NEW YORK - Tech shares tumbled again on Friday morning as Wall Street stocks appeared headed for a second straight rout despite improving US labour data.
Shortly after 1500 GMT, the tech-rich Nasdaq Composite Index was down 3.7 per cent at 11,037.95, after earlier dropping 5 per cent. The Dow Jones Industrial Average fell 1.5 per cent to 27,871.77, while the broad-based S&P 500 shed 2.1 per cent to 3,381.11. The losses came after the Labour Department reported that the unemployment rate in August fell to 8.4 per cent, the first reading below 10 per cent since the coronavirus pandemic struck.
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