Stocks traded lower for a third straight day, as Wall Street weighed a fresh batch of corporate earnings results ahead of July's jobs report due out later this week. The Dow Jones Industrial Average lost more than 60 points, while the S&P 500 Index and Nasdaq Composite were 0.25% and 0.10% lower, respectively.
Here's how the market settled on Thursday:
S&P 500 Index (NYSE: SPY): -0.25% or -11.50 points to 4,501.89
Dow Jones Industrial Average (NYSE: DIA): -0.19% or -66.63 points to 35,215.89
Nasdaq Composite Index (NASDAQ: QQQ): -0.10% or -13.73 points to 13,959.72
The second-quarter earnings season continued on Thursday, with Qualcomm (NASDAQ: QCOM) shares falling over 8% after the chipmaker missed estimates on quarterly adjusted revenue. The company also issued disappointing guidance, expecting earnings of between $1.80 and $2 per share on between $8.1 billion and $8.9 billion in sales in the fourth quarter.
CEO Cristiano Amon said that Qualcomm's artificial intelligence strategy seeks to capitalize on the industry focus on chips needs to run generative software. "In summary, we are uniquely positioned to help shape and capitalize on the upcoming on-device Gen AI opportunity," Amon said in a statement.
Expedia (NASDAQ: EXPE) shares dropped more than 16% after reporting mixed results. Expedia's bookings fell short of expectations, totaling $27.32 billion versus the $28.23 billion expected.
PayPal (NASDAQ: PYPL) shares lost over 12% despite posting in-line earnings, while Moderna (NASDAQ: MRNA) raised its full-year guidance for its COVID vaccine following mixed earnings. The biotech expects $6 billion to $8 billion in sales for the shot, it's only marketable product, this year -- up from the previous forecast of $5 billion.
Warner Bros. Discovery (NASDAQ: WBD) shares rose slightly on Thursday after the media company reported disappointing second-quarter results and a drop in subscribers from the previous period. The company reported 95.8 million global direct-to-consumer streaming subscribers during the quarter, marking a nearly 2 million decline from the end of the first quarter.
On the economic front, U.S. services sector expanded at a slower-than-expected rate in July, according to a report from the Institute for Supply Management on Thursday. The ISM Services PMI came in at a reading of 52.7, representing expansion but coming below June's print of 53.9. Separately, July's PMI reading from the S&P Global U.S. Services PMI Business Activity Index came in at a seasonally adjusted 52.3.
"The service sector remains the main engine of growth in the [U.S.] economy, though there are signs of the motor spluttering amid rising headwinds," said Chris Williamson, chief business economist at S&P Global Market Intelligence, in a statement.
Looking ahead, market participants will react to earnings from Apple (NASDAQ: AAPL) and Amazon (NASDAQ: AMZN) after the bell. Friday will also see the release of July's private payroll numbers from the Labor Department due out premarket.