6/3, 10:01 PM (Source: TeleTrader)
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Wall Street closes lower as tech shares drop

The United States major equity markets closed with losses after a volatile trading session on Thursday as shares of big technology companies were noticeably in the red. Earlier, US President Joe Biden offered a new deal to Republican lawmakers, bringing the proposed corporate tax rate down to 15%. Meanwhile, the activity in the service sector expanded in May to a record high level and the latest job report came better than estimated.

Tesla's shares continued to drop after media reports revealed that vehicle orders in China fell by 50% in May and that the company is additionally recalling over 7,600 cars. However, General Motors and Ford were in the lead on positive business news and promising results.

The Dow closed 0.07% below the flatline as Merck & Co slid by 2.60%, while the S&P 500 lost 0.36% with Etsy falling 5.37%. The Nasdaq 100 plunged by 1.07% led by Splunk plummeting by 9.54%. The euro declined 0.69% against the dollar exchanging hands for $1.21269 at 4:02 pm ET.

Breaking the News / LH