Stocks traded choppily Thursday and turned sharply negative, as a temporary resurgence in technology shares lost steam. Each of the three major indices sank more than 1.2%.
The big tech and software stocks pummeled over the past week fell anew, with shares of Apple, Microsoft and Netflix each lower by more than 2.5%. A day earlier, these and other tech stocks led the Nasdaq to its best one-day gain since April. However, the index remained lower by about 5% for September to date.
The short-lived rally Wednesday came in absence of any major catalysts, as investors swooped in to purchase shares following the steep declines of the past several sessions. As of its closing price on Tuesday, the Nasdaq had fallen 10% from its recent record high last week, sending it into correction territory.
“Much like there was no real reason for the drop the past three days,