(Reuters) – Wall Street’s main indexes extended declines on Friday, with the Nasdaq on track for its worst two-day fall since March as technology stocks sold off again, overshadowing data showing a steeper-than-expected drop in the August unemployment rate.
FILE PHOTO: The front facade of the New York Stock Exchange (NYSE) is seen in New York City, New York, U.S., June 26, 2020. REUTERS/Brendan McDermid
The tech-heavy Nasdaq lost over 4% and the S&P 500 dropped below its February peak, as the indexes lost ground for the second straight day after hitting record closing highs on historic stimulus and a narrow rally in heavyweight technology stocks.
Mega-cap companies Apple Inc, Microsoft Inc, Amazon.com Inc and Facebook Inc, which were down between 4.5% and 5.9%, weighed heavily on the indexes.
“It’s just position squaring … not surprising since we’ve seen a pretty sizable run up in the tech space in the