Tech leads United States stocks’ biggest rout since June

Asian stocks plunge with Wall St as tech surge halted

Asian stocks plunge with Wall St as tech surge halted

"That really adds fuel to the fire on the downside", said Jeffrey Kleintop, chief global investment strategist at Charles Schwab in Boston. In point of fact, as investors had stomached a raft of data suggesting a sluggish labour market recovery and had been bracing for further volatilities amid waning hopes of a second round of pandemic stimulus, the tech-heavy Nasdaq that had surged fiercely over the recent weeks fell as much as 9.9 per cent earlier in the day from its record peak reached on Wednesday, while the benchmark Standard & Poor 500 had briefly dipped below its pre-pandemic record reached on February this year.

The S&P index recorded no new 52-week highs and no new low, while the Nasdaq recorded 18 new highs and 77 new lows.

US employers added 1.4 million jobs in August, and the unemployment rate dropped to 8.4 per cent, as the nation's pandemic-ravaged labor market continues to slowly recover, the US Bureau of Labor Statistics reported Friday.

"It wasn't wonderful enough to get the market excited enough that we don't need any more stimulus".

At 12:58 p.m. ET, the Dow Jones Industrial Average was down 303.91 points, or 1.07%, at 27,988.82 and the S&P 500 was down 48.08 points, or 1.39%, at 3,406.98.

Technology, communication services and consumer discretionary stocks fell the most among the major S&P sectors.

Also, the S&P 1500 airlines sub index rose 1.85 per cent for the day.

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The Dow dropped 1.82 per cent for the week and the Nasdaq lost 3.27 per cent for the week and clocked its biggest two-day drop since March 17 between Thursday and Friday.

Fund managers warned Thursday's declines may be a preview of a rocky two months ahead as institutional investors return from summer vacations and refocus on potential economic pitfalls.

With a market capitalization over $300 billion, Tesla is one of the most valuable companies on Wall Street, and by far the most valuable publicly listed USA company not included in the S&P 500.

Broadcom Inc gained 2.3% after the Apple Inc supplier forecast fourth-quarter revenue above analysts' estimates.

Losses extended to the Toronto Stock Exchange, too, where the benchmark S&P/TSX Composite Index was down about 300 points or nearly two per cent.

Declining issues outnumbered advancers for a 2.26-to-1 ratio on the NYSE and for a 2.76-to-1 ratio on the Nasdaq.

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