Technology and energy stocks led a broad sell-off Thursday on Wall Street that wiped out nearly all of the market’s gains from a strong rally the day before.
Healthcare stocks and companies that rely on consumer spending also took hefty losses. Energy companies fell the most as the price of U.S. crude oil dropped 2%. Treasury yields also fell, a sign of caution in the market. The price of gold rose 0.5%.The market probably will lack any solid direction for the next few months as investors weigh several key issues, said Rod von Lipsey, managing director at UBS Private Wealth Management.
Thursday’s selling followed a batch of new economic data on jobs and wholesale prices. The government said 884,000 workers applied for unemployment benefits last week. The number was flat from last week’s upwardly revised number, and it’s the lowest it has been since the pandemic caused the number of layoffs to begin exploding in March. But the tally was still higher than economists expected, and it’s an indication that layoffs remain stuck at a dispiritedly high level.
The market’s focus continues to be on big technology stocks, in large part because they’ve grown so big that their movements can move broad market indexes almost by themselves. Apple, Microsoft, Amazon, Facebook and Alphabet, Google’s parent company, account for 23% of the S&P 500.Many analysts say tech stocks’ recent tumult isn’t that surprising given how high they had soared. Apple more than doubled in less than five months through the pandemic, Tesla surged 74.
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