US Market's Major Indexes Fall Sharply, Led by Tech Sector
CryptoNewsTerminal Staff05 Aug, 2024
US Market's Major Indexes Fall Sharply, Led by Tech Sector
The three major indexes of the US stock market plunged on Monday, February 27, 2023, with the tech-heavy Nasdaq Composite taking the biggest hit. The S&P 500 index fell by 3.65%, while the Nasdaq Composite tumbled by 5.4%. The Dow Jones Industrial Average also declined, but to a lesser extent, losing 1.71%. The decline was led by the tech sector, as concerns about rising interest rates and slowing economic growth weighed on investors' sentiment. Amazon, Apple, and Microsoft were among the biggest losers, with each losing more than 5% of their value. Other sectors also contributed to the market's decline, including consumer discretionary, financials, and energy. Only the utilities sector managed to eke out a small gain. The market's decline comes after a strong start to the year, and it remains to be seen whether this is just a temporary correction or the start of a broader downturn. Investors will be closely watching economic data and corporate earnings in the coming weeks for clues about the future direction of the market.
