Nasdaq heads for worst drop in five years, a day after biggest rally since dot-com crash

Technology stocks plummeted Thursday and the Nasdaq Composite headed for its worst day since 2020 on the heels of its record-setting day ever jump Wednesday. The tech-heavy index dropped more than 7% and was on pace for its eight-worst day over the past two decades. Six of the last seven biggest drops came during the 2008 financial crisis and the early days of the Covid pandemic. Stocks posted a monster rally Wednesday after President Donald Trump announced a 90-day pause on some tariffs and dropped the tariff on most countries to 10% to allow negotiations. However, the White House confirmed Thursday to CNBC that the cumulative tariff rate on China would total 145%. Markets reversed course Thursday. Apple declined 6%, giving back some of its 15% Wednesday gain that pushed the iPhone maker to its best day since January 1998. Tesla dropped 10%, while Meta Platforms , Amazon and Nvidia declined at least 7% each. Microsoft and Alphabet and were last down at least 4% each. ... Read full article.