Nasdaq Plummets Over 350 Points as US Jobless Claims Rise

The Nasdaq Composite index experienced a sharp decline during morning trading, dropping by more than 350 points in a broad sell-off. This downward movement followed the release of economic data showing an unexpected increase in US initial jobless claims. The rise in claims has sparked concerns among investors regarding a potential softening in the labor market and its impact on overall economic growth. Technology and growth stocks bore the brunt of the decline, weighing heavily on major exchange-traded funds including QQQ and SPY. Analysts are now closely monitoring how this weakening labor data might influence the Federal Reserve's upcoming monetary policy decisions. This significant intraday drop highlights the market's heightened sensitivity to indicators of economic deceleration in the United States.