Stocks Closed Lower, Weighed by Telecom Sector

U.S. stocks closed lower on Thursday, as the drop of telecommunications shares weighed on investors’ sentiment. The Dow Jones Industrial Average shed 40.27 points, or 0.22%, to 18,162.35. The S&P 500 fell 2.95 points, or 0.14%, to close at 2,141.34. The Nasdaq Composite slid 4.58 points, or 0.09%, to 5,241.83.

Microsoft Corp. (MSFT) pulled in a lot more profit than was expected in its fiscal first quarter. The tech giant reported net income of $4.7 billion, or 60 cents a share, on sales of $20.5 billion.

Advanced Micro Devices Inc. (AMD) reported its quarterly loss widened from the previous year. AMD said its third-quarter loss deepened to $406 million, or 50 cents a share, from a loss of $197 million, or 25 cents a share, a year ago. Revenue grew to $1.31 billion versus $1.06 billion in the same period last year.

PayPal Holdings Inc. (PYPL) reported third-quarter earnings and revenue in line with Wall Street expectations. PayPal said it earned $323 million, or 27 cents a share, in the quarter, compared with $301 million, or 25 cents a share, in the year-ago period.

Oil futures finished lower on Thursday. November West Texas Intermediate crude fell $1.17, or 2.3%, to settle at $50.43 a barrel on the contract’s expiration day. December WTI crude, which became the front-month contract at the settlement, ended at $50.63 a barrel, down $1.19, or 2.3%.