The stock market closed lower Wednesday after the S&P 500 suffered its worst loss in months.
The Nasdaq fell 0.9% as weakness in semiconductor and other technology stocks dragged down the composite. The S&P 500 fell 0.8%, its largest decline since Oct. 11 and only a few basis points more than the index lost Dec. 14.
The Dow Jones industrial average shed 0.6%. The major indexes closed near session lows after erasing modest gains in the early going. That made for bearish price reversals.
Small caps led the market lower. The Russell 2000 dropped 1.2%. The Dow transportation average lost 1.2%. Airlines and transportation equipment companies were stung.
Preliminary figures showed volume rose, which if confirmed would indicate selling by institutional investors. Losers led winners by a nearly 3-to-1 ratio across the board.
A bearish reversal in Nvidia (NVDA) underscored broad weakness in chip stocks. IBD's chip designers industry group slid more than 2% Wednesday.
Amazon.com (AMZN) closed nearly flat, surrendering a larger early gain despite bullish analyst comments.
Generic drugs, fiber optics and some cyclical stocks such as steel alloys were among the poorest of the day. But gold mining stocks were Wednesday's best, after the price of gold climbed 0.4% but remained near the lowest levels of the year.
On Thursday, the latest figures on foreign trade and jobless claims are released at 8:30 a.m. ET, before the market opens.
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