NEW YORK: The S&P 500 fell in volatile trading on Thursday as heavyweight tech-related stocks slipped after a sharp rebound in the previous session, while elevated jobless claims underscored a patchy economic rebound.

Stay-at-home winners Apple Inc, Microsoft Corp and Netflix Inc fell between 1% and 1.6%. Amazon.com rose 0.2% and Tesla Inc jumped 4.5%, helping limit the Nasdaq's losses.

The NYSE FANG+TM Index, which includes the core FAANG stocks, was up 0.9%. The S&P tech index fell 0.7%. Despite the recent pullback, the tech index is up about 44% in 2020, far outperforming the benchmark S&P 500's 13.5% rise in the same period.

Many market participants are viewing the selloff as a bout of turbulence rather than the start of a longer slide. The CBOE volatility index edged up on Thursday. The index hit a near three-month high at the start of a historically tumultuous September. Investors have also remained cautious as data paints a mixed picture of US economic health.

The number of Americans filing new claims for unemployment benefits hovered at high levels last week, according to the Labour Department's data, as layoffs and furloughs persisted across industries.

A separate report showed US producer prices rose slightly more than expected in August as the cost of services increased solidly. At 12:49 p.m. ET, the Dow Jones Industrial Average was down 188.82 points, or 0.68%, at 27,751.65, the S&P 500 was down 22.01 points, or 0.65%, at 3,376.95. The Nasdaq Composite was down 38.34 points, or 0.34%, at 11,103.22.