Tech rout deepens, Nasdaq set for worst two-day fall since March
Tech rout deepens, Nasdaq set for worst two-day fall since March
A man walks near the New York Stock Exchange
05 September, 2020, 04:54
While data Thursday showed applications for jobless claims fell last week, USA investors may need evidence of a fuller economic recovery after a 60% run-up in the S&P 500 since its March lows. Australia's S&P/ASX 200 gave up 2.6% to 5,952.70 and the Shanghai Composite index slipped 1.2% to 3,344.38.
The Dow Jones Industrial Average and the S&P 500 were off by about two per cent nearing midday, while the technology-focused Nasdaq was doing twice as bad, off another four per cent after losing five per cent on Thursday. The broader market fared better, with the S&P 500 Index down less than one per cent in the afternoon. And yet, Apple is still up 64.8% this year, while Amazon is up 78.3%. They've also assigned lofty market values to new-found darlings such as Zoom Video Communications as many Americans work remotely and students do online learning.
The Dow saw a swing of 875 from high to low.
Tesla Inc. shares tumbled 6% postmarket Friday as investors who contributed to its jaw-dropping rally this year in anticipation it may join the S&P 500 Index will have to wait for another day. Facebook and Amazon.com were down 1.7% each.
"What we're seeing here just a little bit of a reckoning", said Nancy Prial, co-chief executive officer at Essex Investment Management.
Shares fell across the region Friday, with Tokyo's Nikkei 225 shedding 1.1%.
Stocks fell after the Labor Department said on Friday that United States hiring slowed to 1.4 million last month, the fewest jobs since the pandemic began, even as the nation's unemployment rate improved to 8.4 percent from 10.2 percent. Tens of millions of Americans remain unemployed however, as seen by this week's unemployment benefits numbers.
The Nasdaq 100 Index fell 1.3%.
The US economy has recovered about half the 22 million jobs lost to the pandemic.
The S&P 500 tech sector sank 1.34 percent, following a 5.83-percent drop in the previous session.
Stocks also fell overseas.
The data highlighted a patchy recovery in the labor market, adding pressure on the White House and Congress to restart stalled negotiations over the next coronavirus relief package to lift the economy out of the worst recession since the Great Depression. Nvidia, Qorvo and Advanced Micro Devices fell 8% or more. Treasuries and the dollar were steady, with moves into haven assets muted despite the pronounced drop in equities.
West Texas Intermediate crude declined 0.6% to $41.12 a barrel.Gold was at $1,936.72 an ounce, up 0.3%. The euro edged higher to $1.1854 from $1.1852.
England were in early trouble in their reply when opener Jonny Bairstow was bowled by a Shaheen Afridi (2-28) yorker for a duck. Pakistan pacer Wahab Riaz bowled a brilliant 19th over, in which he conceded just three runs while running out Chris Jordan.
About 56 percent, or 4,404 claims, made last week were due to the COVID-19 pandemic, the Alabama Department of Labor said. The services sector, which accounts for more than two-thirds of the USA economy, has been hardest hit by the pandemic.
We know what to expect and we'll be ready'. "You could play in a street and it would still be there". But like he has done since he came into worldwide cricket, he's done everything he possibly could".
Walmart last week became the latest company to want a piece of TikTok after making a joint bid with Microsoft. TikTok is now being forced by US President Donald Trump to sell its US arm to an American company .
But her attorneys say spousal support is necessary for her to "continue to enjoy the lifestyle she enjoyed during marriage". Dre's net worth is estimated at $ 800 million denies that he ever tore up the prenup and he wants it enforced.
And today morning, it was removed from the Google and Apple App Stores, leaving several million users in India in the dark. Yes, spelled as (Faw-ji), the new title has just been announced on social media but few details are yet to be revealed.
If a voter shows up at a polling place on Election Day, after having requested an absentee ballot, this will be readily apparent. Voters in the few states that don't provide this information online have the option to call their local election office.
There is increasing concern that Trump is politicising America's military, which is meant to be apolitical, ahead of the election. The House has already passed a funding bill that includes money for Stars and Stripes , although the Senate hasn't yet acted.
Vucic said Trump had done a "great job" and praised the U.S. president's commitment to the region, inviting him to visit Serbia. Trump said Serbia has committed to open a commercial office in Jerusalem this month and move its embassy there in July.
He has proven pedigree in one of the best leagues in Europe, he plays for the German national side and he is an exciting, dynamic talent.
5 people found dead after shooting in home in Oshawa, Ont.
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Facebook to limit political ads before U.S. election
Those results will appear in Facebook's Voting Information Center and the company will notify users as results become available. This will present a huge challenge for television news networks, which are used to owning the viewership on Election Night.
Wakanda Forever: Remembering Chadwick Boseman's Legacy
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Kanye West barred from Arizona ballot
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New US unemployment benefits claims fall to 880,000
The recent expiration of a $600-a-week federal jobless benefit has deepened the difficulties for America´s unemployed. Still, the auto and housing industries have made solid gains, bolstered by rock-bottom loan rates.