Apple and other techs lead a stock sell-off today. While the dollar continued its bounce from more than two-year lows, a gauge of global stocks fell on Thursday from a record high in its biggest one-day decline in nearly three months as the technology sector sold off.
The S&P technology sector, up more than 35% on the year as the best-performing of the 11 major sectors through Wednesday, dropped 5.83% as investors fled expensive stocks that have pushed major averages higher. The group contains some of the world’s largest publicly traded companies.
Investors have been concerned about the narrowing leadership of the market rally that pushed the S&P 500 up 60% from its March 23 low through Wednesday, with gains on Wall Street largely driven by names such as Apple Inc and Microsoft Corp.
Signs the U.S. economy’s rebound from coronavirus-driven lockdowns could be stalling in the absence of another round of fiscal stimulus also weighed. While weekly initial jobless claims fell more than anticipated, they remained extremely high… Investors will closely watch Friday’s August employment report for further signs of labor market stagnation.
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 dropped 598.34 points, or 4.96%, to 11,458.10. The declines marked the biggest single-day percentage declines for the Nasdaq and S&P 500 since June 11. It was the largest one-day percentage drop for the Dow since June 26.
MacDailyNews Take: Enjoy the ride, Apple longs! If it makes you queasy, close your eyes until it smooths out. We’ve been on rollercoasters like this, and far worse, many times before. It’s all going to be okay. 🙂