US stocks tumble as tech share rebound falters
Al Jazeera
Fears of new trade tensions with China drive main indexes lower.
Wall Street’s top indices fell as a rebound in tech shares tumbled, adding to losses triggered by fears of new trade tensions.
After a mixed day on European equity markets, losses on Wall Street were broad-based on Thursday, with energy the only one of 11 industrial sectors to advance in the S&P 500.
The Dow, which had notched records the last three days, led major indices lower with a 1.3 percent drop.
“It doesn’t take much of an excuse for markets to take some profits when they’ve had such a good run,” said Art Hogan, chief market strategist at B Riley Wealth.
Market watchers have for days fixated on the “overbought” state of tech shares after outsized gains by artificial intelligence stocks so far in 2024.
