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Major Indices Plummet as Tech Shares Break 10-day Win Streak

September 4, 2020

Tech Shares

Traders watched on in shock as stock markets plunged during Thursday’s session, falling from all-time highs as tech stocks suffered their biggest drop in months. These have been market leaders and the main drivers of the stock indices since rebounds began in late March.

The Dow Jones Industrial Average dropped 807.77 points (2.8%) to $28,292.73, its biggest one-day decline since June 11th this year. The S&P 500 fell by 3.5% to $3,455.06 and the Nasdaq Composite fell by 5% to close at $11,458.10.

Apple shares fell 8%, their biggest one-day decline since March 16th. Amazon and Netflix were both down more than 4% and Facebook shares dropped by 3.8%. Microsoft dropped by 6.2%. Alphabet (owners of Google) fell by 5.1%. The S&P 500 closed 5.83% lower, bringing an end to a 10-day winning streak. The sector also posted its biggest one-day loss since March.

Shares of companies that have been struggling in recent months, waiting on the economy reopening, rose yesterday, eluding tech companies’ negative trend. Cruise operator Carnival climbed by 5.2%. Macy’s increased by nearly 8%.

Thursday’s movement came after another record-setting session the previous day for the S&P 500 and the Nasdaq Composite, which also added to the market’s strong move off the March 23th lows. Since late March, the S&P 500 is up more than 50% and the Nasdaq has climbed by over 60%. The Dow Jones has risen by more than 50% in that time. Analysts speculate it may be time for the market to consolidate some of its recent sharp gains.

Thursday’s decline came even after unemployment data was more positive than anticipated. The number of first-time filers for unemployment benefits totaled 881,000 for the week ending August 29th, the Labor Department said. Economists polled by Dow Jones expected first-time applications to have decelerated to 950,000 during the week ending August 29th. That report came a day ahead of a widely anticipated U.S. jobs report. Economists polled by Dow Jones expect the U.S. economy to have added 1.321 million jobs in August. The jobs report will be released as lawmakers struggle to reach a deal on further coronavirus stimulus.

“Let me be clear: The only reason we do not have a stimulus bill passed yet is because the economy and the markets are performing much better than people thought possible,” said Tom Essaye, founder of The Sevens Report.

“The ‘best’ outcome for stocks into tomorrow’s jobs report is for a strong number, but not so much better than estimates that it relieves more pressure on Congress to get a deal done.”