Sept. 10 (UPI) — Tech stocks dragged U.S. markets down on Thursday, as oil prices also fell amid data showing a buildup in crude stockpiles.
The Dow Jones Industrial Average fell 405.89 points, or 1.45%, the S&P 500 dropped 1.76% and the Nasdaq Composite ended the day down 1.72% as tech stocks continue to drive the markets’ fortunes.
Apple stock closed down 3.26%, Amazon stock dropped 2.86%, Microsoft declined 2.8%, Facebook fell 2.1% and Google’s parent company, Alphabet, slid 1.37% after all five stocks rebounded to drive the market higher on Wednesday.
The S&P 500 tech sector has fallen 11.4% from Sept. 2 — when the overall market hit an all-time high — and Tuesday and the S&P 500 overall has fallen 7% in that time.
Oil prices also dropped Thursday as the Energy Information Administration reported that U.S. crude inventories increased by 2 million barrels for the week ending