Dow futures down 200 points as Wall Street brace for more technical losses

Dow futures down 200 points as Wall Street brace for more technical losses

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.

READ  Ford Ranger to get smaller sized sibling

“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.

Subscribe CNBC Pro For exclusive intelligence and analysis and live business day programming from around the world.

You May Also Like

Cory Weinberg

About the Author: Cory Weinberg

Cory Weinberg covers the intersection of tech and cities. That means digging into how startups and big tech companies are trying to reshape real estate, transportation, urban planning, and travel. Previously, he reported on Bay Area housing and commercial real estate for the San Francisco Business Times. He received a "best young journalist" award from the National Association of Real Estate Editors.

Leave a Reply

Your email address will not be published. Required fields are marked *