The Dow Jones Industrial Average (DJI) fell 405.89 points, or 1.5%, to close at 27,534.58 and the S&P 500 declined 59.77 points, or 1.8% to close at 3,339.19. The Nasdaq Composite Index closed at 10,919.59, shedding 221.97 points, or 2%. The fear-gauge CBOE Volatility Index (VIX) increased 3.1%, to close at 29.71. Declining issues outnumbered advancing ones for 2.14-to-1 ratio on the NYSE and a 1.97-to-1 ratio on the Nasdaq favored decliners.
On Thursday, all the 11 major sectors of the S&P 500 ended in the negative territory, with the energy and the technology sectors weighing heavily of the broader index and declining 3.7% and 2.3%, respectively for the day. The energy sector’s decline was mostly due to drop in as oil prices, after data underlined a surprise build up in crude stockpiles in the previous week and forecasts of lower demand for oil in the global market.
The tech-laden Nasdaq now slumped for four of the past five sessions, and puts the index 7.3% down so far this month. Tech giants like Apple Inc (NASDAQ:AAPL). AAPL, Facebook (NASDAQ:FB), Inc. FB, Amazon.com (NASDAQ:AMZN), Inc. AMZN, and Microsoft Corporation (NASDAQ:MSFT) MSFT declined more than 2% for the session.
On the contrary, shares of Tesla (NASDAQ:TSLA), Inc. TSLA rose 1.4% after the company reported that it is planning to expand its site near Berlin and also aims for the ‘first completion’ of its Texas Gigafactory complete by May 2021. Tesla carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Overall, the S&P 500 posted six new 52-week highs and two new lows, while the Nasdaq Composite recorded 42 new highs and 25 new lows.
On Thursday, the Labor Department reported that 884,000 filled for initial jobless claims for the week ending Sep 5. Claims for