Stocks moved lower Thursday, with earnings from Nvidia and Salesforce failing to ignite a broader market advance, CNBC reports.

The S&P 500 dropped 1.12%, while the Nasdaq Composite fell 1.9%. The Dow Jones Industrial Average declined about 141 points, or 0.29% as of 10:35 a.m.

Nvidia shares slid roughly 5%, putting the chipmaker on track for its steepest one-day drop since April, despite reporting fourth-quarter revenue and earnings that topped expectations and issuing upbeat guidance.

The weakness spilled over into the semiconductor sector, with Broadcom, Lam Research, Western Digital and Applied Materials each tumbling more than 6%.

Salesforce, meanwhile, gained about 2% after beating Wall Street estimates on both revenue and profit. However, the software company’s softer-than-expected fiscal 2027 outlook tempered investor enthusiasm.

Salesforce has been among the companies hit hardest by concerns that rapid advances in artificial intelligence could disrupt traditional software providers.

“Salesforce earnings were solid, but its weak guidance is not helping to quell this software sentiment wreck,” said James Demmert, chief investment officer at Main Street Research. “Salesforce faces a rough future due to AI advancements, but we also think the software industry’s recent declines are a bit overdone.”

Despite broader market pressure, software names showed some resilience. The iShares Expanded Tech-Software Sector ETF rose more than 1% on the session, though it remains deep in bear market territory, down about 30% from its recent peak.

Financials and real estate stocks also posted gains, with JPMorgan Chase up 0.7% and CBRE Group advancing 1.6%.

Earlier in the day, the S&P 500 traded near the flatline at the open, while the Nasdaq dipped modestly and the Dow rose more than 100 points. However, as trading progressed, losses in large-cap tech weighed on the broader indexes.

Investor sentiment has remained fragile this year, particularly across software and cybersecurity stocks, amid persistent concerns that fast-evolving AI technologies could erode the competitive position of established industry players.