Nasdaq falls into red as Apple stock drops further, testing key level of support

Continuing a recent pattern of strong opens followed by weak closes, the Nasdaq composite and S&P 500 turned decidedly into the red on Thursday as Apple stock continued to drop, testing a key level of support.

Apple logo

Rachel Fox for Investor’s Business Daily:

The indexes attempted to rebound on Thursday after this week’s heavy sell-off. Wednesday’s session pushed the Nasdaq composite down more than 10% off its highs. A drop of this size generally qualifies as an intermediate-term correction.

Stocks may have been hindered by initial jobless claims, which rose for the second straight week to 286,000 early Thursday. This was well above Econoday’s forecast for 207,000 claims…

Apple surrendered early gains of nearly 2% to fall 0.4% as shares struggled to hold support at the 10-week line. Apple is among the many major tech stocks reporting earnings next week. The iPhone maker will announce Q1 2022 financial results on Thursday after the market closes.

MacDailyNews Take: It’s always darkest before the dawn.

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2 Comments

  1. That’s appropriate to have the Apple logo in red. The market is blood red right now. I think we are in official bear terriotry. If you have a 401k, just don’t look at it right now :-).
    Triple Q just officially bearishly broke its 200 SMA. SPY is nearing it. Haven’t been in this territory since May of 2020. But as MDN says, it is always darkest before the dawn. IMHO this is nearing a good time to enter Microsoft, Apple, Google and some others for long term hold. Statistics actually say (as hard as this is to believe at first) that rising rates often eventually sees a rising market.

    Just IMHO, if Apple hits its 200 SMA just below 150, it’s a lowered risk-reward play (with the caveat there is no such thing as a no risk stock). Earnings reports from these three stocks are around a week away. The 70 billion in combined profit for 3 months should buoy the near term sentiment.

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