The Nasdaq Composite Index declined Thursday, but settled well off session lows as volatility returned to the technology sector.
The technology-driven index settled down 40.59 points, or 0.6%, to 6,382.19. It had declined by as much as 104 points earlier in the day.
On the most active list, 1,949 Nasdaq-listed stocks finished lower on Thursday, compared to 974 gainers. Fifty-two companies reported new lows, compared with 207 that registered new highs. A total of 228 stocks were unchanged for the day.
Facebook Inc. (NASDAQ: FB) rose 2.9% after reporting better than expected second-quarter earnings. The social networking giant earned $1.32 on revenue of $9.32 billion. Analysts had forecast EPS of $1.13 on sales of $9.2 billion.
Tech giants Apple Inc. (NASDAQ: AAPL) and Microsoft Corp (NASDAQ: MSFT) also finished lower.
Sirius XM Holdings (NASDAQ: SIRI) surged more than 8% after the company said its paid subscription base topped 32 million in the second quarter. Revenues climbed 9% on the quarter, while net income rose 16%.
Other gainers on Thursday included Intel Corp (NASDAQ: INTC) and PayPal Holdings Inc. (NASDAQ; PYPL), which rose 0.6% and 2.3%, respectively.
The Nasdaq Biotechnology Index declined sharply on Thursday, falling 1.9% to 3,346.58. Health stocks were down across the board, with biotech and healthcare technology companies shouldering the heaviest losses.
Large-caps pared losses in the latter half of the day, with the S&P 500 Index closing down 0.1% at 2,475.42. The Dow Jones Industrial Average powered to new highs, gaining 0.4% to close at 21,796.55.
In data news, U.S. durable goods orders surged 6.5% in June, while the goods trade deficit narrowed slightly to $64 billion.
The Commerce Department will issue preliminary second-quarter GDP figures on Friday.
Nasdaq Composite Index