Stocks Fall Sharply on Tech Weakness and Hawkish Economic News – Barchart
What you need to know…
The S&P 500 Index ($SPX) (SPY) on Thursday fell -1.45%, the Dow Jones Industrials Index ($DOWI) (DIA) fell -1.05%, and the Nasdaq 100 Index ($IUXX) (QQQ) fell -2.49%.
Stocks on Thursday fell sharply, with the S&P 500, Dow Jones Industrials, and the Nasdaq 100 all posting 6-week lows. Technology stocks were battered Thursday. Semiconductor stocks sold off after Micron Technology reported lower-than-expected Q1 adjusted revenue and forecasted that Q2 revenue would be below consensus. Also, Tesla tumbled more than -8% to a 2-year low after safety investigators said they were looking into a crash on the San Francisco Bay Bridge involving a Tesla Model S that may have been guided by its automated systems.
Stock indexes were undercut by Thursday’s stronger-than-expected jobless claims and Q3 GDP reports, which were hawkish for Fed policy. Stocks recovered from their worst levels after the Senate passed a $1.7 trillion government funding bill that now heads…
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