For the first time since April 13, the Nasdaq ended the trading session below its 50-day moving average, as all three major indexes finished in the red on Thursday.
Thursday's selloff also saw the S&P 500 and Dow Jones Industrial Average post their worst daily decline in about six weeks.
Recent declines in technology stocks have outweighed the strength in bank stocks.
On Thursday, the Dow Jones Industrial Average fell 167.58 points, or 0.78%, to 21,287.03, the S&P 500 lost 20.99 points, or 0.86%, to 2,419.7 and the Nasdaq dropped 90.06 points, or 1.44%, to 6,144.35.
What's Hot On TheStreet
Happy birthday iPhone: Apple's (AAPL) - Get Report iPhone turns 10 years old today! What an amazing product Steve Jobs and his team created. But, as TheStreet's Natalie Walters points out, the next five years for Apple could be radically different. Sales could well be boosted by new, non-iPhone products such as smart glasses and autonomous car technologies. Walters also mentions that iPhone demand may peak in 2019.
Blue Apron falters: Blue Apron (APRN) - Get Report plans an initial public offering on Thursday seeking a valuation of about $2 billion. That's down significantly from a $3.2 billion valuation it had previously hoped to achieve. In the public sphere, the New York-based meal kit delivery service's IPO comes at an unsettling time, points out TheStreet's Ron Orol, as the markets begin to digest Amazon Inc.'s (AMZN) - Get Reportmega $13.4 billion acquisition of Whole Foods Market Inc. (WFM) . Moreover, investors have questioned Blue Apron's business model -- it hasn't turned a profit since 2012 due to rising marketing and distribution costs.
Regulators outsmarted: With questions swirling whether its combination would get approved by regulators, Walgreens Boots Alliance (WBA) - Get Report and Rite-Aid (RAD) - Get Reportstruck a clever deal on Thursday. Walgreens will pay $5.175 billion to Rite-Aid in cash and receive 2,186 stores in return. Walgreens will also pay Rite-Aid a $325 million termination fee for its planned buyout of the company.
Walgreens will be an even bigger drug-selling beast, with more than 15,000 stores spanning 11 countries. As for Rite-Aid, it will be left with about 2,300 stores once the deal closes in six months.
More of What's Trending on TheStreet:
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- Apple's iPhone Triggered Mind-Blowing Changes to How Investors Trade Stocks
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