After a recent technology-led selloff, US stocks of big tech brands suffered significant decline at their last trading session, pausing Wednesday’s rebound, after a recent technology-led selloff.
The tech-heavy Nasdaq Composite Index plunged by 1.99%, to close at 10919.59 points,
The Dow Jones Industrial Average closed down 1.45%, to 27534.58 points.
What it means: As cases continue to rise, it should be noted that US consumer spending is a massive downside risk for equity markets. With services making up around two-thirds of overall spending, the recovery in this part of the economy is crucial, if the US economy hopes to finish the year strongly.
Stephen Innes, Chief Global Market Strategist, AxiCorp, in a note to Nairametrics, spoke on the prevailing macros at the world’s largest equity market. He said,
and the S&P 500 fell lost 1.76%, to close at 3339.19 points, marking the first time since March, that both indexes had a drop for the fourth time in five days.
