Nasdaq, which lists tech giants such as Facebook, Apple, Apple, Netflix, Google and Microsoft, was down almost 200 points, or nearly 2 percent, shortly after the opening of the New York Stock Exchange. The Dow Jones Industrial Average, the broadest indicator on the NYSE, fell more than 1 percent. The S&P 500, a barometer for the top 500 US stocks, also lost more than 1 percent.
Federal Reserve Chairman Jay Powell said on Wednesday the US economy likely needs another stimulus package to provide relief to some 11 million people who remain out of work because of the coronavirus pandemic.