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US Market falls as tech sell-off resumes

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The US stock market finished session deeply in the red on Thursday, 10 September 2020, as risk sentiments dented after the U. S. Senate Republicans failed to advance a new coronavirus stimulus bill and simmering tensions between Washington and Beijing. Most of sectors declined, with tech stocks being notable losers amid increasing worry on Wall Street about a tech bubble, with those stocks fuelling the Nasdaq to record highs despite the coronavirus pandemic's hit to the economy.

At closing bell, the Dow Jones Industrial Average index declined 405.89 points, or 1.45%, to 27,534.58. The S&P 500 index dropped 59.77 points, or 1.76%, to 3,339.119. The tech-heavy Nasdaq Composite Index fell 221.97 points, or 2%, to 10,919.59.

Technology stocks resumed selloff after a one-day respite, as investors remain worried that valuations got stretched too far in a five-month rally. Apple shares were down 3.3% after rising as much as 2.7%. Tesla, which was up more than 8% at one point, closed just 1.4% higher. Netflix and Microsoft were both lower along with Facebook and Amazon.

Nvidia shares lost 3.2%

Financial stocks dropped as jobless claims in the United States remained at a high level and a slimmed-down relief package failed to garner enough votes to pass the Republican-led Senate.

Energy stocks plunged as crude dropped back toward $37 a barrel in New York. Crude oil prices drifted lower on Thursday after data showed an increase in U. S. crude inventories in the week ended September 4. WTI crude for October delivery fell $0.75 or about 2 percent to $37.30 a barrel.

ECONOMIC NEWS:- US Weekly Jobless Claims Unchanged-US first-time claims for unemployment benefits came in at 884,000 in the week ended September 5th, the Labor Department revealed in a report on Thursday. The report said initial jobless claims came in unchanged from the previous week's revised level. The Labor Department said the less volatile four-week moving average fell to 970,750, a decrease of 21,750 from the previous week's revised average of 992,500. Meanwhile, the report said continuing claims, a reading on the number of people receiving ongoing unemployment assistance, climbed by 93,000 to 13.385 million in the week ended August 29th.

Among Indian ADR, INFOSYS fell 1.18% to $12.60, HDFC Bank fell 1.16% to $49.27, Dr Reddys Labs dropped 1.58% to $59.82, and ICICI Bank was down 1.28% to $10.05. Azure Power Global declined 6.94% to $25.49, WNS Holdings shed 0.05% to $64.78, Wipro fell 0.46% to $4.33, and Tata Motors erased 1.03% to $9.57. Vedanta added 0.29% to $6.96.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, September 11 2020. 09:48 IST