U.S. stocks sold off on Thursday, led by a drop in the Nasdaq, as Apple [fortune-stock symbol=”AAPL”] shares declined and results in tech and biotech names disappointed.
Upbeat economic reports added to uncertainty about the outlook for interest rates, a day after data showed the U.S. economy slowed to a crawl in the first quarter and the Federal Reserve pointed to weakness in the labor market and other areas of the U.S. economy.
Despite the day’s decline, all three major indexes posted slight gains for April.
The Nasdaq biotech index dropped 3.1%, led by a 4.5 percent fall in Celgene, which reported lower-than-expected quarterly revenue.
The decline marked a fifth day of losses for the biotech index, bringing losses in the index to 8.1% for the week so far. The Nasdaq fell for its fourth straight session, while the S&P tech index fell 1.6%, the day’s worst-performing sector.
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