On Thursday, the US stock market closed lower due to disappointing quarterly earnings from Tesla (TSLA), mixed earnings from various sectors, and softer than expected housing and jobs data. The S&P 500 (^GSPC) fell 0.59%, the Dow Jones Industrial Average (^DJI) dropped 0.32%, and the Nasdaq Composite (^IXIC) fell 0.80%. Tesla’s stock was down nearly 10%, hitting its lowest level in almost three months, after the company reported first-quarter earnings that fell short of Wall Street’s expectations.
Traditional automakers, including Ford (F) and General Motors (GM), also fell nearly 3% as a result. AT&T (T) was the biggest loser in the S&P 500, with shares falling 10.43%, and American Express (AXP) shares fell 1%. Economic data also contributed to the market’s decline, as weekly jobless claims came in higher than expected and existing home sales retreated 2.4% in March from the previous month.