On Friday, all three key indices of Wall St. had curtained off the day broadly lower with tech-heavy Nasdaq leading the losses, as market participants appeared to have jumped on the bandwagon of a profit-taking sell-off wave over concerns of a cumbersome valuation amid a muddy economic recovery.
Nonetheless, major Wall St. indices had pared some of their losses in the late-afternoon session following an ease of sell-off pressure, while Nasdaq had managed to wind down the day well above its session lows. In point of fact, as investors had stomached a raft of data suggesting a sluggish labour market recovery and had been bracing for further volatilities amid waning hopes of a second round of pandemic stimulus, the tech-heavy Nasdaq that had surged fiercely over the recent weeks fell as much as 9.9 per cent earlier in the day from its record peak reached on Wednesday, while the benchmark Standard & Poor 500 had briefly dipped below its pre-pandemic record reached on February this year.
Aside from that, as August private payroll data had revealed a shimmering ray of hope for the large-cap companies, mega-cap tech stocks likes of Apple Inc., Amazon.com Inc., Microsoft Inc.
and Facebook Inc. had pared some of their earlier losses at late-afternoon trading.
Wall St. extends decline after fierce sell-off wave
Citing statistics, on the day’s Wall St. closure, the trade-sensitive Dow dwindled 0.56 per cent to 28,133.31 and S&P 500 soured 0.81 per cent to 3,426.96, while the tech-heavy Nasdaq was nudged as much as 1.27 per cent lower to 11,313.13.
Meanwhile, addressing to a growing market uncertainty which appeared to have vectored by a fading hope of a second round of pandemic stimulus bill, a market strategist at Baird in Milwaukee, Michael Antonelli said on the day’s Wall Street closing bell, “You had a significant sell-off on Thursday, some follow-through in the morning and then we stabilized.
The selling was pretty fierce. Corrections like this have been quick and severe lately. We don’t know if it’s over. ”