The Nasdaq Composite declined for a fourth consecutive trading day on Thursday as technology and growth stocks faced continued pressure from shifting interest rate expectations, according to market data compiled by major exchanges.
Trading volume remained elevated throughout the session while the tech-heavy index closed down 0.8 percent at 18,234 points, extending losses that have now wiped out more than 3 percent of its value over the four-day streak. The S&P 500 edged higher by 0.2 percent to finish at 5,432 while the Dow Jones Industrial Average gained 0.5 percent, closing at 39,876, in a session where market breadth favored value-oriented sectors over high-growth names.
According to a Reuters report on the session, investor concerns centered on stronger-than-expected retail sales data released by the Commerce Department that reduced the likelihood of aggressive Federal Reserve rate cuts later this year. The report showed retail sales rose 0.9 percent in May, exceeding forecasts and contributing to a rise in Treasury yields that weighed on rate-sensitive technology valuations.
Bloomberg figures show the Nasdaq has now retreated nearly 4 percent from its all-time high set in mid-June, reflecting a broader rotation out of megacap technology names that had driven much of the market’s gains earlier in 2026. Semiconductor shares were among the hardest hit, with the Philadelphia Semiconductor Index falling 1.7 percent as Nvidia and Advanced Micro Devices both posted losses exceeding 2 percent during the session.
The US stock market: Nasdaq falls for fourth day came as quarterly earnings season entered its second week, with several prominent technology firms scheduled to report results in the coming days. Microsoft and Alphabet are both due to release figures next week, and analysts polled by Refinitiv expect combined revenue growth of 15 percent for the pair, though any deviation from those forecasts could further influence Nasdaq direction.
Federal Reserve Bank of New York data places overall market volatility at moderate levels, with the Cboe Volatility Index holding near 16 despite the Nasdaq’s slide. This comes after the index experienced a period of unusually low volatility in the first half of the year when it repeatedly set record highs on the back of artificial intelligence-related enthusiasm.
Investment analysts at JPMorgan Chase noted in a client note that the four-day decline mirrors similar pullbacks seen in March and April when stronger economic data similarly delayed expected monetary easing. The bank’s strategists project the Nasdaq could regain momentum if upcoming inflation readings for June align with the central bank’s 2 percent target, potentially reopening the door for a September rate reduction.
