Stocks fell on Thursday as the market tussled between strong earnings and a downward drag from growing inflationary pressures.

Apple rose 2.6% after the company unveiled its long-awaited foldable iPhone Duo on Wednesday. The new design, which features a larger screen display, marks the device's biggest physical change since its debut in 2007.

SpaceX rose 1.4% after the company launched a classified payload for the U.S. Space Force on Thursday. The cargo inside is classified, but there is some speculation it could be Starshield communications satellites that provide new military space capabilities to U.S. and allied governments.

Cooper Cos. was the S&P 500's worst performer, slumping 14%. The contact lens maker reported weaker-than-expected third-quarter revenue and slashed its full-year outlook late Wednesday.

Taiwan Semiconductor Manufacturing Co. dropped 1.4% even as the Taiwanese chip manufacturer reported record monthly revenue for August. Other artificial-intelligence stocks hopped on that bandwagon, with Intel, Marvell, Micron, and Sandisk all falling.

Navan sank 23% after the AI-powered corporate travel company raised its full-year outlook and said it had acquired the AI meetings and events platform BoomPop. Some analysts, however, advised investors to buy the dip.

Macy's fell 4.6% even after the retailer reported better-than-expected quarterly earnings and raised its fiscal-year guidance. However, Guggenheim analyst Simeon Siegel noted that gross margin may have missed expectations.

American Eagle Outfitters tumbled 16% after the retailer posted better-than-expected second-quarter earnings, but missed estimates for same-store sales.

AeroVironment jumped 9.7% after reporting stellar first-quarter earnings and revenue that suggested demand for its drones and drone-related products remains strong.

Adobe and Oracle dropped 2.5% and 3.6%, respectively. Both companies are set to report earnings after Thursday's close.