The Dow Jones Industrial Average plunged more than 800 points early Thursday amid declining U.S. jobless claims. Tech giant Apple slid 5%, while Tesla skidded 9%. CrowdStrike dropped 10% on earnings.
Dow Jones leader Apple lost 5% early Thursday, extending Wednesday’s 2% decline, while Microsoft fell 4% after hitting record highs on Wednesday.
Stocks on the move in today’s stock market include Tesla which tumbled as much as 9% in morning trade.
The Dow Jones Industrial Average fell 2% morning trade, while the S&P 500 dropped 2.7%. The tech-heavy Nasdaq composite sold off 4.1%.
Early Thursday, the Labor Department said new jobless claims totaled 881,000 last week, better than the 958,000 Econoday estimate.
Amid the coronavirus stock market rally, the tech-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% year to date, through the Sept. 2 close.
[AAPL] shares are about 7% off their all-time high… The blue-chip giant is the No. 1-performing Dow Jones stock in 2020, with a 79.0% advance through Wednesday’s close. It is also an IBD Leaderboard stock idea.
Among the top Dow Jones stocks, software leader Microsoft fell 3% early Thursday. Shares hit a record high on Wednesday, topping at 232.86.
MacDailyNews Take: Apple was due for a haircut, but the positive news is that, based on the latest jobless claims, the U.S. employment market is continuing its gradual progress during the COVID-19 pandemic recovery.