The major US stock indices are closing lower today.
The S&P and NASDAQ indices closed higher two straight days and closed at record levels as well
Although the S&P and NASDAQ indices both made new all-time intraday highs at 7385.02 and 26036.38 respectively, the gains cannot be sustained. Dow industrial average fell -314.04 points or -0.63% at 49601.95. For the 2nd day in a row, the index traded above the 50,000 level, but could not sustain momentum S&P index fell -28.03 points or -0.3% at 7337.10.
NASDAQ index fell -32.75 points or -0.13% at 25806.20 Russell 2000 also closed below record levels for the 1st time in 3 days with a decline of -47.14 points or at -1.63% at 2839.62. The bigger losers today included: Shake Shack Inc: -28.27% Tapestry: -12.41% Whirlpool: -11.89% Arm: -10.10% Marvell: -7.05% Ciena Corp: -6.68% GE Vernova LLC: -6.53% Nebius NV: -5.29% Eaton: -5.26% Vertiv Holdings Co: -5.24% BAE Systems PLC: -5.17% Shake Shack (-28.27%) — Earnings Disaster Shake Shack tumbled roughly 30% after reporting an operating loss of $2.6 million and missing both earnings and revenue estimates. CEO Rob Lynch cited winter storms and an increase in projected store openings as drags on EBITDA, while the company also dealt with higher beef costs.