Stock Market Sell-Off: Dow Plunges 800 Points, S&P 500 Falls 3.5%

The market finished sharply lower on Thursday, posting its biggest sell-off since June as stocks retreated from all-time highs and tech shares plunged.

 

The Dow Jones Industrial Average finished down 2.8%, over 800 points, on Thursday, while the S&P 500 fell 3.6% and the tech-heavy Nasdaq Composite lost 5%.

 

The S&P 500 tech sector fell nearly 6% to drag the market lower: The sector is posted its biggest one-day loss since early June, while Apple’s stock had its worst day since March.

 

Shares of Big Tech stocks fell sharply across the board: Amazon and Google-parent Alphabet were down by over 5%, while Microsoft fell more than 6%.

 

Facebook’s stock lost over 4% after the company said it would ban new political ads on its platform the week before the presidential election.

 

Investors also continued to take profits out of high-flying stocks like Apple and Tesla, which fell by around 8% and 9%, respectively, just days after both companies completed stock splits.

 

Stocks briefly cut losses in early trading after the release of better-than-expected unemployment data: Jobless claims came in at 881,000 last week, less than the 950,000 forecast by economists, according to data from the Labor Department.

 

Continuing claims fell to 13.3 million, a sharp drop of more than 1.2 million from the previous week, showing a moderate improvement in the labor market.

 

“Stocks are suffering steep losses... tech is obviously the biggest source of underperformance as the group experiences aggressive selling pressure,” says Adam Crisafulli, founder of Vital Knowledge. “It’s not worth trying to concoct some profound fundamental narrative to explain WHY the selling is taking place as this market hasn’t been paying much attention to fundamentals for a while,” he adds.

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