GLOBAL MARKETS-Stocks fall on tech weakness, dollar gains

(Updates to open of U.S. markets, changes dateline; previous
LONDON)
* World share markets fall as tech stocks weigh
* Dollar adds to gains, euro retreats to $1.18
* U.S. initial jobless claims rise less than expected

By Chuck Mikolajczak
NEW YORK, Sept 3 (Reuters) - A gauge of global stocks turned
lower on Thursday as U.S. markets opened and were weighed down
by weakness in the technology sector, while the dollar continued
its bounce from more than two-year lows.
The S&P technology sector .SPLRCT , up more than 35% on the
year as the best-performing of the 11 major sectors, fell 5.52%
as investors look for cheaper stocks in other areas.
Signs the U.S. economy's rebound from coronavirus-driven
lockdowns could be stalling in the absence of another round of
fiscal stimulus also weighed.
While weekly initial jobless claims fell more than
anticipated, the remained extremely high. In addition, the
methodology used in the weekly report to address seasonal
fluctuations was changed, which analysts said led to fewer
claims than over the past two months. "We're going to struggle to put people back to work; it's
going to be another three to four years and then we have to
sustain it," said Greg Hahn, chief investment officer at
Winthrop Capital Management in Indiana.
Investors will closely watch Friday's August employment
report for further signs of labor market stagnation.
Other data showed growth in the services sector slowed last
month, as the boost from fiscal stimulus and business reopenings
faded, although it remained above the level signifying growth.
The Dow Jones Industrial Average .DJI fell 716.44 points,
or 2.46%, to 28,384.06, the S&P 500 .SPX lost 116.68 points,
or 3.26%, to 3,464.16 and the Nasdaq Composite .IXIC dropped
580.14 points, or 4.81%, to 11,476.31.
Talks on a new fiscal stimulus package remained at a
stalemate, as U.S. House Speaker Nancy Pelosi said on Tuesday
that "serious differences" remain between Democrats and the
White House.
European shares relinquished early gains and turned negative
after rising more than 1.2% as the weakness in tech names
.SX8P spread, pulling them down 3.55%.
The pan-European STOXX 600 index .STOXX lost 1.04% and
MSCI's gauge of stocks across the globe .MIWD00000PUS shed
2.45%.
The dollar continued to bounce after hitting its lowest
level since late April 2018 on Tuesday, while the euro continued
its recent slide to dip as low as $1.1789 after climbing as high
as $1.20 earlier in the week after the European Central bank
expressed concerns about its rapid rise.
The dollar index =USD rose 0.338%, with the euro EUR=
down 0.27% to $1.1821.
Benchmark 10-year U.S. Treasury notes US10YT=RR last rose
10/32 in price to yield 0.6185%, from 0.651% late on Wednesday.
Oil prices weakened, with both Brent and WTI crude hitting
one-month lows on worries about weaker U.S. gasoline demand and
a slowdown in the economic recovery. U.S. crude CLc1 recently fell 2.36% to $40.53 per barrel
and Brent LCOc1 was at $43.24, down 2.68% on the day.

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