The stock market closed lower Thursday, giving back a chuck of the prior day's hearty gains.
The Nasdaq shed 0.7% and the S&P 500 0.6%. The Dow Jones industrial average lost 0.5%, as component Caterpillar slid 4.5% on news that authorities raided its Illinois offices.
All three indexes, which rallied 1.3% to 1.5% Wednesday, closed near session lows. But they remained in an upward trend that started with a move to new highs in January.
Small caps did worse, as the Russell 2000 sliced off 1.3%. The Dow transports skidded 1.6%, as airline, trucking and air freight stocks were broadly lower.
Volume fell in the main exchanges, according to early figures. Losers beat winners by 14-to-5 on the NYSE and by 7-to-3 on the Nasdaq.
Metals, mining and other cyclical stocks led the way down. Energy and banks also were sectors considerably weaker.
Glaukos (GKOS), which reported results late Wednesday, was the most heavily traded stock compared to its average volume. Shares surged as much as 14.6% but faded to close with a 4% increase. Volume was more than four times the normal pace.
Kite Pharma (KITE) continued a wild week with a drop of 6%. The stock soared past a 64.40 buy point Tuesday after the biotech beat profit expectations. But the stock plunged Thursday on a downgrade from Citigroup to neutral from buy.
Planet Fitness (PLNT) fell 3% in active trading after Q4 results missed expectations. The gym operator tried to break out past a 22.17 buy point of a base on base Wednesday, but the stock has slid back into its pattern.
On Friday, the Purchasing Managers Index of the service sector will be released at 9:45 a.m. ET. Big Lots (BIG), meanwhile, will announce results for the January-ended quarter before the open. The stock is forming a cup with handle with a 53.88 buy point.
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