FX.co ★ US Stocks Lower, Tech Under Pressure

U.S. stock markets fell for a third consecutive session on Thursday, with the S&P 500 losing 0.7%, the Nasdaq declining 1%, and the Dow Jones dropping by approximately 110 points. Investor sentiment remained focused on the Federal Reserve's upcoming decision regarding a potential rate cut next month, despite new economic data signifying strength in the U.S. economy and labor market. The GDP growth rate for Q2 was revised upwards to 3.8% from a previous 3.3%. Additionally, initial jobless claims reached their lowest point since July, durable goods orders saw an unexpected rise, and the goods trade deficit contracted more than anticipated. The technology sector faced significant pressure, as did communication services and consumer discretionary stocks, while the energy sector outperformed. Tesla shares fell by 3.4% following weak sales figures for August. Furthermore, Oracle's shares plunged by over 6%, with Nvidia (-1.9%), Alphabet (-2.1%), and Advanced Micro Devices (-2.9%) also experiencing substantial declines.