landsberg bennettStocks declined Thursday, as investors assessed a mixed bag of corporate earnings results. The Dow lost 128 points, while the S&P 500 slipped 0.5%. The Nasdaq Composite dropped 1.0%.

All 11 S&P sectors finished in negative territory with Energy stocks the loss leader. In earnings, Facebook slipped 1.9% after the social media giant said revenue growth would slow into next year. Ford declined 7.8% after the automaker missed Wall Street profit projections and provided a disappointing outlook. 3M fell 0.7% despite topping analyst expectations on the top and bottom line. Shares of Tesla tumbled 13.6% after the electric vehicle maker’s quarterly revenues fell short of consensus expectations.

Central bank news also garnered attention after the European Central Bank left its benchmark rate unchanged. In a post meeting press conference, ECB President Draghi stated there is not currently a significant risk of a recession in the region, but did suggest the economic outlook is becoming “worse and worse.” The comments set the stage for potential monetary policy easing as soon as September, which would mark the first interest rate cut in the Eurozone since 2016.

On the data front, durable goods orders jumped 2% in June, the strongest reading since 2016. Separately, a report showed manufacturing activity in the Kansas City Fed region fell to -1 from 0 in July, the lowest level since August 2016. Treasuries were weaker with the yield on the 10-year note up three basis points to 2.07%. In commodities, WTI crude climbed 0.2% to $55.97/barrel after yesterday’s data showed a larger-than-expected drawdown in U.S. crude stockpiles.