The Dow ( INDU ) traded 0.4%, or 120 points, lower around midday. The Nasdaq Composite () dropped 0.7% .
Both the S & P and the Nasdaq closed at the new record highs on Wednesday
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3M ( MMM )
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The European Central Bank delivered its monetary policy update. The interest rates on the central bank will remain unchanged and their current rates will remain at their current levels or lower "at least through the first half of 2020." In the subsequent press conference, ECB President Mario Draghi said the outlook for the eurozone economy is getting "worse and worse."
Investors now expect the ECB to ease its policy in September.
Looser monetary policy generally supports stock prices, because it allows companies to borrow at cheaper rates. Index of down 0.5%
The ECB update comes less than a week before the Federal Reserve meeting at which investors expect rates to get cut by at least a quarter percentage point