Wall Street’s euphoria took a break Thursday as steep losses in technology stocks dragged the rest of the market down with them.
Apple dropped 8%, Amazon lost 4.6% and Facebook gave back 3.8%. The Big Tech stocks have made massive gains this year. Investors have been betting that those companies would continue posting huge profits as people spend even more time online with their devices. They’ve also assigned lofty market values to newfound darlings such as Zoom Video Communications as many Americans work remotely and students do online learning.
The government reported that the number of Americans who applied for unemployment benefits fell last week to 881,000, slightly better than what economists had expected. That said, companies are still letting workers go at numbers well above those seen in the Great Recession, meaning the jobs picture remains extremely bleak despite recent improvements.
Stop working for money, it's enslaving everyone.
Oh my! Since June? Catastrophe!
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