Markets

Here's what happened to the stock market on Thursday

People walk outside of the New York Stock Exchange.
Spencer Platt | Getty Images

Dow Jones Industrial Average plunges 800 points

The Dow closed 807.77 points lower, or 2.8%, at 28,292.73. The S&P 500 slid 3.5% to 3,455.06. The Nasdaq Composite dropped 5% to 11,458.10. A massive sell-off in tech dragged down the broader market from record levels.

Tech snaps 10-day winning streak

The S&P 500 tech sector dropped 5.83% for its first losing session in 11. "Someone hit the 'sell tech, buy dreck' button and this is creating a bid beneath beleaguered groups, while [tech] gets pummeled," said one trader. Apple slid 8% to lead tech lower. Facebook, Amazon, Alphabet, Netflix and Microsoft also fell sharply.

Reopening names bounce

To be sure, shares of companies that would benefit from the economy reopening rose broadly. Cruise operator Carnival rose 5.2% and Macy's popped 8%. United Airlines advanced 1.4%.

What happens next?

Traders are bracing for the Friday release of the U.S. jobs for August. Economists polled by Dow Jones expect more than 1 million jobs were added last month.

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