NEW YORK: Wall Street's main indexes tumbled on Thursday, heading for their worst day since June as investors dumped high-flying technology-focused stocks, while economic data highlighted concerns about a long and difficult recovery.
Shares of Facebook, Apple, Amazon.com, Netflix and Alphabet sank between 4.6% and 6.2%. The NYSE FANG+TM Index, which includes the five core FAANG stocks, shed 6.2%, putting it on track for its biggest one-day decline since March 16.
Unprecedented fiscal and monetary support as well as increasing bets on stay-at-home tech stocks have powered a rally in US stocks in recent weeks, sending the S&P 500 and Nasdaq to record closing highs on Wednesday.
Earlier in the day, data showed the number of Americans filing new claims for unemployment benefits fell more than expected last week, but remained extraordinarily high. The government's closely watched monthly payrolls report is set for Friday.
The technology sector declined 5%, while communication services and consumer discretionary lost more than 3% each.
At 11:34 a.m. ET, the Dow Jones Industrial Average was down 633.96 points, or 2.18%, at 28,466.54, the S&P 500 was down 105.09 points, or 2.93%, at 3,475.75. The Nasdaq Composite was down 530.39 points, or 4.40%, at 11,526.06.
Tesla Inc tumbled 7.4%, falling for the third straight session.
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