U.S. stocks on Thursday were higher, benefitting from better-than-expected earnings and economic data that helped ease investor concern about inflation and a slowdown in growth.
The S&P 500 advanced for a second session, adding 1.65% and putting the broad benchmark index on pace for its best day since March. The Dow Jones Industrial Average rose 1.54%. The technology-heavy Nasdaq Composite rallied 1.68%.
Here are some of the biggest losers in the stock market on Thursday.
1. Boeing BA | Down 2%
Shares of Boeing (BA) - Get Boeing Company Report fell Thursday following reports that the aerospace giant found a new defect on its 787 Dreamliner, the latest in a series of production problems that have delayed aircraft deliveries.
Boeing said some titanium 787 Dreamliner parts were improperly manufactured over the past three years.
2. Pinduoduo PDD | Down 3.6%
U.S.-listed shares of Chinese tech company Pinduoduo (PDD) - Get Pinduoduo Inc. Report fell on Thursday. Last month, Colin Huang, the founder of the Chinese e-commerce platform, lost $27 billion in personal wealth, Bloomberg reported. Pinduoduo shares have fallen 6.3% over the past month.
3. U.S. Bancorp USB | Down 2.25%
The lender said profit rose due to a lower provision for credit losses as the global economy improved.
4. Wells Fargo WFC | Down 1.6%
Wells Fargo (WFC) - Get Wells Fargo & Company Report shares ended lower after initially trading higher following its latest financial report Thursday morning. Third-quarter earnings exceeded analysts' forecasts, thanks to factors including improvement in the economy.
5. Progressive PGR | Down 0.9%
Progressive clocked $167.6 million in catastrophe losses associated with Hurricane Ida.
The provider of personal and commercial insurance posted earnings of $118.5 million, or 19 cents a share, for the quarter, compared with $1.53 billion, or $2.59 a share, in the year-ago period.
The earnings missed Wall Street expectations.