Wall Street plunges as economic data indicates slowing economic recovery.
since the pandemic began, led Thursday's pullback as investors cashed in their highly valued tech stocks.
Apple marked its worst day since March, with shares down by more than 7 percent. Amazon, Salesforce, Alphabet and Microsoft all saw declines in the 5 percent range.from its platform for the week leading up to Election Day, Nov. 3, and remove posts that try to suppress or discourage voting. Market watchers were parsing a variety of economic metrics, including Thursday's weekly jobless claims data, which beat analysts' expectations, revealing thatWhile this number is the lowest weekly total since the pandemic, it is still four times the pre-pandemic figure. Continuing claims indicate that 13.3 million people are still filing for ongoing benefits.
Data from the Commerce Department also showed that the U.S. trade deficit soared in July to $63.6 billion, the highest level in 12 years. On Wednesday, the Congressional Budget Office said the federal debt is expected to outpace the country's gross domestic product by the end of 2021. After the slew of disappointing data, investors now turn their focus to Friday's all-important monthly jobs report, released by the Bureau of Labor Statistics. Economists predict that the national unemployment rate will fall into the single digits for the first time since February, declining from 10.2 percent to around 9.8 percent.
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