Wall Street closes lower on Big Tech sell-off

Monday, 10. May 2021 22:01

Major stock markets in the United States closed the trading session on Monday with losses amid tech stock sell-off, following record highs that Dow Jones and S&P 500 hit at Friday's closing bell. However, Dow reached a new record high and surpassed the 35,000 point benchmark. Intraday investors bid on economic recovery in the energy and industrial sectors.

US President Joe Biden said that the latest economic data proved his administration's "economic plan is working" as 1.5 million jobs were created in 100 days and the economic growth in the first quarter reached 6.4%. Nevertheless, the disappointing jobs report from April signaled that Federal Reserve will keep pandemic-related policies unchanged for longer.

The Dow Jones closed with 0.10% in the red as Intel dropped by 2.95%, while the S&P 500 lost 1.04% with Align Technology declining by 7.33%. The Nasdaq 100 fell by 2.63% led by Pinduoduo plunging by 9.11%. The euro slid against the dollar by 0.19% to sell for $1.21412 at 3:55 pm ET.

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