Midday Report: Fiat Slumps on EPA Charges; Nasdaq Pulls Back From Records

The Nasdaq pulled back on Thursday from a run that saw record closes for five consecutive trading days. Tech names including Microsoft (MSFT) - Get Report and Intel (INTC) - Get Report were the biggest drag, while biotech stocks remained under pressure for their second day in a row.

KB Home (KBH) - Get Report  beat profit and sales estimates over its fourth quarter. Revenue jumped 21%, while its backlog increased 11%.

Boeing (BA) - Get Report fell after RBC Capital rated its stock as underperform. The firm pointed to eroding profit margins in its commercial airplane units and potential protectionist policies from a Trump administration that could prove a headwind to the industry.

Fiat Chrysler (FCAU) - Get Report slumped as the EPA lobbed accusations against the automaker of using software that spewed excess diesel emissions. The software reportedly affected 100,000 vehicles.