Stocks fell on Thursday as investors worried that the Federal Reserve will not be as dovish as expected in its monetary policy announcement next week following strong economic data and remarks from the top European Central Bank official.
The Dow Jones Industrials fell 128.99 points to 27,140.98,
The S&P 500 dropped 15.89 points from Wednesday's all-time high to 3,003.67
The NASDAQ lost touch with its all-time high as well, losing 82.96 points, or 1%, to 8,238.54
Ford shares slid 7.5% after its earnings fell short of estimates and its 2019 guidance disappointed investors. Boeing shares were battered again after reporting in the previous session a massive quarterly loss. Boeing dropped 3.7% after sliding 3.1% in Wednesday.
Tesla plunged 13.6% after the electric car maker reported a bigger-than-expected loss for the previous quarter.
About a third of S&P 500 companies have reported second-quarter earnings so far. Of those companies, 75% have posted a better-than-forecast profit. Alphabet, Amazon, Intel, Starbucks and Mattel are all scheduled to report after the close Thursday.
Wall Street also pored through comments from ECB President Mario Draghi ahead of a key Federal Reserve meeting next week.
Draghi said that there was not a significant risk of a recession in the region, something traders took to mean that proposed stimulus would not be as deep as expected. U.S. stock futures fell on the remarks while the euro ripped higher.
The Fed is scheduled to hold a monetary policy meeting July 30-31 in which a rate cut of at least 25 basis points is expected.
Prices for the benchmark 10-year U.S. Treasury demurred, lifting yields to 2.09% from Wednesday's 2.05%. Treasury prices and yields move in opposite directions.
Oil prices took on 37 cents to $56.25 U.S. a barrel.
Gold prices surrendered $5.10 to $1,418.50 U.S. an ounce.