Scoreboard: Nasdaq nerves

Wall Street slumped as a fall in jobless claims failed to ameliorate another big sell-off in the tech sector.

Tech stocks continued to sell off aggressively overnight, dragging down other US benchmarks in what was a sizeable sell-off. That the carnage came despite a solid drop in jobless claims shows you just how strong the momentum is here. Jobless claims fell to 300,000 in the week to April 5, down from 332,000 the week prior. But the algorithms ignored that and momentum continued to drive stocks down. Tech stocks may have led, initially, with biotech and internet stocks in particular bearing the brunt, but as trading went on, the tech route morphed into a broad-based sell-off. Every sector on the S&P500 was weaker with only 2 per cent of stocks on that index recoding an increase.

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