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Tech stocks are getting crushed

underwater football navy
underwater football navy

(Wikimedia Commons)

Tech stocks are getting crushed.

In trading on Thursday afternoon, some of the largest tech stocks were markedly lower while the broader stock market was largely unchanged ahead of the Fed minutes.

Apple and Facebook were down about 2%, Baidu fell 3%, and Amazon was down 3%.

And near 12:52 p.m. ET, the Dow was off 5 points, the S&P 500 was down 48 points, and the Nasdaq was down 9.

Biotech stocks were falling over again, with the iShares Nasdaq Biotechnology ETF down about 2%.

Etsy shares fell as much as 6% as Amazon launched Amazon Handmade, a marketplace for handmade goods that's a direct competitor.

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The main event today is the release of minutes of the Federal Reserve's September meeting at 2:00 p.m. ET. After wild speculation and forecasting, the Fed left interest rates unchanged.

The minutes will offer markets some more insight into what influenced that decision. It would, however, be stale with regards to the labor market, following the last two unexpectedly weak jobs reports.

In economic data, initial jobless claims fell more than expected last week and to the lowest level in three months, to 263,000 from 276,000 in the prior week.

Crude oil rallied more than 3%, with West Texas Intermediate crude futures approaching $50 (last reached July 22), climbing to as high as $49.67 per barrel in New York. In a statement to the IMF, OPEC secretary-general Abdalla Salem El-Badri projected that cheaper oil prices will raise demand more than expected this year.

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