Stock futures continued lower early Thursday as profiut-taking continued, despite a better-than-forecast weekly jobless claims report. Several biotechs gained ground, with Sorrento Therapeutics soaring on an FDA Covid test approval, and Moderna aiming to extend its rally after a COVID-19 vaccine update. So, far, Apple has taken the biggest early bite out of the Dow today.
Apple, Microsoft, and Salesforce.com all posted early declines of more than 2% on the Dow Jones today.
Apple shares managed a 0.2% gain for the week through Wednesday, despite positive reviews from analysts following Tuesday’s launch of the company’s new smartwatches and tablets.
Wednesday’s no-surprise Fed announcement and press conference marked a profit-taking juncture for the market, with the Nasdaq leading a serious downshift late in the day.
Weekly jobless claims eased to 860,000 in the week ended Sept. 12, the Labor Department, reported. That was below the prior week’s 884,00 claims and well below consensus views for an uptick to 893,000. Almost 1 million fewer Americans filed continuing claims, leaving the total number of Americans on state benefit rolls at 12.6 million, for the week ended Sept. 5.
MacDailyNews Take: The world – and Apple investors – await Apple’s iPhone 12 event.