New Zealand's benchmark S&P/NZX 50 index closed 0.3% lower at 13,577 on Thursday, retreating after briefly touching a new record high earlier in the session. The market opened firmer, tracking overnight gains on Wall Street amid upbeat corporate earnings and better-than-expected US economic data. Local sentiment was also underpinned by hopes for more policy easing from the RBNZ following a weak jobs report. However, the early momentum faded as selling pressure emerged across key sectors. Utility stocks were among the biggest laggards, with Meridian (-1.2%), Contact (-0.6%), Mercury NZ (-1.8%), Vector (-2.2%), and Genesis (-1.6%) all ending in the red. Telecommunications firms Spark NZ and Chorus each lost 1.3%. Property stocks also underperformed, including Precinct Properties (-1.2%), Kiwi Property (-0.5%), Argosy Property (-1.6%), and Property for Industry (-1.2%).