Key Takeaways

U.S. equities dropped at midday ahead of the Thanksgiving holiday as weak earnings reports from big tech companies dragged down stocks. The Nasdaq lost 1%, and the Dow Jones Industrial Average and S&P 500 fell as well.

Shares of both HP ( HPQ ) and Dell Technologies ( DELL ) tumbled as both of the PC makers warned about market weakness ahead.

Autodesk ( ADSK ) shares sank after the design software maker announced a change at CFO.

Workday ( WDAY ) predicted weaker-than-expected full-year subscription services revenue, and shares of the human resources software firm slid.

Urban Outfitters ( URBN ) shares soared as the clothing retailer's Anthropologie brand helped drive better-than-expected sales.

Shares of Unusual Machines ( UMAC ) skyrocketed to an all-time high when the drone maker announced that Donald Trump Jr. had joined the company's advisory board.

Most major cryptocurrencies traded higher, lifting shares of MicroStrategy ( MSTR ), the biggest corporate holder of bitcoin.

Crude oil futures fell. Gold prices rose. The yield on the 10-year Treasury note declined. The U.S. dollar lost ground to the euro, pound, and yen.