US stocks closed lower after a choppy trading session on Thursday as heavyweight tech-related stocks resumed their decline after a sharp rebound the previous session, while elevated jobless claims reminded investors of a difficult recovery ahead.Tesla rose slightly, initially helping to limit the Nasdaq's losses before the tech-heavy index's slide widened.
The number of Americans filing new claims for unemployment benefits remained high last week, labour department data showed, as layoffs and furloughs persisted across industries. “It’s more of this sort of stew of stuff than has come together than any one particular thing you can point to, and maybe most importantly you are looking at an extended market,” said Stephen Massocca, senior vice-president at Wedbush Securities in San Francisco.
A few notably large, bullish tech-related options positions in Facebook, Adobe and Netflix were partially unwound on Thursday, in line with more cautious sentiment towards tech names, according to Christopher Murphy, co-head of derivatives strategy at Susquehanna Financial Group.
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