The Nasdaq technology index is moving down 2.15% to 9804.86 points. The broad S&P 500 fell 2.57%.
In general, airlines, cruise operators and tour companies, whose shares have risen in recent weeks, bear the brunt of Thursday’s sell-off. Energy, financial and industrial companies are also suffering losses.
Market sentiment has deteriorated due to expectations that a second wave of the pandemic will break out in some US states. Unemployment claims in the United States remain high, with data coming just days after the Federal Reserve gave a bleak economic outlook.
“There’s a lot of uncertainty,” said Lauren Goodwin, an economist and strategist at New York Life Investments.
European stocks are also falling today after warnings from the Federal Reserve about the economy and the growing danger of a new wave of coronavirus pandemic in the United States.