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The Nasdaq and S&P 500 tumbled on Thursday as technology and energy stocks led the declines.
The S&P 500 Technology Sector ETF (XLK) fell more than 2%. Shares of Nvidia (NVDA) dropped more than 3% along with other chip stocks.
The Energy Sector (XLE) also dropped more than 2%. Interest rate sensitive stocks such as Real Estate (XLRE) and Utilities (XLU) rose during the session.
The S&P 500 (^GSPC) fell about 1%, while the tech-heavy Nasdaq Composite (^IXIC) also dropped more than 1.4%. The Dow Jones Industrial Average (^DJI) slid roughly 500 points.
The rollover in major averages occurred mid-morning, erasing early session gains after the 10-year Treasury (^TNX) yield moved below the 4% level to hover near 3.98% for the first time since February.
The move in bonds came a day after Fed Chair Jerome Powell hinted a September rate cut. Weak ISM manufacturing data and a spike in jobless claims released on Thursday pointed to signs of a cooling economy.
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