The Dow slid 225.92 points, or 0.85% to close at 26,313.65. The S&P 500 fell 0.38% to 3,246.22. The Nasdaq Composite outperformed, rising 0.43% to 10,587.81. The broader market was under pressure amid dismal U.S. economic data, but the losses were capped as shares of Big Tech rose ahead of earnings.
Data from the U.S. government showed gross domestic product plunged by a record 32.9% in the second quarter. The number was not as bad as feared, however, as economists surveyed by Dow Jones had expected a 34.7% decline. Meanwhile, U.S. weekly jobless claims came in at 1.434 million, roughly in line with estimates. However, continuing claims, or those who have been collecting for at least two weeks, totaled 17.018 million, up from about 16 million last week.
Facebook ended the day up 0.52% and Amazon climbed 0.60%. Alphabet and Apple rose 0.98% and 1.21%, respectively. Banks stocks were under pressure as Treasury yields declined. JPMorgan Chase slid 2.67% and Goldman Sachs closed 1.51% lower. Bank of America fell 1.71% and Citigroup dipped 3.14%.
Personal income and consumer sentiment numbers are set for release Friday. Caterpillar and Exxon Mobil are among the companies scheduled to report earnings.
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