Equity futures continued to decline early on Thursday as profit-taking continued, despite a weekly report on unemployment claims better than expected. Several biotechnologies gained ground, with Sorrento Therapeutics increasing with an FDA Covid test approval, and Moderna aiming to expand the rally following a COVID-19 vaccine update. So far, Apple has taken the biggest early bit of the Dow today.
Elliott for Investor’s Business Daily:
Apple, Microsoft and Salesforce.com all posted early declines of more than 2% on the Dow Jones today.
Apple shares managed a 0.2% increase for the week to Wednesday, despite positive reviews from analysts following Tuesday’s launch of the company’s new smartwatches and tablets.
Wednesday’s unsurprising Fed announcement and press conference marked a surplus for the market, with Nasdaq leading a serious downturn late in the day.
The weekly unemployment claim was reduced to 860,000 in the week ending September 12, the Labor Department reported. It was below last week’s 884.00 requirements and well below consensus views for an increase of 893,000. Nearly 1 million fewer Americans still filed claims, leaving the total number of Americans on state benefit lists at 12.6 million for the week ending Sept. 5.
MacDailyNews Take: The world – and Apple investors – are waiting for Apple’s iPhone 12 event.