Big rallies often come to an ugly end — and that was certainly the case Thursday for tech stocks and other high-flying sectors that have benefited from momentum-driven waves of buying. But that doesn’t mean a full-fledged correction for the most popular stocks — or the broader market — is under way.
By the close, the Nasdaq was down 5%. The S&P 500 SPX, -3.51% fell 3.5% and the Dow Jones Industrial Average DJIA, -2.77% ended the day down more than 800 points, or 2.8%, after falling more than 1,000 points at its session low. The drop marked the biggest one-day percentage declines for all three benchmarks since June, and ended a four-day winning streak for the Nasdaq and a 10-day string of gains for the S&P 500 tech sector.
The selloff could be an indication of things to come, “where fundamentals play a larger part in valuations, as opposed to the irrational exuberance that has persisted in recent months within tech,” said Peter Essele, head of portfolio management for Commonwealth Financial Network. While the Dow fell more than 800 points, shares of JPMorgan Chase & Co. JPM, -0.31%, the world’s largest bank, declined only 0.3% and shares of Exxon Mobil Corp. XOM, -0.20%, the world’s largest oil company, lost only 0.2% after spending much of the day in the green. All 11 S&P 500 sectors fell, but energy shares lost only 0.6% and financials declined 1.6% — both are among the most out of favor in 2020, down nearly 43% and 19% year to date, respectively.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Why not Did the billionaires get a whoopin
Stocks up so high it’s just a mild slump
Yes it does.
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
5 things to know before the stock market opens ThursdayU.S. stock futures were modestly lower Thursday after the Dow surged 1.6% to its first close above 29,000 since Feb. 20. Wall Street isn’t Main Street. Both need to be nurtured !
Source: CNBC - 🏆 12. / 72 Read more »
Here's what happened to the stock market on ThursdayA massive sell-off in tech dragged down the broader market from record levels. We can’t really explain why the markets went up so much last few months; we could make educated guess. Now we can’t really explain why there’s a down turn; we could make educated guess... ! I don’t believe we can explain on fundamentals!
Source: CNBC - 🏆 12. / 72 Read more »
US stock rally halts as investors shun tech giants - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. plenty of room to run in precious metal jr mining stocks Great clip art. The panic’d trader picture never gets old.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Tech rout sends stock market to its biggest loss since JuneNEW YORK (AP) — Stocks fell sharply on Wall Street Thursday as high-flying technology companies took a tumble after months of spectacular gains. The benchmark S&P 500 lost 3.5%, its biggest loss... wee number go down But it wuz up 450 yesterday! Wut happen?
Source: AP - 🏆 728. / 51 Read more »
Dow tanks 808 points as tech-stock exodus drives worst day since June - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Is there a photo of traders on the floor when the market is UP 800 points? We only see them when they're exasperated by downward movement of the market. Thank you 45. Making America Great Again, Again. Joe2020
Source: BusinessInsider - 🏆 729. / 51 Read more »
Mike Santoli's market notes: What to make of Thursday's tech stock routThis is the daily notebook of Mike Santoli, CNBC's senior markets commentator, with ideas about trends, stocks and market statistics. Pro Pro Are you NEW to FOREX? Minimize your losses with my expert strategy with an investment capital of $300, i can guarantee $3,500 as profits after 5days of investment without sending money to anyone . Inbox me if interested. Pro
Source: CNBC - 🏆 12. / 72 Read more »