In volatile trading on Thursday, share prices fell as Apple and Microsoft led the broader market lower. The Dow Jones Industrial Average dropped 410 points, or 1.3%, after trading up 30 points at its session high. The S&P 500 slid 1.2%, on pace to snap a four-day winning streak. The Nasdaq Composite fell 2.2% as the sell-off in major technology companies deepened.
CNBC:
Microsoft shares were down by 4.1% despite reporting better-than-expected earnings for the previous quarter. Though the company’s results were largely positive, Microsoft said its transactional license purchasing continued to slow and that subsidiary LinkedIn was negatively impacted by the weak job market.
Apple traded 4.8% lower, while Amazon and Netflix dropped 3.6% and 3.1%, respectively. Tesla, meanwhile, gave back its earlier gains — now falling 5.5% — despite reporting earnings that blew past analyst expectations.
U.S. weekly jobless claims came in at 1.416 million for last week, marking the 18th straight week in which initial claims totaled more than 1 million. Economists expected another 1.3 million workers to have filed initial claims for state unemployment benefits, according to Dow Jones. “The surge of COVID cases in the Sun Belt and the stalling out of reopening activities in other states has seemingly caused another round of layoffs that has stymied the nascent labor market recovery,” said Thomas Simons, money market economist at Jefferies, in a note.
MacDailyNews Take: Skittishness is to be expected in times like these. This too shall pass.
I happens every July, year after year.
Goldman Sachs told investors to avoid Apple as they would CoViD-19. You gotta love that. Analysts have no problem telling investors to stay away from Apple due to high risk. One might think that by now Apple shouldn’t seem that much of a risk as the fundamentals aren’t that much out of line. I suppose one could argue that owning Apple is a higher risk than owning Tesla if you really want to distort the truth. It surprises me that so many investors would take GS’s advice to dump Apple. It’s just one brokerage firm out of many. Anyway, I’m not concerned as Apple seems as though it’s in good shape and I hope Apple is still doing buybacks when share price dips occur.
Goldman Sachs everything that is bad about Wall Street, like Trump they just go lower…..
Limbo….
Per GS; “It’s the third time the bank has expressed a pessimistic view of the stock in the past 12 months.”
I guess they missed the 70% increase in AAPL just since March and the near $200 gain since last August.
The market is rigged. I bet GS made a bundle talking shit about apple.
Apple numbers will be better then expected and the price will pop. Buy AAPL on any major dips. Hold for 3-5 year. Covid will go away after November’s election.
Send me a gift basket with the profits you make 🙂