New York (CNN Business)The Dow and broader stock market slumped lower on Thursday, on one of the biggest days of the earnings season.

The Dow (INDU) traded 0.4%, or 120 points, lower around midday. The S&P 500 (SPX) was down 0.5% and the Nasdaq Composite (COMP) fell 0.7%. Both the S&P and the Nasdaq closed at new record highs on Wednesday.Earnings season is in full swing and it’s one of its busiest days yet.Before the bell, American Airlines (AAL) reported second quarter results, forecasting a $400 million hit for full-year earnings from Boeing’s (BA) 737 Max crisis. Read More3M (MMM) and Budweiser-parent Anheuser-Busch InBev (BUD) also reported before the opening bell rings. Both beat earnings expectations.Internet giants Google (GOOG) and Amazon (AMZN), as well as chip maker Intel (INTC) and Starbucks (SBUX), will report after the market close.The European Central Bank delivered it’s monetary policy update. The central bank left interest rates unchanged and said rates would 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. The central bank said in a statement it would “examine options” such as new asset purchases.Looser monetary policy generally supports stock prices, because it allows companies to borrow at cheaper rates. After Draghi’s comments, however, European stocks are in the red, with the pan-European Stoxx 600 (SXXP) index down 0.5%.The ECB update comes less than a week before the Federal Reserve meeting at which investors expect interest rates to get cut by at least a quarter percentage point.

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