Tech tumble jams Wall Street into reverse; sharpest fall since June
Global markets
Wall Street's main indexes closed sharply lower on Thursday, marking their deepest one-day dives in months as investors dumped the high-flyingtechnologysector, while economic data highlighted concerns about a long and difficult recovery.
Thetechnology-centric Nasdaq led the declines as its heavyweight stocks took a hit with the biggest drags from companies including Facebook Inc, Apple Inc, Amazon.com Inc, Microsoft Inc and Google-parent Alphabet Inc.
The five stocks, deemed strong bets because of solid cash positions and continued growth despite the coronavirus crisis, also account for roughly a quarter of the S&P 500's market value and have driven the stock market's narrowtechnology-led recovery from the pandemic lows hit in March.
The Philadelphia chip index and the S&P tech sector also dropped more than 5 per centeach.
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The pullback comes a day after the S&P 500 and the Nasdaq closed at record levels and the Dow came within 1.5 per cent of its February peak, powered by fiscal and monetary support hopes for a swift economic recovery. But some participants said investors had become too optimistic.
Earlier in the day, data showed the number of Americans filing new claims for unemployment benefits fell more than expected last week, but remained extraordinarily high. The closely watched monthly payrolls report is set for Friday
Separately, a survey showed USservices industry growth slowed in August, likely as the boost from the reopening of businesses and fiscal stimulus faded.
The Dow Jones Industrial Average fell 807.77 points, or 2.78 per cent, to close at 28,292.73, the S&P 500 lost 125.78 points, or 3.51 per cent, to 3,455.06 and the Nasdaq Composite dropped 598.34 points, or 4.96 per cent, to 11,458.10.