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Tech stocks failed to make a comeback on Thursday, as a sell-off broadened after the Nasdaq’s worst day since 2022.
The tech-heavy Nasdaq Composite (^IXIC) fell more than 0.7%, while the S&P 500 (^GSPC) lost around 0.8%. The Dow Jones Industrial Average (^DJI) slipped more than 1%, or nearly 550 points, following an all-time closing record for the blue-chip index in the prior session.
Meanwhile, the small-cap Russell 2000 (^RUT) index, which had recently been on a historic rip higher, fell nearly 2% on the day.
The rally on Wall Street hit increasing turbulence this week as political, geopolitical, and trade risks unsettled a market that was finally confident that the Fed would cut interest rates this year.
A sign the labor market is cooling further bolstered those rate-cut hopes on Thursday. The number of continuing applications for unemployment benefits once again hit its highest level since November 2021.
Thursday’s losses on the Nasdaq follow a 2.7% decline in the prior session, partly due to a potential escalation in US curbs on exports to China. Chip stocks Nvidia (NVDA), TSMC, and ASML (ASML) all got hammered amid a rotation from tech leaders into less prominent parts of the market. All three were down further on Thursday.
TSMC’s strong quarterly earnings temporarily helped lift the mood during the session. The Taiwanese chip giant beat on profit with a 36% jump, and it raised its 2024 sales outlook to signal confidence in the AI boom.
Elsewhere, investors are keeping a watchful eye on the US presidential race, given Republican nominee Donald Trump’s potential to move markets. President Joe Biden has come down with COVID-19 at a key point in his campaign, and key Democratic leaders have revived talk of an exit.
After the bell on Thursday, Netflix (NFLX) reported second quarter earnings that beat expectations but the stock slipped about 2% in after-hours trading as the streaming giant missed revenue expectations for the current quarter.
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