SMM: us Eastern time on Thursday (3rd), US stocks, which had been hitting record highs, fell sharply. The three major stock indexes closed plummeting, with the Nasdaq down nearly 5 per cent, the S & P 500 down more than 3 per cent and the Dow down more than 2 per cent. Apple plunged more than 8 per cent, the biggest one-day drop since March 16, while Tesla fell nearly 10 per cent, but some cyclical stocks bucked the trend and cruise and airline stocks outperformed the market.

Market trends

By the close, the Dow was down 807.77 points, or 2.78%, at 28292.73; the Nasdaq was down 598.34 points, or 4.96%, at 11458.10; and the S & P 500 was down 125.78 points, or 3.51%, at 3455.06. The S & P 500 technology sector closed down 5.83%, ending 10 consecutive gains.

Cyclical stocks that had risen less before performed relatively well on Thursday. Greg Hahn (Greg Hahn), chief investment officer of Winthrop Capital Management, said: "at some point the rise of the sector will rotate. In the future, everyone will be protected by vaccine and life will return to normal. "

There is a market view that international relations have dragged down technology stocks. Ed Moya, senior market analyst at Oanda, said: "there is also a technical reason for Thursday's plunge: investors moved money out of the technology sector because of deteriorating international relations, because technology companies are likely to be hit hardest by potential import tax increases. With the continuous rotation of the plate and the transfer of funds to cyclical stocks, large technology stocks will eventually fall victim to the deterioration of international relations, and the Nasdaq will be hit hardest. "

The future performance of the stock market is still full of uncertainty. "I'm not sure if today's weakness is enough to burst the previous bubble, nor can I tell short-term investors whether they can bottom out now," said Liz Ann Sanders (Liz Ann Sonders), chief investment strategist at Charles Schwab. An one-day correction may not be enough to correct previous excessive gains. "

"Technology stocks have fallen sharply after previous big gains, and technology stocks have been able to move away from fundamentals for some time, but this irrational market driver can drive stocks up or down," said Vital Knowledge's Adam Crisafulli.

Some analysts expect the plunge to be a correction and that U. S. stocks will not collapse. Frank Cappelleri, executive director of Instinet, said: "while we don't expect US stocks to collapse again now, we don't need it to hit record highs every day to maintain its upward trend. The S & P 500 has risen for several days and has just reaped its biggest gain in two months, so there must be a period of time for a pullback to digest.

Performance of hot stocks

Technology stocks fell across the board, with Apple down 8.01%, Amazon down 4.63%, Netflix down 4.90%, Google down 5.00% and Facebook down 3.76%, Microsoft down 6.19% and Tesla down 9.02%.

Some cyclical stocks rose against the trend, with United Airlines up 1.38%, Delta Airlines up 0.26%, Carnival Cruise up 5.33%, Norwegian Cruise up 3.80% and Macy's 7.94%.

Hot Chinese stocks fell with the market. Alibaba is down 4.62%, JD.com is down 5.01%, Baidu is down 2.29%, Xilai is down 6.01%, ideal car is down 5.37%, and pinduoduo is down 5.02%.

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