Tech Stocks Drop as Trump Virus Test Fuels Swings: Markets Wrap
- Most S&P 500 members gain, but tech rout pushes gauge lower
- Disappointing U.S. labor report makes case for fresh stimulus
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U.S. stocks slumped in volatile trading as investors weighed the implications of President Donald Trump’s positive test for the coronavirus along with renewed efforts to forge agreement on fiscal stimulus.
The Nasdaq 100 led losses amid declines for tech companies including Apple, Microsoft and Amazon.com. The megacap shares also dragged down the S&P 500 Index, even as most stocks on the gauge gained. A disappointing jobs report that showed less hiring than analysts had estimated underscored the urgency to push through an aid measure, and stocks were pushed around by conflicting signals on the prospects for reaching a compromise in Washington.