ALBAWABA - U.S. indices closed sharply in collective losses on Thursday, led by technology stocks, amid anticipation of the U.S. Federal Reserve Chairman's speech on Friday at the Jackson Hole symposium.
Data released today indicated that U.S. jobless claims suggest that the job market remains strong, news that some believe might support the Federal Reserve's hawkish stance on prolonged interest rate hikes.
Performance of Key U.S. Indices:
The Dow Jones Index declined by 1.08%, equivalent to approximately 274 points in Thursday's session, marking its lowest close in over six weeks.
The Nasdaq Composite Index dropped by about 1.9%, recording its biggest daily loss in three weeks, while the S&P 500 Index fell by about 1.35% amid collective losses in major sectors.
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Tesla Shares:
Tesla's stock declined by 2.9% after three consecutive sessions of gains, causing the company to lose around $22 billion in market capitalization in a single day.
These declines are part of the pressure on technology stocks most sensitive to rising interest rates, with U.S. Treasury bond yields increasing today.
Dollar Tree Shares:
Dollar Tree's stock plummeted by around 13% in Thursday's session, marking its lowest close in 21 months, after the retailer projected significantly lower annual earnings than estimates.
