U.S. stocks post back-to-back drop as big tech shares tumble

U.S. stocks closed sharply lower Thursday, pulled down by tumbling shares of big technology firms, despite a strong report on quarterly economic growth. The Dow Jones Industrial Average
DJIA,
-0.76%
shed about 251 points, or 0.8%, ending near 32,784, according to preliminary FactSet data. The S&P 500 index
SPX,
-1.18%
closed down 1.2% and the Nasdaq Composite Index
COMP,
-1.76%
dropped 1.8%, sinking the tech-heavy index deeper in correction territory. Stocks continued to feel pressure from skittishness around third-quarter earnings and about the so-called Magnificent Seven stocks. Shares of Meta Platforms
META,
-3.73%,
Alphabet
GOOG,
-2.55%,
Microsoft
MSFT,
-3.75%,
Nvidia
NVDA,
-3.48%,
Tesla
TSLA,
-3.14%,
Apple
AAPL,
-2.46%
and Amazon.com
AMZN,
-1.50%
each ended lower Thursday, while the S&P 500’s communication services sector fell 2.6%, according to FactSet. U.S. GDP was pegged at 4.9% in the third quarter as consumers kept spending, helping to stave off a U.S. recession. The 10-year Treasury yield
TMUBMUSD10Y,
4.848%
fell back to 4.843%.