Washington, September 4: The US stocks slumped on Thursday’, with the Dow falling more than 800 points (2.7 percent) and the S&P 500 dropping 3.5 percent. The Nasdaq Composite lost 4.9 percent. Much of the day's losses came from the technology sector, which clinched its single-worst day since March and snapped a 10-day win streak.
Shares in five biggest US companies-Apple, Amazon, Alphabet, Microsoft and Facebook - fell between 4 percent and 8 percent on Thursday. For the day, Apple lost the majority, down 8 percent, Microsoft shed 6 percent and Google-parent Alphabet declined 5 percent. TikTok Acquisition in US: Walmart Teams Up With Microsoft to Bid for Chinese Video-Sharing Social Networking App.
US Tech Stocks Suffer Sharp Declines
U.S. stocks were routed Thursday as big-tech market darlings Facebook, Amazon, Netflix and Alphabet all suffered sharp declines https://t.co/qOPq079Vsl pic.twitter.com/wbvWienwGA
— Reuters (@Reuters) September 4, 2020
According to the CNBC report, those steep declines in tech shares come after space drove the lion’s share of the broader market’s comeback off the coronavirus sell-off lows. Since March 23, the S&P 500 tech sector is up about 70 percent.
(The above story first appeared on LatestLY on Sep 04, 2020 08:01 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).