Stocks dropped sharply Thursday a day after the Dow Jones Industrial Average broke 29,000 for the first time since February and the S&P 500 Index and Nasdaq composite set new record highs.

The Dow was down more than 570 points shortly after 11 a.m. Thursday, falling nearly 2 percent. The S&P sunk 2.7 percent and Nasdaq plummeted 4.1 percent in that time.

The day’s losses were driven largely by plunging share prices of major technology companies that drove most of the stock market’s pre-pandemic rally and subsequent rebound. 

ADVERTISEMENT

Shares of Apple fell more than 5 percent for its worst day since March. Shares of Tesla plunged roughly 8 percent while shares of Zoom sunk more than 10 percent. Alphabet, Microsoft, Netflix, and Paypal also all took heavy losses.

Click Here: Golf special

Stocks of companies that would stand to benefit from a coronavirus vaccine or rebound from the pandemic—including airlines, cruise lines, and pharmaceutical companies—were among the only shares rising during Thursday’s decline.

This story is developing