Dow Jones Falls 533 Points as Tech Rout Spreads to Broader Market

• Major stock indices fell sharply for the second consecutive day on Thursday.

• The mega-cap decline turned into a broader rout, with the S&P 500 falling more than 1%.

• At the same time, higher-than-expected jobless claims have bolstered confidence in a rate cut this year.

U.S. indices fell sharply for a second session this week, as the slide in major technology stocks spread to the rest of the market.

Artificial Intelligence Names in High-Cap Technologies Such as Google And Amazon fell more than 1% through Thursday, dragging the tech-heavy Nasdaq down as much as 1.13%.

The index’s losses were even deeper on Wednesday, triggered by a Semiconductor routChip manufacturers such as Nvidia Stocks fell in response to possible restrictions on sales to China, and industrial names continued to fall Thursday.

By the end of the day, nearly every major group in the S&P 500 fell, Times Of Update said, taking the index below 1% before paring its losses to close down 0.7%.

Commentators say the first leg of the tech sell-off could be driven by a rotation into small and mid-cap stocks as the sector recovers on the prospect of lower interest rates this year.

But even small caps fell Thursday, with the Russell 2000 down 2.19%.

At the same time, initial jobless claims rose to 243,000 in the week ending July 13, up from an estimate of 229,000. The market slowdown is only increasing bets that the Federal Reserve will cut rates this year.

Here’s where the U.S. indices stood at 4 p.m. ET on Thursday:

Here’s what else is happening today:

In commodities, bonds and cryptocurrencies:

• West Texas Intermediate Crude oil fell 0.64% to $82.32 a barrel. Brent crude oilthe international benchmark, fell 0.41% to $82.02 a barrel.

• Gold lost 0.38% to $2,463.51 an ounce.

• The 10-year Treasury yield gained five basis points to 4.197%.

• Bitcoin slipped 0.65% to $63,677.

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