had found a new chief executive for Twitter.
The move is likely to allay Tesla investors' concerns, who have been increasingly worried about the time that Musk is devoting to turning around Twitter.