U.S. stocks tumbled on Thursday, dragged by tech and tech-adjacent megacap shares as investors digested mixed quarterly earnings and signs of economic resiliency that could encourage the Federal Reserve to keep interest rates at a restrictive level longer than expected.
All three major U.S. stock indexes ended in the red, and all remain on track for weekly declines.
The tech-heavy Nasdaq suffered the biggest percentage drop, weighed down by the “magnificent seven” group of megacap stocks in the face of cloudy earnings guidance and the “higher for longer” interest rate scenario.
Read the full story on Reuters here.