On Thursday, stocks gave up early gains to close sharply negative, despite optimism over hopes that the Federal Reserve will pause its campaign of rate hikes this year, and an encouraging jump in tech stocks produced by a jump in Meta (META) after its earnings report.

The S&P 500 (^GSPC) declined 0.6% as investors continued to digest the incoming earnings reports. The Dow Jones Industrial Average (^DJI) dropped 0.7%, breaking the longest winning streak it has seen since 1987. The Nasdaq Composite (^IXIC) was down 0.6%, down from an over 1% gain early in the day. Meta, the parent to Facebook, surged after it beat expectations on earnings for the second quarter.

On Wednesday, the interest rate hike delivered by the Federal Reserve was widely expected, and did not upset investors. However now the focus is on when the central bank will choose to make the next hike. Fed Chair Jerome Powell said that so far the central bank has not made any decision on whether there will be another rate hike in September at its next meeting, sparking some hope that there may not be another rate hike this year.

Early on Thursday, released data showed the GDP rose at a quicker pace than economists forecasted over the second quarter of the year, quelling concerns of an economic slowdown.