The U.S. Stocks slipped on Thursday, with the S&P 500 and the Dow Jones Industrial logging their worst one-day declines since May as the technology sector continued its selloff, overshadowing advances in financials.
The losses in tech were so severe on Thursday that all but one of its component which ended in negative territory. Tech shares have struggled in recent weeks, with technology sectors down by 2.3% this far this month amid concerns the group’s rally may be running out of steam at a time when valuations are stretched by many metrics.
The Dow Jones Industrial Average fell 167.58 points which is equal to a 0.5% plunge and was last seen trading at 21,287.03, its biggest percentage decline since May 17. The S&P 500 index was also down by 20.99 points a 0.9% drop to end the session at 2,419.70, also its worst selloff in more than a month. The Nasdaq Composite Index tumbled by 90 points, 1.4% to end at 6,144.35.
For the Nasdaq Composite that has been its registered third straight session with a 1% move, including a slump of 1.6% on Tuesday and Wednesday’s 1.4% rally which was the biggest one-day increase since Nov. 7.
The outsize moves in all three sessions came on volatility in the technology sector which was down by 1.8%. Various tech companies like Microsoft, Alphabet Inc. and Apple were all in the bear.