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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.

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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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