Thursday Stock Market Update
The Dow Jones Industrial Average, S&P 500, and Nasdaq Composite all plummeted on Thursday, according to CNBC.
- The Dow closed 807.77 points lower, or 2.8%, at 28,292.73.
- The S&P 500 slid 3.5% to 3,455.06.
- The Nasdaq Composite dropped 5% to 11,458.10.
The S&P 500 tech sector dropped 5.83% for its first losing session in 11 months. The massive sell-off in tech created a waterfall effect for many other equities.
“Someone hit the ‘sell tech, buy dreck’ button and this is creating a bid beneath beleaguered groups, while [tech] gets pummeled,” said one trader.
Apple slid 8% while Facebook, Amazon, Alphabet, Netflix and Microsoft also fell sharply.
To be sure, shares of companies that would benefit from the economy reopening rose broadly. Cruise operator Carnival rose 5.2% and Macy’s popped 8%. United Airlines advanced 1.4%.
What traders are looking for on Friday
- Release of the U.S. jobs for August. Economists expect over 1 million jobs added last month.