Stock market news live: Stocks end lower but pare some losses after intraday selloff

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U.S. stocks dropped Thursday with the S&P 500 and Nasdaq pulling back from Wednesday’s record highs. Coronavirus developments and corporate earnings results remained key focuses for investors.

4:05 p.m. ET: Stocks end lower but pare some losses after intraday selloff

Here’s where the major indices had settled as of 4:05 p.m. ET:

  • S&P 500 (^GSPC): -0.38% or -12.96 points to 3,373.19

  • Dow (^DJI): -0.44% or -128.69 points to 29,219.34

  • Nasdaq (^IXIC): -0.67% or -66.21 points to 9,750.96

  • Crude oil (CL=F): +0.90% or +0.48 to 53.77 a barrel

  • Gold (GC=F): +0.66% or +10.70 to 1,622.50 per ounce

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3:37 p.m. ET: Sprint, T-Mobile near agreement new merger terms

Telecom giants Sprint (S) and T-Mobile (TMUS) are near agreement on new merger terms, Dow Jones reports. Under the terms, Deutsche Telekom will now own 43% of the combined company. Further details could be announced later Thursday, Dow Jones reports.

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11:33 a.m. ET: Stock losses accelerate, Dow drops 300+ points

Losses in the three major indices accelerated as the session rolled on. Each of the S&P 500, Dow and Nasdaq was off more than 1%. Haven assets including gold and Treasuries climbed.

Here were the main moves in markets, as of 9:36 a.m. ET:

  • S&P 500 (^GSPC): -1.18% or -39.9 points to 3,346.25

  • Dow (^DJI): -1.13% or -330.72 points to 29,017.31

  • Nasdaq (^IXIC): -1.6% or -157.13 points to 9,657.82

  • Crude oil (CL=F): +1.76% or +$0.94 to $54.23 a barrel

  • Gold (GC=F): +0.75% or +$12.10 to $1,623.90 per ounce

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9:36 a.m. ET: Stocks open lower, pulling back from records

U.S. stocks held onto losses from the overnight session, with each of the three major indices opening lower.

Losses in the Dow were led by health-care stocks including Pfizer and UnitedHealth. In the S&P 500, the health-care and communications sectors posted the largest declines.

Here were the main moves in markets, as of 9:36 a.m. ET:

  • S&P 500 (^GSPC): -0.12% or -4.2 points to 3,381.95

  • Dow (^DJI): -0.16% or -46.57 points to 29,301.46

  • Nasdaq (^IXIC): -0.26% or -26.18 points to 9,790.32

  • Crude oil (CL=F): +1.35% or +$0.72 to $54.01 a barrel

  • Gold (GC=F): +0.35% or +$5.70 to $1,617.50 per ounce

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9:10 a.m. ET: L Brands shares slump after Sycamore Partners says it will acquire Victoria’s Secret brand

Private equity firm Sycamore Partners will take a controlling stake in Victoria’s Secret from parent-company L Brands, according to announcements from both companies Thursdays.

Sycamore is set to pay $525 million for Victoria’s Secret, boosting L Brands’ (LB) reserves to pay down its debt. The company also owns the Bath & Body Works brand, which has outperformed against Victoria’s Secret over the past several years.

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