U.S. stocks drop as tech slides

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NEW YORK, June 3 (Xinhua) — U.S. stocks finished lower on Thursday, dragged down by weakness in the tech sector.

The Dow Jones Industrial Average decreased 23.34 points, or 0.07 percent, to 34,577.04. The S&P 500 was down 15.27 points, or 0.36 percent, to 4,192.85. The Nasdaq Composite Index fell 141.82 points, or 1.03 percent, to 13,614.51.

Six of the 11 primary S&P 500 sectors ended in red, with consumer discretionary and technology down 1.22 percent and 0.91 percent, respectively, leading the laggards. Utilities rose 0.52 percent, the best-performing group.

U.S.-listed Chinese companies traded lower with all the top 10 stocks by weight in the S&P U.S. Listed China 50 index ending the day on a downbeat note.


The slide on Wall Street came despite applications for unemployment insurance in the United States dipping below 400,000 for the first time during the pandemic.

U.S. initial jobless claims, a rough way to measure layoffs, decreased by 20,000 to 385,000 in the week ending May 29, the Department of Labor reported on Thursday. The median estimate in a Bloomberg survey of economists called for 387,000 applications.

The May U.S. employment situation report is slated for Friday.

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