: U.S. stocks post back-to-back drop as big tech shares tumble
U.S. stocks closed sharply lower Thursday, pulled down by tumbling shares of big technology firms, despite a strong report on quarterly economic growth. The Dow Jones Industrial Average DJIA shed about 251 points, or 0.8%, ending near 32,784, according to preliminary FactSet data. The S&P 500 index SPX closed down 1.2% and the Nasdaq Composite Index COMP dropped 1.8%, sinking the tech-heavy index deeper in correction territory. Stocks continued to feel pressure from skittishness around third-quarter earnings and about the so-called Magnificent Seven stocks. Shares of Meta Platforms META, Alphabet GOOG, Microsoft MSFT, Nvidia NVDA, Tesla TSLA, Apple AAPL and Amazon.com AMZN each ended lower Thursday, while the S&P 500’s communication services sector fell 2.6%, according to FactSet. U.S. GDP was pegged at 4.9% in the third quarter as consumers kept spending, helping to stave off a U.S. recession. The 10-year Treasury yield BX:TMUBMUSD10Yfell back to 4.843%.
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