Investing.com - Stocks pulled back in a nasty way Thursday as Tesla (NASDAQ:TSLA) shares were slammed and airline and technology stocks were sold off.
The Nasdaq Composite was off 1.0% as Tesla (NASDAQ:TSLA) was pummeled for poor second-quarter results.
The S&P 500 was off 0.53%. The Dow was down 0.47%, with Boeing (NYSE:BA) the big loser after airlines revised schedules to cope with not having its 737 Max jets available until December or earlier. American Airlines (NASDAQ:AAL) was off 8.4%. Alaska Air Group (NYSE:ALK) fell 2.7%.
Southwest Airlines (NYSE:LUV) shares ended up slightly after it announced it will close its operation at Newark Liberty International Airport and concentrate New York operations at LaGuardia Airport.
The three carriers are among Boeing's biggest customers. Boeing, down 3.7% on Thursday, was responsible for 90 of the Dow's 129-point loss. It was up as much as 38.3% on the year in February. That gain is now just 7.9%.
Stocks were also hurt by a vow from Mario Draghi, the president of the European Central Bank, to cut rates and take other measures to support the slow-growing European economy, but not until September. Draghi's remarks pushed the euro to a 52-week low against the U.S. dollar.
Oil prices gave up sizable early gains after Draghi spoke at his Frankfurt press conference.
West Texas intermediate crude oil was up 14 cents to $56.02. Brent crude, the global benchmark, was up 21 cents to $64.39.
Interest rates were higher. The 10-Year yield rose to 2.078% from 2.05%. The Federal Reserve is expected to cut its key federal funds rate when it meets next week. Investing.com's Fed Rate Monitor Tool puts the odds of a quarter-point rate cut to 2% to 2.25% at 100%, with a 60% chance of an additional rate cut at the Fed's September meeting.