Wall Street continue to fall for the third trading day as the dip-buying attempts were short-lived in the technology sector. The Dow Jones Industrial Average declined 0.82%, the S&P 500 slid 1.11%, and Nasdaq declined 1.3%. Nasdaq gave up the early 2% gain and closed below the 200-day moving average for the second trading day. The selloff accelerated in the final hour. The tech-heavily weighted index fell 10% from the all-time high in November.
Peloton stocks plunged 24% on the news of some temporary production halting due to low demands. United Airlines shares fell 2.54% after the major carrier indicated a higher-than-expected decline in the first quarter amid omicron woes. Netflix was lower ahead of its fourth-quarter earnings report after the market close.
On the economic data front, the US jobless claims last week rose to 286,000, the highest in three months, which signals that the omicron variant is dragging on the labor market. The existing home sales also increased less than consensus.
The broader US bond yields stay at higher levels amid the Fed's guidance to accelerate scaling back in its asset tapering and sooner rate hikes. The 2-year US Treasury yield was at 1.047%, and the 10-year Treasury yield was down slightly lower to 1.824%.
The WTI futures price slid 0.25%, to $86.29 per barrel. The gold future fell $4.9, to $1,838.7 per ounce.
The VIX rose 7.5%, to 25.64.
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