Wall Street declines on tech selloff
Wall Street recorded a sharp decline on Thursday. This followed after investors fled market-leading technology shares due to mixed earnings reports and pieces of evidence of a worsening virus crisis, increasing the possibility of a sharp economic downturn.
All three major U.S. stock indexes lost footing. The S&P 500 declined 1.23%, while the Dow Jones Industrial Average and the Nasdaq Composite declined 1.31% and 2.29% respectively.
The S&P 500 tallied its largest daily percentage decline since June 26, dropping more than 1% and ending its four-day high. Apple, Microsoft, and Amazon.com dragged the indexes as Apple closed its session with a 4.6% drop.
“There has been a real disparity between growth and value and the narrowing has begun,” said Stephen Massocca, Senior Vice President at Wedbush Securities in San Francisco.