A fresh sell-off in heavyweight technology shares sent stocks to a fourth loss in five days. Shares of Apple (-3.3%), Microsoft (-2.8%) and Amazon.com (-2.9%) dropped as investors continued to fret about stretched valuations.
Disappointing jobs data and worries about fiscal stimulus weighed on investor sentiment. The US Senate rejected a Republican bill for around US$300 billion in new coronavirus aid. The S&P 500 energy index fell 3.7% as the crude oil price dropped. The Dow Jones index fell by 406 points or 1.5% after being up by more than 200 points earlier in the session. The S&P500 index lost 1.8% and the Nasdaq index slid by 222 points or 2%.