Domino’s Pizza Stock Melts Down After Sales Miss

Major U.S. equities indexes declined Thursday, with geopolitical concerns weighing on the markets and tech stocks selling off for a second consecutive session.

Thursday’s declines coincided with data showing a greater-than-expected increase in jobless claims, adding to concerns about the labor market as the Federal Reserve aims to optimize the timing of a possible interest-rate cut.

The S&P 500 dropped 0.8%, while the tech-heavy Nasdaq followed up its worst trading day since 2022 with a loss of 0.7%. The Dow fell 533 points, ending the day 1.3% below the record closing high posted Wednesday.

Domino’s Pizza (DPZ) shares plunged 13.6%, losing the most ground of any S&P stock, after the chain restaurant’s second-quarter revenue fell shy of forecasts. Domino’s scaled back its global expansion plans, warning it would miss its goal of opening 925 net new international stores over the full year.

Shares of pharma giant Eli Lilly (LLY) dropped 6.3% as Swiss competitor Roche (RHHBY) released positive early-stage data from a clinical trial of an experimental oral weight-loss treatment. If approved, Roche’s once-daily pill could stiffen the competition in the growing market for anti-obesity medications, challenging offerings from Lilly and Novo Nordisk (NVO). Novo Nordisk’s American Depository Receipts (ADRs) fell 4%.

Shares of mining giant and major copper producer Freeport-McMoRan (FCX) sank 5.3%. After peaking at a record high in May, copper prices have trended downward amid demand uncertainty, particularly in China.

D.R. Horton (DHI) shares notched Thursday’s top performance in the S&P 500, soaring 10.1% after the home builder reported better-than-expected revenue and earnings per share (EPS) for its fiscal third quarter and announced a $4 billion stock buyback. The company also lifted its full-year forecast for homes closed, citing strong housing demand trends. Shares of fellow home builders also moved higher.

Shares of Quanta Services (PWR) jumped 8.1% after the energy infrastructure firm announced the acquisition of California-based engineering and construction company Cupertino Electric. According to Quanta, the combination will boost its opportunities in the technology industry, a market that is poised for growth given the demand for comprehensive power solutions.

Cintas (CTAS), which supplies uniforms and other business products, topped sales and profit estimates for its fiscal fourth quarter. The company expressed confidence that new products and technology will drive continued growth and margin expansion, lifting its full-year outlook. Cintas shares advanced 5.4%.