Wall Street declines for third straight session

US stock indexes fell on Thursday as pressure persisted on the technology sector, particularly artificial intelligence stocks.

Economic data released today showed that US GDP grew at an annualized rate of 3.8% in the final reading for the second quarter of 2025, compared with a 0.6% contraction in the first quarter of this year.

Labor Department data on Thursday also revealed that initial jobless claims declined by 14,000 to 218,000 in the week ending September 20, the lowest level since mid-July, while expectations had been for an increase to 233,000.

Kansas City Fed President Jeffrey Schmid said last week’s 25-basis-point rate cut was necessary to ensure the labor market remains in good shape, despite lingering inflation risks.

In trading, the Dow Jones Industrial Average fell 0.1% (21 points) to 46,100 by 15:59 GMT. The broader S&P 500 dropped 0.4% (25 points) to 6,612, while the Nasdaq Composite lost 0.4% (98 points) to 22,399.