Nasdaq records worst day since October as tech stocks fall

A sign for Wall Street hangs outside at the New York Stock Exchange on April 20. Stocks were down Friday morning ahead of President Donald Trump's news conference on China. Photo by John Angelillo/UPI

Dec. 9 (UPI) — Tech stocks dragged the three major U.S. indexes down from record highs on Wednesday as the Nasdaq Composite marked its worst day since late October.

The tech-heavy Nasdaq was the biggest loser on Wednesday as it fell 243.82 points, or 1.94%, its worst day since dropping 2.5% on Oct. 30. The S&P 500 dropped 29.43 points, or 0.79%, while the Dow Jones Industrial Average declined 105.07 points, or 0.35%.

Salesforce dropped 3.21%, Apple stock fell 2.09% and Facebook slid 1.93% after the Federal Trade Commission and attorneys general from 48 states filed a lawsuit against the company.

The S&P’s tech sector also fell 1.9% to drag the index lower.

Food delivery service DoorDash saw its stock skyrocket 85% as it held its Initial Public Offering, giving it a market valuation of bout $60.2 billion.

Markets fell from early gains after Senate Republican leader Mitch McConnell said Republicans and Democrats in Congress were “still looking for a way forward” in negotiations for another round of financial aid in response to the COVID-19 pandemic.

Wednesday’s losses came after all three major markets posted record highs on Tuesday, including the S&P topping 3,700 for the first time, largely in response to positive news surrounding a coronavirus vaccine.


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