The US stock market has been experiencing a strong bull run these past months, stocks like TESLA and AMZN have risen significantly but this has been cut short by a drastic fall in stock prices earlier this week.
In New York, the Dow Jones Industrial Average fell 808 points, or 2.78%, after passing 29,000 for the first time since February on Wednesday. The S&P 500 was down 3.5% and the tech-heavy Nasdaq fell 4.9%.
The S&P 500 tech sector fell nearly 6% to drag the market lower: The sector is posted its biggest one-day loss since early June, while Apple’s stock had its worst day since March.
Shares of Big Tech stocks fell sharply across the board: Amazon and Google-parent Alphabet were down by over 5%, while Microsoft fell more than 6%.
Facebook’s stock lost over 4% after the company said it would ban new political ads on its platform the week before the presidential election.
Investors also continued to take profits out of high-flying stocks like Apple and Tesla, which fell by around 8% and 9%, respectively, just days after both companies completed stock splits.
Stocks briefly cut losses in early trading after the release of better-than-expected unemployment data: Jobless claims came in at 881,000 last week, less than the 950,000 forecast by economists, according to data from the Labor Department.
Continuing claims fell to 13.3 million, a sharp drop of more than 1.2 million from the previous week, showing a moderate improvement in the labor market.