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.
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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