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U.S. stock indexes fell on Thursday as investors prepared for a third interest rate hike this year while the United States ordered new sanctions against North Korea.
The Dow Jones industrial average dropped for the first time in ten days. It dropped 0.24 percent to end at 22,359.23 following a nine-day span which saw an average gain of over 600 points. Apple and Procter & Gamble contributed the most to the declines.
The S&P 500 fell 0.3 percent to 2,500.6, as shares of major technology, telecommunications and consumer staples companies traded lower. The Nasdaq composite declined 0.52 percent to 6,422.69, with shares of Microsoft, Amazon and Facebook all down.
Traders speculated that some jitters surrounding the upcoming Federal Reserve interest rate hike have caused some investors to sell.
Only two of the 11 major S&P sectors - financials and industrials were higher, with gains of 0.2 percent and 0.3 percent respectively. The consumer staples index was the biggest decliner, losing 0.97 percent.
Financials was one of the few bright sectors in the S&P 500, as Goldman Sachs, Citi and Bank of America all gained 0.5 percent.
Nvidia was among the worst performers in the S&P 500 following a report that Tesla is working with AMD to develop its own AI chip for self-driving cars. Shares of Nvidia dropped 3.5 percent. Tesla vehicles are currently using Nvidia graphics processing units as part of its Autopilot self-driving hardware.
The S&P has increased around 11.7 percent so far this year, supported by solid corporate profits and optimism among some investors that Trump will reduce taxes for businesses.
