The Nasdaq Composite Index fell sharply on Thursday, and was on track to close below a closely watched technical level for the first time in more than two weeks. The index COMP, -1.35% fell 1.5% to 7,164, breaking under its 50-day moving average of 7,173.77. The tech-heavy index hasn't closed under its 50-day, often viewed as a gauge of short-term momentum in an asset, since Feb. 13. Both the Dow Jones Industrial Average DJIA, -1.74% and the S&P 500 SPX, -1.42% fell and closed below their own 50-day moving averages in Wednesday's session. The Dow fell 2% on Thursday while the S&P was down 1.6%. Weakness in the technology sector, which was down 2.1%, drove the selling in the Nasdaq on Thursday. Among its most notable components, Google parents Alphabet Inc. GOOGL, -2.98% fell 3.1% and Apple Inc. AAPL, -1.78% was down 2%. The day's selling came after President Donald Trump said he would be instituting trade tariffs on steel and aluminum raised the specter of protectionist trade policies, something that has been cited as a key risk for investors.
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