The Dow Jones Industrial Average plunged more than 800 points early on Thursday amid falling U.S. unemployment claims. Technical giant Apple slipped 5%, while Tesla slipped 9%. CrowdStrike fell 10% on revenue.
Scott Lehtonen for Investor’s Business Daily:
Dow Jones leader Apple lost 5% early on Thursday, extending Wednesday’s decline of 2%, while Microsoft fell 4% after reaching a record high on Wednesday.
Stocks on the move in today’s stock market include Tesla, which tumbled as much as 9% in morning trading.
The Dow Jones Industrial Average fell 2% in the morning, while the S&P 500 fell 2.7%. The technically heavy Nasdaq composite sold 4.1%.
Early Thursday, the employment department said new unemployment claims amounted to 881,000 last week, better than the estimate of 958,000 Econoday.
In the midst of the coronavirus stock market, the technically heavy Nasdaq is up 34.4% for the year through Wednesday’s close. Meanwhile, the S&P 500 is up 10.8%, while the DJIA is up 2.0% from year to date, through September 2nd.[AAPL] the shares are about 7% of their full time … The blue-chip giant is the Dow Jones share No. 1 in 2020, with an advance of 79.0% until the end of Wednesday. It is also an IBD Leaderboard stock idea.
Among the best Dow Jones shares, software leader Microsoft fell 3% early on Thursday. The shares reached a record high on Wednesday and peaked at 232.86.
MacDailyNews Take: Apple should have cut, but the positive news is that the US labor market, based on the latest unemployment claims, continues its gradual progress during the COVID-19 pandemic.