Apple lead the dramatic pullback in tech
Stocks fell in historic fashion after a string of record-breaking sessions. The Dow in particular plunged over 800 points to its worst single-session drop since June, despite the number of first-time filers for unemployment benefits totaling 881,000 -- well below last week's. Meanwhile, the S&P 500 and Nasdaq Composite closed the session lower as well, with the latter falling alongside the tech sector. Most notably, FAANG stocks all slipped at least 3%, while Microsoft (MSFT) also logged a significant fall. Also of note, Wall Street's "fear gauge," the Cboe Volatility Index (VIX), reclaimed the 30 level for the first time since late July.
Continue reading for more on today's market, including:
- A big Labor Day week is in store for this drug stock.
- Options traders pile on DocuSign stock ahead of earnings.
- Plus, bulls are out for PVH stock; Facebook takes a bold stance regarding political ads; and one bank stock that just lucked out.
The Dow Jones Industrial Average (DJI - 28,292.73) fell 807.8 points, or 2.8% for the day, it's worst daily net loss since June 11. Verizon Communications (VZ) and American Express (AXP) closed flat today, as the only non blue-chip losers. Meanwhile, Apple (AAPL) sank to the bottom of the list with an 8% tumble.
Meanwhile, the S&P 500 Index (SPX - 3,455.06) lost 125.8 points, or 3.5% for the day. The Nasdaq Composite (IXIC - 11,458.10) slid 598.3 points, or 5% for today's session. The SPX finished with its worst day since June 11 as well, while the Nasdaq had its worst session since March 16.
Lastly, the Cboe Volatility Index (VIX - 33.60) tacked on 7 points, or 26.5% for the day.
- Economists expect the U.S. to add 1.2 million jobs in August; however, they also indicate that hiring has decreased. (MarketWatch)
- According to the latest jobless number from the Department of Labor, almost 50% of workers receiving unemployment may not be eligible for aid in 2021. (CNBC)
- Bulls blast PVH after a monster earnings report.
- Political ads set to be blocked on Facebook before election.
- Struggling JPMorgan Chase stock was hit with an overdue bull note.
Data courtesy of Trade-Alert
Oil Futures Retreat on Demand Fears
Oil futures followed the market on Thursday, falling at one point to their lowest level in about a month as U.S. unemployment data stoked fears surrounding the possibility of slow economic recovery and fuel demand. As a result,October-dated crude lost 14 cents, or 0.3%, to finish at $41.37 a barrel.
Gold futures fell to a one-week low, after falling jobless claims and positive manufacturing data elevated hopes for a quick economic recovery. In response, the safe-haven metal's appeal was dented. As a result, gold for December fell $6.90, or 0.4%, to settle at $1,937.80 an ounce.