Tech Stocks Drop for 6th Day in a Row

Apple, Amazon saw some of the biggest falls
By Newser Editors and Wire Services
Posted May 4, 2021 3:59 PM CDT

(Newser) – Stocks closed lower on Wall Street Tuesday, dragged down by big technology companies like Apple and Microsoft. The declines marked the sixth straight losing day for technology stocks, the AP reports. Investors continue to focus on corporate earnings and gauge the economic recovery’s progress. Earnings and most economic indicators have been signaling a steady recovery, but investors remain concerned about the lingering threat from COVID-19, inflation and other factors that could crimp progress. The S&P 500 index fell 0.7% and the tech-heavy Nasdaq slipped 1.9%, while the Dow eked out a small gain. The price of oil rose while bond yields slipped slightly.

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Apple fell 4%, Facebook shares were down 2.4%, Google's parent company dropped 2.5%, and Amazon fell 2.9%. The declines added to the drop in tech shares that happened late Monday, which caused the Nasdaq to end in the red. Until this week, stocks had been grinding higher on expectations of an economic recovery and strong company profits this year as large-scale coronavirus vaccination programs help people return to jobs and normal activities after more than a year of restrictions. Massive support from the US government and the Federal Reserve, and increasingly positive economic data, also helped put investors in a buying mood, keeping stock indexes near their all-time highs. Investors will get a closely watched jobs report on Friday

(Read more stock market stories.)

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