Stocks of Apple and other tech giants had a tough day on Thursday as Wall Street stocks again suffered losses as U.S. stock yields began to rise.
Thursday’s economic data showed weekly unemployment claims fell in the US, suggesting a resilient labor market where the Federal Reserve is likely to continue its current focus on anti-inflation. suggesting.
“If inflation remains well above the Federal Reserve rate and the economy continues to show resilience, risky assets are unlikely to recover meaningfully,” said Edward Moya of Oanda.
The broad S&P 500 fell 2.1% to 3,640.47, its lowest since November 2020.
The Dow Jones Industrial Average fell 1.5% to 29,225.61, and the tech-rich Nasdaq Composite fell 2.8% to 10,737.51.
FHN Financial’s Chris Low said investors were particularly concerned about volatility in the UK market after Prime Minister Liz Truss ramped up a controversial tax cut program that rocked the market. Law explained that investors were afraid of “rippling” outside the UK as a result of the policy proposals, saying the truss plan runs counter to the central bank’s attempt to fight inflation and that the International Monetary Fund He said he was criticized.
Stocks in the tech giant came under pressure after Bank of America downgraded Apple, citing weak growth projections.
Apple is down more than 5% of his, Facebook’s parent company Meta is down 3.7% of him and Tesla is down 6.8%.
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