Wall Street’s main stock indexes fell on Thursday as investors continued to shift out of big tech shares, while a rise in U.S. weekly jobless claims drew concern.
Shares of Apple Inc, Microsoft Corp, Tesla Inc and Alphabet Inc were down between 1.1% and 2.5%, pressuring both the S&P 500 and the Nasdaq. Facebook Inc shares slipped 2.4% as Wall Street assessed the wider ramifications of its move to block all news content in Australia.
MacDailyNews Note: See Facebook blocks Australian users from viewing or sharing news via The Beeb.
Concerns over a potential rise in inflation have pushed investors to book profit on stocks with high valuation in the S&P 500 technology and communications services sectors, which have underpinned a 76% rise in the benchmark index since its March 2020 lows.
The Labor Department’s report showed initial claims for state unemployment benefits were 861,000 last week, compared with 848,000 in the prior week, partly due to potential claims related to the temporary closure of automobile plants due to a global semiconductor chip shortage…
Declining issues outnumbered advancers for a 3.21-to-1 ratio on the NYSE and for a 3.29-to-1 ratio on the Nasdaq.
MacDailyNews Take: By the way, delete Facebook. It’s garbage run by garbage people who repeatedly do garbage things.