Dow pulls back from record, falls 400 points in broad market sell-off

Stocks retreated on Thursday, with technology stocks weighing on the major averages even as a broader rotation occurs beneath the surface. Investors also grew pessimistic about the interest rate outlook, even as the U.S. government reopens after a record-setting shutdown.

The Dow Jones Industrial Average lost 465 points, or 0.8%, pulling back from its record highs seen in the previous session. The S&P 500 shed 1.2%, with declines in the communication services and information technology sectors leading the way. The Nasdaq Composite pulled back 1.8%.

Investors continued to sell shares of technology companies, especially those in the artificial intelligence trade, amid worries about their valuations. Despite the Nasdaq starting off the week strong, the tech-heavy index was on track to close with a third straight day of losses Thursday, weighed down by heavyweights Nvidia, Broadcom and Alphabet