Wall Street plunges as economic data indicates slowing economic recovery, tech stocks falter

Stocks took a steep dive on Thursday, in the worst week for Wall Street since June — and just days after its best August performance since the 1980s.

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Following a volatile day that saw the Dow Jones Industrial Average plunge by 1,000 points at one point, the blue-chip index ended the day down by 810 points. The S&P 500 index closed with a decline of 3.5 percent and the Nasdaq Composite plunged by 4.96 percent.


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The tech sector, which has spearheaded much of the market’s meteoric rise since the pandemic began, led Thursday’s pullback as investors cashed in their highly valued tech stocks.

Apple marked its worst day since March, with shares down by more than 7 percent. Amazon, Salesforce, Alphabet and Microsoft all saw declines in the 5 percent range.

Facebook fell by 5.2 percent after an announcement that it would ban

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Techs lead stock sell-off, dollar edges up

NEW YORK (Reuters) – A gauge of global stocks fell on Thursday from a record high in its biggest one-day decline in nearly three months as the technology sector sold off, while the dollar continued its bounce from more than two-year lows.

FILE PHOTO: The Wall Street sign is pictured at the New York Stock exchange (NYSE) in the Manhattan borough of New York City, New York, U.S., March 9, 2020. REUTERS/Carlo Allegri

The S&P technology sector, up more than 35% on the year as the best-performing of the 11 major sectors through Wednesday, dropped 5.83% as investors fled expensive stocks that have pushed major averages higher. The group contains some of the world’s largest publicly traded companies.

Investors have been concerned about the narrowing leadership of the market rally that pushed the S&P 500 up 60% from its March 23 low through Wednesday, with gains on Wall Street largely

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Dow ends more than 800 points lower as tech plunge gives stocks worst day since June

Technology and other high-flying stock sectors suffered steep losses Thursday as investors appetite waned following an extraordinary rally in the past month, dragging the rest of the stock market lower.

How did stock-market benchmarks perform?

The Dow Jones Industrial Average


ended with a loss of 807.77 points, or 2.8%, at 28,292.73, after dropping more than 1,000 points at its session low. The S&P 500

closed 125.78 points lower, down 3.5%, at 3,455.06. The Nasdaq Composite

tumbled 598.34 points, or 5%, to end at 11,458.10. The declines marked the biggest one-day drops for all three indexes since June.

The fall came a day after the S&P 500 claimed its 22nd record close of the year, while the tech-heavy Nasdaq Composite arrived at its 43rd such all-time high and the Dow topped the 29,000 level for the first time since February. Thursday’s fall snapped

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Tech Has Worst Day Since June In Broad Sell-Off Hitting Apple, Chip Stocks

Key Takeaways:

  • Tech gets slammed across the board as mega-caps see biggest losses since June
  • Volatility hits two-month high after showing signs of rally earlier this week
  • All sectors end lower, but “unloved” Financials, Energy perform best

They say everything happens for a reason, so it’s not too surprising that Thursday’s market wipeout occurred one day before the jobs report and as investors looked ahead to a three-day holiday weekend.

The markets were due for a selloff—let’s be honest. As we noted earlier this week, It seems like a natural time to expect profit-taking even in a normal market, but that’s even more the case here with the S&P 500 Index (SPX) starting Thursday at an all-time peak and about 15% above its 200-day moving average. From a technical standpoint, that’s historically high and might have had people feeling a bit queasy about taking on fresh

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Apple AirPods and other smart ‘hearables’ are ruling the wearable tech market

Shipments of wearables grew 14.1% in Q2 2020 but a lot of that growth was driven by strong demand for ‘hearables’ like Apple’s AirPods. 

Global shipments of wearables rose to 86.2 million in the second quarter or 14.1% year on year, according to analyst firm IDC. 

Wearables bucked the downward trend in the much larger smartphone category, which saw shipments decline by 14% in Q2 to 285 million units, according to a recent report from analyst firm Canalys.

SEE: Top 10 iPad tips (free PDF) (TechRepublic)

But, according to IDC, the main driver for growth in wearables in Q2 were “hearables” like Apple’s AirPods and AirPods Pro, as well as rival products from Samsung and Xiaomi. Shipments of gadgets like AirPods grew 32.6% and accounted for 60% of all wearables in Q2 2020.  

“Hearables show much stronger and broader demand than smartwatches and fitness trackers,” said David Myhrer, research vice

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S&P 500 and Nasdaq Close at Records

Stocks surged to a powerful finish Wednesday with the S&P 500 and Nasdaq once again setting intraday and closing highs.

a close up of a sign: S&P 500 and Nasdaq Close at Records - Dow Up 450, or 1.6%

© TheStreet
S&P 500 and Nasdaq Close at Records – Dow Up 450, or 1.6%

The Nasdaq finished up 0.98% to 12,056. The index topped the 12,000 mark for the first time, despite declines in such marquee names as Apple , Netflix and Tesla .


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The S&P 500 rose 1.54% to 3,580, while the the Dow Jones Industrial Average ended up 454 points, or 1.59%, to 29,100.

Private companies in the U.S. added fewer jobs in August than expected. The private sector jobs report from ADP is a precursor to the official U.S. jobs report for August that will be released on Friday.

U.S. Private Companies Temper Hiring as Pandemic Wears On

“It’s a pretty substantial miss, but still much better than what we saw last month, so

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Autoblog’s favorite Labor Day 2020 tech deals

Autoblog may receive a share from purchases made via links on this page. Pricing and availability is subject to change.

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Many businesses are choosing not to have traditional Labor Day sales this year, or at the very least they’re choosing not to reveal them early. Most retailers, though, still have some pretty stellar deals to take advantage of for the beginning of the end of summer. Here are some of our favorites.

Apple iPad Pro 12.9″ (64GB, Wi-Fi + 4G LTE, Space Gray, Previous Gen) – $799.00 ($350 off) at

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An iPad is always a great self-gift. It’s the king of the tablet world, and for good reason: It’s great. This particular model is an iPad Pro. It has a 12.9″ screen, 64 GB of storage space, and is WiFi and 4G compatible. It’s also carrier “unlocked,” which means that if you decide to use

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Boston startup Biofourmis raises $100m for remote medical tech

Biofourmis, a Boston startup that makes technology to remotely monitor patients with chronic conditions and dangerous diagnoses, announced Thursday that it has taken in $100 million in new investment to help it advance products in the fields of cardiology, respiratory, oncology, and pain management.

The company, which moved to downtown Boston from Singapore last year, uses wearable sensors to understand patients’ vital signs and help doctors make decisions about their care from afar. This year, Biofourmis has also joined the battle against COVID-19, creating a system that uses artificial intelligence software to look for early signs of the viral illness.

Biofourmis CEO Kuldeep Singh Rajput said in an interview that the pandemic has helped show the value of remote monitoring technologies — not just for combating the coronavirus, but for other conditions that are generally evaluated through in-person visits. With many medical visits canceled or delayed to limit the spread

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Google and Apple Change Tactics on Contact Tracing Tech

The new plan unifies some of the behind-the-scenes work of sending exposure notifications. In the original scheme, state health authorities were responsible for setting up servers to send exposure alerts to people who had been near others who had tested positive for Covid-19. Different states, different servers. That meant apps in different states couldn’t easily talk to each other. Now that will be handled by a central server, operated by the Association of Public Health Laboratories. Some existing apps using the Apple-Google system, including those recently released in Wyoming and North Dakota, are already designed to communicate with the association’s server—and thus with other apps.

The move wasn’t entirely unexpected. When Apple and Google announced their digital tracing plans, they told WIRED they planned to issue an update in June that would incorporate elements of the system into their phone operating systems. So long as people opted in to having

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Tech stocks fuel Wall Street rally as factory activity expands in August

By Medha Singh and Devik Jain

(Reuters) – The S&P 500 and the Nasdaq hit new highs on Tuesday with the tech-heavy index boosted by Apple and Zoom Video, while better-than-expected U.S. manufacturing sector data fueled optimism around a post-pandemic economic recovery.

Apple Inc gained 2.9%, rising for the second straight day after its stock split took effect. A report also said the company had asked suppliers to make at least 75 million 5G iPhones for later this year.

Zoom Video Communications Inc surged 38.6% after the video-conferencing platform raised its annual revenue forecast by more than 30% as it converted more of its huge free user base to paid subscriptions.

“There are limited options where you can buy growth, because the country is slowly reopening and tech does the best in the slow growth economy,” said Thomas Hayes, managing member at Great Hill Capital LLC in New York.


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