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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.

Go deeper

Dec 1, 2020 - Podcasts

Nasdaq exec Jeff Thomas on new diversity rules for listed companies

The Nasdaq today said it will ask federal securities regulators to approve new rules that would require its listed companies to regularly report on the demographic diversity of their boards, and also comply with board diversity requirements.

Axios Re:Cap goes deeper with Jeff Thomas, Nasdaq's senior VP of corporate services, to learn why Nasdaq is enacting this policy, the internal discussions that led to it and what happens to companies that don't comply.

"Atmospheric river" swings Northern California from drought to flood

Satellite view of the bomb cyclone swirling off the coast of the Pacific Northwest and the atmospheric river affecting California on Oct. 24. (CIRA/RAMMB)

A series of powerful "atmospheric river" storms are delivering historic amounts of rainfall across parts of drought-stricken California and the Pacific Northwest this weekend, forecasters warn.

Why it matters: The strong atmospheric river, packing large amounts of moisture, is causing Northern California to whiplash from drought to flood.

Mike Allen, author of AM
7 hours ago - Politics & Policy

Fauci fires back at Rand Paul for slam on tonight's "Axios on HBO"

Responding to charges by Sen. Rand Paul on Sunday's "Axios on HBO," NIAID director Anthony Fauci told "ABC This Week" that it's "molecularly impossible" for U.S.-funded bat virus research in China to have produced COVID-19.

Why it matters: The issue 0f Wuhan research was reignited on the right last week with a National Institutes of Health letter to Congress disclosing more about the research.

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