On Wednesday, the stock market had a very good day as the Dow climbed back over 29,000. Thursday is telling a much different story. The numbers around midday were bleak: The Dow was down 531 points, or nearly 2%, to 28,554; the S&P 500 was down 92 points, or 2.5%, to 3,488; and the Nasdaq was doing worst of all, down 464 points, or 3.8%, to 11,591. The latter index is heavy on tech stocks, and that's Thursday's big problem, reports CNBC. Apple shares were down 7%, while Facebook, Amazon, Alphabet, and Microsoft were all down at least 5%.
"The market is taking a bit of a pause almost from exhaustion," David Zahn of Franklin Templeton tells the Wall Street Journal. "We've all been going full tilt since the beginning of the year, and there hasn't been a lot of information, so markets have drifted a little bit." Another industry observer also thinks the run of recent record highs had to end. "While we don't expect a crash to happen again now, we don't need new highs to grow every day to keep the uptrend alive, either," says Frank Cappelleri of Instinet, in a note. "With the [S&P 500] up 9/10 days and having just logged its biggest advance in two months, it's certainly earned a period of which to digest." (Read more stock market stories.)