U.S. stocks closed in negative territory on Thursday, with a resumption of Tuesday's tech selloff as investors contended with mounting economic uncertainty and stretched valuations.

Market Snapshot

The Dow Jones Industrial Average .DJI fell 397.35 points, or 0.84%, to 46,913.65, the S&P 500 .SPX lost 75.91 points, or 1.12%, to 6,720.38 and the Nasdaq Composite .IXIC lost 445.80 points, or 1.90%, to 23,053.99.

Market Movers

Take-Two Interactive Software — Shares of the video game developer tanked 7% after Rockstar Games, a subsidiary of Take-Two, announced a further delay in the release of Grand Theft Auto VI to November 2026 from May 2026. The announcement marks the second delay for the highly anticipated game.

Airbnb, Inc. — Shares of Airbnb rose about 5% in extended trading after the company reported strong third-quarter results and guidance. Airbnb earned $2.21 per share on revenue of $4.1 billion, while analysts polled by LSEG expected $2.34 per share on revenue of $4.08 billion. For the fourth quarter, Airbnb said it expects revenue of $2.66 billion to $2.72 billion, exceeding the $2.67 billion analysts were anticipating, per LSEG.

Affirm — Shares jumped more than 12% in extended trading after the company beat on top and bottom lines, with results showing that quarterly gross merchandise volume topped the Street’s forecasts. The fintech firm earned 23 cents per share in the fiscal first quarter and reported revenue of $933 million. Analysts polled by LSEG expected a profit of 11 cents per share and $883 million in revenue.

DraftKings Inc. — The sports gambling stock declined nearly 4% on the back of the company’s disappointing third-quarter results. DraftKings reported a loss of 52 cents per share, greater than the 42 cents per share loss analysts polled by LSEG forecasted. Revenue of $1.14 billion for the period also failed to meet analysts’ consensus expectation of $1.22 billion, per LSEG.

Peloton Interactive, Inc. — The connected fitness company’s stock popped 10% as it swung to a surprise profit in its fiscal first quarter. Peloton earned 3 cents a share on revenue of $550.8 million. Analysts had expected the company to breakeven on revenue of $540.7 million, according to FactSet. That said, paid subscriptions continued to decline.

Trade Desk — Shares fell 2% even after the advertising platform reported third-quarter results that exceeded expectations, and issued rosy current quarter guidance. Trade Desk posted earnings of 23 cents on revenue of $739 million. Analysts polled by FactSet forecasted earnings of 20 cents per share on revenue of $719.1 million.

Dropbox Inc. — Shares of the data storage company rose nearly 5% after reporting  third-quarter result that were better than expected. Dropbox earned 74 cents per share, after adjustments, on revenue of $634.4 million.

Monster Beverage — The Monster Energy drinkmaker beat on top and bottom lines for the third quarter, sending Monster Beverage shares roughly 4% higher. The company reported adjusted earnings of 56 cents per share on revenue of $2.2 billion. Analysts surveyed by LSEG expected it to earn 48 cents per share on $2.11 billion in revenue.

Wynn Resorts — Wynn Resorts stock fell more than 1% after posting mixed third-quarter results. The casino operator posted $1.83 billion in revenue for the period, exceeding analysts’ estimate of $1.77 billion, per LSEG. Wynn’s earnings results, however, came up short of analysts’ consensus expectation.

Block — The Cash App owner saw its stock decline nearly 9% in after-hours trading. Block reported a double miss for the fourth-straight quarter and a miss on revenue for the sixth straight quarter in the row. The company earned 54 cents per share, after adjustments, on revenue of $6.11 billion, while analysts polled by LSEG expected earnings of 67 cents per share on revenue of $6.31 billion.

Sweetgreen, Inc. — Shares of the salad chain fell more than11% after it cut its full-year forecast once again as consumers pull back on spending. Sweetgreen expects this year’s sales to be between $682 million and $688 million, down from a prior estimate of $700 million to $715 million. Sales at restaurants open at least a year should decline 7.7% to 8.5%, it said. It had been anticipating a decline of 4% to 6%.

Expedia — Shares of online travel company jumped 14% as third-quarter results topped estimates, amid strong travel demand. The company earned $7.57 per share, after adjustments, on revenue of $4.41 billion. Analysts were expected earnings of $6.92 per share on revenue of $4.28 billion. In the fourth quarter, Expedia expects revenue to grow between 6% and 8%, solidly higher than the 2.7% consensus estimate.

Qualcomm fell 3.6%. The maker of chips for Android smartphones posted better-than-expected fiscal fourth-quarter adjusted earnings of $3 a share on revenue of $11.27 billion. However, expense growth exceeded expectations, and the outlook for automotive chip sales was weak.

Third-quarter earnings from advertising technology company AppLovin Corporation beat Wall Street estimates, sending the stock up 0.7%. AppLovin posted a profit of $2.45 a share, 7 cents better than consensus, and said it anticipates fourth-quarter revenue of $1.57 billion to $1.6 billion, higher than estimates of $1.55 billion.

Chip designer Arm Holdings reported fiscal second-quarter earnings that topped analysts' forecasts. U.S.-listed shares dropped 1.3%. For the current third quarter, the U.K.-based company said it expects adjusted profit of 41 cents a share on revenue of $1.23 billion. Wall Street was looking for earnings of 35 cents a share on revenue of $1.11 billion.

Marvell Technology rose 0.5% following a report that Japan's SoftBank Group explored a potential takeover of the chip company several months ago. SoftBank founder Masayoshi Son potentially was interested in acquiring Marvell to merge it with chip designer Arm -- in which SoftBank has a majority stake -- but the two sides couldn't reach an agreement on terms, Bloomberg reported, citing people familiar with the matter.

Moderna gained 3.3% after the vaccine maker reported better-than-expected quarterly results and narrowed its full-year guidance. Moderna posted a loss of 51 cents a share for the third quarter, down from a profit of 3 cents last year, but narrower than analysts' consensus calls for a loss of $2.12.

Eli Lilly rose 1.3% and U.S.-listed shares of Novo Nordisk fell 4% after the pharmaceutical giants reached an agreement with the Trump administration that would allow Medicare to pay for weight-loss medicines for the first time.

DuPont de Nemours Inc fell 1.2%. The materials and chemicals company reduced its full-year net sales forecast to $6.84 billion, down from previous guidance of $6.865 billion. DuPont's board authorized $2 billion in stock repurchases and declared a quarterly dividend of 20 cents a share.

Carriers Delta Air Lines, United Airlines, and American Airlines declined 1.3%, 1%, and 2%, respectively. Transportation Secretary Sean Duffy said there would be a 10% reduction in flight capacity at the top 40 U.S. airports beginning Friday as air-traffic controllers work without pay during the prolonged government shutdown.

Robinhood Markets posted third-quarter earnings and revenue well above analysts' expectations, but transaction-based revenue of $730 million, up 129% from a year earlier, missed projections. Shares of the stock trading and crypto platform fell 11%.

Snap Inc jumped 9.7% after the social-media platform narrowed its loss in the third quarter and said AI company Perplexity would pay it $400 million over one year to integrate its artificial intelligence-powered search engine into Snapchat.

Datadog surged 23%. The software maker posted better-than-anticipated earnings and revenue in the third quarter. For the current fourth quarter, Datadog guided for revenue of $914 million at the midpoint of its range. Analysts were looking for $889 million.

Celsius Holdings, Inc. sank 25%. The energy-drink company said a transition of a large portion of its newly acquired Alani Nu business into PepsiCo's distribution network will impact reported results, "as the company primarily recognizes revenue upon delivery to its distributor partners and retailers."

CarMax tumbled 24% after the nation's largest seller of used cars said its current CEO, Bill Nash, will step down and depart the board, effective Dec. 1. Board member David McCreight will serve as interim president and CEO, while a search for a permanent CEO is under way.

DoorDash, Inc. declined 17% after the food-delivery company missed third-quarter earnings expectations and said it currently expects to "invest several hundred million dollars more in new initiatives and platform development in 2026 than we did in 2025."

Duolingo cratered 25% after the language learning platform said it expects fourth-quarter bookings of $329.5 million to $335.5 million, below Wall Street estimates.

e.l.f. Beauty Inc. sank 35% after the beauty company issued full-year guidance that was below Wall Street expectations. E.l.f. expects adjusted earnings of $2.80 to $2.85 a share on sales of $1.55 billion to $1.57 billion. Analysts forecast adjusted earnings of $3.53 on revenue of $1.65 billion.

Market News

Former House Speaker Nancy Pelosi to Retire From Congress

Former House Speaker Nancy Pelosi (D., Calif.) said Thursday that she wouldn't run for re-election and planned to leave her seat in Congress at the end of this term, drawing to a close a decadeslong political career that included driving landmark healthcare initiatives and going toe-to-toe with President Trump.

Pelosi, 85 years old, became the first woman to be elected speaker of the House in 2007, and is viewed as one of the most significant congressional party leaders in U.S. history. Under her leadership, Democrats passed major legislation, including the Affordable Care Act and the Inflation Reduction Act -- focused on healthcare and climate spending -- and impeached Trump twice.

Fed’s Hammack Says Central Bank Should Pause Rate Cuts

Cleveland Federal Reserve President Beth Hammack said Thursday that she supports holding off on another interest-rate cut in December, warning that inflation poses a more serious threat to the economy than a cooling labor market.

“After last week’s meeting, I see monetary policy as barely restrictive, if at all, and it’s not obvious to me that monetary policy should do more at this time,” Hammack said in remarks at the Economic Club of New York.