A pedestrian walks in front of the New York Stock Exchange.
Michael Knockley | Bloomberg | Getty Images
U.S. stock futures fell on Thursday night, generating negative momentum from the regular trading session as Big Tech led another steep decline.
The Dow Jones Industrial Average futures are down 207 points, or 0.7%. The S&P 500 futures fell 0.9% and the Nasdaq 100 futures fell 1.6%.
Shares of major technology companies fell sharply after hours of trading. Apple fell 3%. Facebook, Amazon, Netflix, Alphabet and Microsoft are all down at least 1%.
The Dow fell more than 800 points, or 2.8%, during the cash session for its biggest one-day slump since June. The S&P 500 was down 3.5%, while the Nasdaq composite was down 5%. Thursday’s declines also wiped out gains from key averages for the week, knocking both the S&P 500 and the Nasdaq out of record levels.
As a sector, technology was the worst day since March, falling 5.83%. Apple contributed a large portion of those losses, falling 8%. Facebook, Amazon, Netflix, Alphabet and Microsoft also drastically reduced the session on Thursday.
That steep decline in technology stocks comes after the corona virus sold out the lion’s share of the broader market comeback from low prices. Since March 23, the S&P 500 technology sector has grown by about 70%. Annually, technology accumulated more than 30%.
However, some experts have raised concerns about making too much profit on a few stocks, as those names could drag the wider market if they are ever in trouble.
“We have had high ratings in the markets recently – especially in the technology sector – and that needs to be adjusted to some extent,” said Scott Knapp, chief market strategist at Guna Mutual Group. “It’s nothing more than a recent irrational run – up in Tesla and Apple stock prices.
Both Tesla and Apple recently rallied after announcing stock splits. However, since those splits went into effect on Monday, Tesla has fallen 8.1% and Apple has lost 3.2%.
Traders dared to publish a key U.S. employment report. Economists who voted for Dow Jones expect the U.S. economy to add more than 1 million jobs last month.
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