US equities finished lower in Thursday trading, ending near worst levels, with the Dow, S&P, and Nasdaq ending down 0.84%, 0.78%, and 1.17%, respectively. Big tech was largely lower. PBM names and drug distributors were the big laggards. Airlines, homebuilders, restaurants, and leisure names underperformed as well. Networking, search, credit cards, pharma, defense, fertilizers, commodity chemicals, and China tech beat the tape, though energy fared best amid a crude rebound. Despite some early strength, there was no real change to the market narrative. Looking ahead, there is nothing on the economic calendar for Friday. Fed's Jackson Hole conference is the macro highlight late next week, though there is a lot of skepticism Powell will offer any explicit near-term policy signals ahead of September’s FOMC meeting.

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