Apple and other technologies are leading a stock sale today. While the dollar continued to bounce from more than two years of decline, a measurement of global equities on Thursday fell from a record high to the largest decline in a day of almost three months as the technology sector sold.
Chuck Mikolajczak for Reuters:
The S&P technology sector, which rose more than 35% during the year as the best-performing of the 11 largest sectors through Wednesday, fell 5.83% as investors fled expensive stocks that have pushed larger averages higher. The group contains some of the world’s largest listed companies.
Investors have been concerned about the narrow leadership of the market upturn that pushed the S&P 500 up 60% from its lowest point on March 23 to Wednesday, with gains on Wall Street largely driven by names such as Apple Inc and Microsoft Corp.
Signs of the US economy’s rebound from coronavirus-driven lockdowns may stall in the absence of a new round of fiscal stimulus that is also being weighed. While weekly initial unemployment rates fell more than expected, they remained extremely high … Investors will follow closely Friday’s employment report in August for further signs of stagnation in the labor market.
The Dow Jones Industrial Average fell 808.17 points, or 2.78%, to 28,292.33, the S&P 500 lost 125.84 points, or 3.51%, to 3,455, and the Nasdaq Composite fell 598.34 points, or 4.96%, to 11,458.10. The declines marked the largest one-day percentage for the Nasdaq and S&P 500 since June 11. It was the largest one-day percentage for the Dow since June 26.
MacDailyNews Take: Enjoy the trip, Apple longs! If it makes you nauseous, close your eyes until it smooths out. We have been on roller coasters like this, and far worse, many times before. Everything’s going to be fine. 🙂