NEW YORK: The three major US stock indices fell more than 1% each and the S&P 500 had its biggest daily percentage drop since Feb 13 on Thursday as Federal Reserve officials took a cautious approach in comments on the outlook for interest rate cuts, and investors braced for Friday's US monthly jobs report.
Investors also digested comments from US President Joe Biden, who called for an immediate ceasefire in a call with Israel Prime Minister Benjamin Netanyahu over the Gaza war. Oil prices climbed amid the geopolitical tensions.
All of the major S&P 500 sectors fell on the day, led by a 1.7% drop in technology, while defense-related shares like Lockheed Martin gained.
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