Photo: Angela Weiss/AFP via Getty Images
The S&P 500 closed down 3.51%, while the Nasdaq was off 4.98% (598 points) and the Dow fell 2.78% (808 points) on Thursday. Stocks had their worst day since June.
The big picture: The indices are still hovering near their highest levels ever — the S&P 500 is still higher than it was at any time before the pandemic — but the pullback is being led by a drop in the technology stocks that led the advance to record highs.
The Nasdaq fell 5% on Thursday, its worst decline since March, and the S&P 500 had its worst session since June, but no one was quite sure why.
What happened: Fund managers and strategists posited that profit taking or rebalancing was to blame as no fundamental drivers for the sell-off were apparent and it remains unclear whether Thursday was a fluke or the beginning of retrenchment from what most Wall Street analysts viewed as an overextended market.
A fresh Joe Biden ad, "New Start," signals an effort by his campaign to make unity a central theme, underscoring a new passage in his stump speech that says he won't be a president just for Democrats but for all Americans.
What he's saying: The ad — which began Friday night, and is a follow-up to "Fresh Start" — draws from a Biden speech earlier in the week in Manitowoc, Wisconsin:
Illustration: Sarah Grillo/Axios
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