US STOCKS-Wall St slips as biotech, momentum stocks lead decline
* Biotech, momentum stocks lead Nasdaq down 1 pct
* Wider U.S. trade deficit to weigh on first-quarter GDP
* Dow off 0.2 pct; S&P 500 off 0.2 pct; Nasdaq down 1.1 pct (Updates to afternoon)
By Angela Moon
NEW YORK, April 3 (Reuters) - U.S. stocks fell on Thursday afternoon, led by a sharp drop in biotech and momentum stocks, including Facebook, Tesla and Netflix.
The Nasdaq fell 1.1 percent as investors sold some of the market's biggest outperformers, mostly in the Internet and biotech space, to take profits from recent gains.
Investors were also reluctant to make big bets ahead of Friday's nonfarm payrolls report, when they will be looking for evidence that recent weather-related weakness in the economy has passed. In the latest week, U.S. jobless claims rose more than expected, the Labor Department said on Thursday, but the underlying trend still pointed to some strength in the job market.
"Momentum names are usually the ones that take the quickest hit when investors get anxious or worried, in this case, a bit of hesitancy ahead of tomorrow's payrolls," said Randy Frederick, managing director of trading and derivatives at the Schwab Center for Financial Research in Austin, Texas.
The Global X Social Media ETF, which includes Facebook Inc, LinkedIn Corp and Groupon Inc , dropped 3.1 percent. The Nasdaq biotechnology index slid 3 percent. Continuación...