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10/3, 4:08 PM (Source: TeleTrader)
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Dow drops 300 points on disappointing services data

United States stocks dropped sharply on Thursday after the release of worse-than-expected services data. The Institute for Supply Management's business report showed the ISM non-manufacturing index stood at 52.6%, which is significantly lower than the figure analysts had expected.

The Dow Jones plunged 1.18% or 303 points at 10:10 am ET. 3M was the worst performer as it sank 3.05% at 10:08 am ET.

The Nasdaq 100 slid 0.99% at 10:11 am ET. Tesla led the losses as the electric automaker's shares plummeted 6.79% at 10:12 am ET after it posted disappointing deliveries figures. The S&P 500 fell 1% at 10:11 am ET with Constellation Brands diving 7.38% at 10:08 am ET.

Breaking the News / NP