S&P 500 Gains and Losses Today: Huntington Ingalls Stock Sinks as Shipbuilder Cuts Outlook [Video]

Major U.S. equities indexes never found a festive mood in the Halloween trading session, carving lower as investors digested massive spending plans by tech giants aiming to build their artificial intelligence (AI) infrastructure.

The S&P 500 dropped 1.9% on Thursday, while the Dow fell 0.9%. The Nasdaq felt the heaviest impact of a gloomy day in the tech sector, plunging 2.8%.

The steepest drop in the S&P 500 hit shares of Huntington Ingalls Industries (HII), the largest military shipbuilding company in the U.S., which sank 26.2%. Third-quarter revenue and earnings per share (EPS) fell short of analysts’ estimates, and Huntington Ingalls reduced its full-year sales forecast. The company said uncertainty about agreements with the U.S. Navy, as well as labor and supply chain issues, contributed to a weaker outlook for its shipbuilding business.

Estée Lauder (EL) shares plunged 20.9% after the luxury beauty products firm withdrew its outlookfor the full …