From Nasdaq:



U.S. stocks closed lower after a mid-afternoon nosedive ended Wall Street’s rally, which was driven by falling interest rates and the Federal Reserve’s dovish turn. FedEX stock tumbled after missing quarterly profit estimates. Micron Technology stocks jumped after higher quarterly revenue forecast. The S&P 500 fell 1.47%, and the Nasdaq Composite dropped 1.5%. All 11 major sectors in the S&P 500 closed in the red, and trading volume on U.S. exchanges increased. The article noted that changes in the Federal Reserve’s policy and potential rate cuts, as well as data on U.S. consumer confidence and existing home sales, were important market factors this week. Put options and other trading activities were also highlighted as factors contributing to market volatility.



Original: Wall Street tumbles to sharply lower close as abrupt sell-off snaps rally