All three major U.S. indexes tumbled on Thursday, helping spoil a recent run that lifted the S&P 500 and Nasdaq to new records, while the Dow climbed above 29,000 for the first time since February on Wednesday. The pullback was driven by selling in coronavirus stars like Tesla TSLA, Apple, and Zoom ZM.
Stocks have faced declines even during the historic run off the market’s bottom in late March. And Thursday’s selloff seemed due and even healthy. Recent economic data has been solid, although a little disappointing ahead of Friday’s big releases on jobs and unemployment. Meanwhile, Wall Street is starting to get anxious about when the next round of stimulus will be passed, as millions of Americans remain out of work due to no fault of their own.
That said, the third quarter earnings outlook has improved and there should be enough political pressure on both sides to get