12:52 PM EST, 02/12/2026 (MT Newswires) -- US equity indexes fell in midday trading on Thursday amid a broad-based decline across the market, led by financials and technology.

The Nasdaq Composite slumped 1.5% to 22,712.4, the S&P 500 dropped 1.2% to 6,861.5, and the Dow Jones Industrial Average slid 1.2% to 49,535.7.

Financials, technology, energy, and consumer discretionary were among the worst performers. Only four sectors rose, led by utilities and consumer staples.

Apple ( AAPL ) led Mag-7 from the downside, retreating 3.8%, according to data compiled by Finviz.

Apple ( AAPL ) received a letter from the US Federal Trade Commission over the political leanings of news outlets included in its News app. Citing a study by a conservative watchdog, FTC Chair Andrew Ferguson questioned whether Apple ( AAPL ) was excluding right-wing news outlets while asking for "corrective action," according to the letter posted by Ferguson on the social media platform X late Wednesday.

Meanwhile, AppLovin ( APP ) received several price-target downgrades from Wall Street firms such as Citigroup, Morgan Stanley, Wells Fargo, Goldman Sachs, and JPMorgan after the company released Q4 results overnight. Shares of AppLovin ( APP ) sank 19%, among the worst performers on the S&P 500 and Nasdaq.

The Dow's steepest decliner was Cisco ( CSCO ) , down 12% after the tech giant released fiscal Q2 results overnight. The networking equipment maker projected its adjusted gross margin will be lower in fiscal Q3 amid rising memory prices.

In economic news, US initial jobless claims fell to 227,000 in the week ended Feb. 7 from an upwardly revised 232,000 in the previous week, compared with expectations for 223,000 in a survey of analysts compiled by Bloomberg. The four-week moving average rose by 7,000 to 219,500.

The pace of US existing home sales fell by 8.4% to a 3.91 million seasonally adjusted annual rate in January from 4.27 million in December, compared with a 4.15 million rate in a survey compiled by Bloomberg, data from the National Association of Realtors released Thursday showed. Total sales were down 4.4% from a year earlier and the lowest since December 2023.

"The decrease in sales is disappointing," said NAR Chief Economist Lawrence Yun. "The below-normal temperatures and above-normal precipitation this January make it harder than usual to assess the underlying driver of the decrease and determine if this month's numbers are an aberration."

Most US Treasury yields fell, with the two-year down five basis points to 3.46% and the 10-year by 5.8 basis points to 4.13%.

In the energy market, West Texas Intermediate crude oil futures dropped 1.6% to $63.61 a barrel.

In precious metals, gold futures dropped 2.2% to $4,986.2 per troy ounce, and silver futures slumped 8.3% to $77.01 per troy ounce.