Nasdaq confirms correction as Facebook, Alphabet, Amazon drag
Updated : June 04, 2019 07:07 AM IST
While the sell-off in the internet heavyweights was the biggest drag on the Nasdaq, the index has been falling steadily since its May 3 record closing high as investors worried about slowing global growth amid an escalating US-China trade war.
The S&P 500 had a volatile session and ended the day down 0.3 percent, but the Dow Jones Industrial Average ended the session virtually unchanged.
The communication services sector, which includes Google and Facebook, closed down 2.8 percent, the biggest drop of the S&P's 11 major sectors, while Amazon shares helped pull the consumer discretionary sector down 1.2 percent.
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