CNBC.com's MacKenzie Sigalos brings you the day's top business news headlines, including the latest on Wall Street's big tech-driven sell-off. On today's show, CNBC.com's Brian Schwartz breaks down the significance of Democratic presidential nominee Joe Biden's record-breaking fundraising haul. Plus, CNBC's Brian Sullivan explains how much trouble lies ahead for the oil and gas industry in the United States.
Stocks fell sharply on Thursday, retreating from all-time highs as tech — the market leader since the rebound began in late March — suffered its biggest drop in months.
The Dow Jones Industrial Average dropped 807.77 points, or 2.8%, to 28,292.73 for its biggest one-day decline since June 11. The S&P 500 slid 3.5% to 3,455.06 and the Nasdaq Composite fell by 5% to close at 11,458.10.
WASHINGTON — Democratic presidential nominee Joe Biden raised $364.5 million in August for his campaign and his joint committees with the Democratic Party, a staggering amount that exceeds any single month fundraising in previous presidential general elections.
The huge figure reflects both excitement with Biden's choice of Sen. Kamala Harris of California to be his running mate and the fundraising boost traditionally provided by party nominating conventions, which both Democrats and Republicans held virtually in August.
The pace of rehiring is expected to have slowed in August, and the economy likely added fewer jobs than in July as workers continue to be laid off.
Economists expect 1.32 million jobs were added in August, and that the unemployment rate fell to 9.8%, according to a Dow Jones survey. That compares to 1.76 million job gains in July and an unemployment rate of 10.2%.