Stocks traded lower on Thursday as Microsoft led shares of major tech companies lower and traders pored through disappointing unemployment data.
The Dow Jones Industrial Average dropped 271 points, or 1%. The S&P 500 slid 1% and the Nasdaq Composite fell 1.9%.
Microsoft shares were down by 3.7% despite reporting better-than-expected earnings for the previous quarter. Though the company’s results were largely positive, Microsoft said its transactional license purchasing continued to slow and that subsidiary LinkedIn was negatively impacted by the weak job market.
Other tech giants were also under pressure. Amazon dropped 3%. Apple traded 3.7% lower. Netflix slid 1.9%. Tesla, meanwhile, gave back its earlier gains — falling 4.2% — despite reporting earnings that blew past analyst expectations. Elon Musk’s automaker also said it’s set