Business Wall Street Falls Due To Tech Sector Sale By...

Wall Street Falls Due To Tech Sector Sale By Reuters

© Reuters. New York Stock Exchange

(Reuters) – Major Wall Street indices fell on Friday as tech stocks continued to sell off despite lower US unemployment rates in August.

The number of employed in the US economy, excluding the agricultural sector, increased by 1.37 million in August, while analysts had expected an increase of 1.40 million.

Unemployment was 8.4% against the forecast of 9.8%.

“This data is consistent with improvements in the labor market, which helps sustain consumption, but remains far from pre-COVID-19 levels,” said Samir Samana, senior global market strategist at Wells Fargo (NYSE:) Investment Institute.

The Nasdaq Index lost more than 4% as stocks of companies such as Apple Inc (NASDAQ :), Microsoft (NASDAQ 🙂 Inc, Inc (NASDAQ :), Tesla Inc and Nvidia (NASDAQ 🙂 Inc) continued to decline.

Tech, communications services and consumer goods led the way. The financial, industrial and energy sectors rose in the range from 0.4% to 1.0%.

Stock managers earlier warned that Thursday’s drop in stocks could be a harbinger of a turbulent two months as institutional investors return from summer break and focus again on potential economic risks.

The index dropped 1.79% to 27,785.75 points by 17:41 Moscow time, the S&P 500 index – by 2.4% to 3.372.05 points, lost 4.32% to 10.962.87 points.

(Medha Singh in Bangalore, with contributions from Chuck Mikolajchak in New York; translated by Olga Devyatiarova. Editor Marina Bobrova)

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