Technology Stocks Retreat Amid Economic Uncertainty and Tariff Concerns

Wall Street's key indexes fell as technology stocks faced new selling pressure amid U.S. tariff concerns and economic uncertainty. The information technology sector was notably affected, along with consumer discretionary stocks. Diverging economic indicators heightened market caution, while mixed corporate earnings reports spurred varied stock movements.

Wall Street's prominent indexes experienced declines on Thursday, as technology stocks encountered fresh selling pressure, compounded by uncertainties surrounding U.S. tariffs and economic health.

Tech stocks generally declined due to continued concerns over inflated valuations, following warnings from Wall Street executives which led to a significant sell-off in AI-related stocks. The information technology sector dropped by 1.2%, with Microsoft and Nvidia among the decliners.

In the backdrop, mixed economic indicators added to market caution. Layoffs reached a 22-year high in October, contrasting with optimistic ADP data. Meanwhile, worries about reciprocal tariffs and Fed interest decisions loomed, pressuring market sentiment further.

(With inputs from agencies.)