Corona Virus
Stay Safe, FollowGuidance
Fetching Location Data…
James Hyerczyk
US Stock Indexes

The major U.S. stock index futures plunged on Thursday, posting their worst one day performance since June as investors dumped high-flying technology-focused stocks, while economic data highlighted concerns about a long and difficult recovery.

The pullback in stocks comes a day after the S&P 500 and NASDAQ Composite closed at record levels and the Dow came within 1.5% of its February peak, powered by unprecedented fiscal and monetary support.


In the cash market on Thursday, the benchmark S&P 500 Index settled at 3455.06, down 125.78 or -4.19%. The blue chip Dow Jones Industrial Average finished at 28292.73, down 807.77 or -3.21% and the technology-driven NASDAQ Composite closed at 11458.10, down 598.34 or -6.30%.

Stocks on the Move

Shares of Facebook Inc, Apple Inc, Amazon.com Inc, Microsoft Inc and Google-parent Alphabet Inc sank between 4.9% and 7%.

The five stocks, deemed stay-at-home winners during the coronavirus crisis, account for nearly a quarter of the S&P 500’s market capitalization and have driven the stock market’s narrow technology-led recovery from the pandemic lows hit in March.

Tesla Inc tumbled 8%, falling for the third straight session.

PVH Corp rose 4.5% after the Calvin Klein owner posted a surprise quarterly profit, boosted by strong online demand for comfortable and casual clothing during the coronavirus-led shift to work from home.


Sectors on the Move

The Philadelphia chip index and the S&P tech sector also dropped about 5% each, with investors also booking profits ahead of the Labor Day weekend.

The NYSE FANG+TM Index, which includes the core FAANG stocks, shed 5.5%, putting it on track for its biggest one-day decline since March 16.

The Internals

Declining issues outnumbered advancers for a 3.25-to-1 ratio on the NYSE and for a 3.76-to-1 ratio on the NASDAQ.

The S&P Index recorded 18 new 52-week highs and no new lows, while the NASDAQ recorded 23 new highs and 45 new lows.

Meanwhile, the VIX, otherwise known as Wall Street’s fear gauge, crossed its 200-day moving average to hit its highest level in seven weeks.

Economic News

Data showed the number of Americans filing new claims for unemployment benefits fell more than expected last week, but remained extraordinarily high. The closely watch monthly Non-Farm Payrolls report is set for Friday at 12:30 GMT.

Additionally, a survey showed U.S. services industry growth slowed in August, likely as the boost from the reopening of businesses and fiscal stimulus faded.

For a look at all of today’s economic events, check out our economic calendar.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker

  • Your capital is at risk
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.