The Nasdaq pulled sharply lower on Thursday, trailing the rest of the market, as a mixed reaction to Tesla's (TSLA) recent quarter led to a selloff.
The Nasdaq fell 0.66%, the Dow Jones Industrial Average was just below its flatline, and the S&P 500 slid 0.2%.
Tesla reported a mixed fourth quarter with a wider loss but improved sales. The electric automaker reported a loss of 69 cents a share, 26 cents wider than expected. Revenue surged 88.4% to $2.28 billion, beating estimates by $100 million. Tesla didn't issue guidance for 2017 but did say that it expects to deliver 47,000 to 50,000 Model S and Model X vehicles in the first half of the year, which would be roughly a 71% increase over a year earlier. The stock fell 5% on Thursday.
Chinese social media stocks Sina (SINA) and Weibo (WB) were also lower following their quarterly reports. Sina, which holds a 50% stake in Weibo, reported a 37% increase in fourth-quarter earnings and 22% increase in revenue. Microblogging site Weibo doubled its adjusted profit to 34 cents a share from 15 cents a year earlier. Even so, Sina sank more than 10% and Weibo dropped 12%. Alibaba (BABA) , which has a stake in Weibo, fell 1%.
The Dow turned slightly lower Thursday after it closed out Wednesday's session with its ninth straight day of record finishes. That marks its longest record-making streak in 30 years.
The Dow began its long stretch of records on the back of vague hints from Donald Trump over a forthcoming tax plan. However, with few developments on that front, the record rally has taken on a life of its own, benefiting from individual stock moves, such as a better-than-expected quarter from Walmart (WMT) and reports DuPont (DD) could clear regulatory hurdles in its merger with Dow Chemical (DOW) .