Technology and energy stocks led a broad sell-off Thursday on Wall Street that wiped out nearly all of the market’s gains from a strong rally the day before.
Healthcare stocks and companies that rely on consumer spending also took hefty losses. Energy companies fell the most as the price of U.S. crude oil dropped 2%. Treasury yields also fell, a sign of caution in the market. The price of gold rose 0.5%.The market probably will lack any solid direction for the next few months as investors weigh several key issues, said Rod von Lipsey, managing director at UBS Private Wealth Management.
Thursday’s selling followed a batch of new economic data on jobs and wholesale prices. The government said 884,000 workers applied for unemployment benefits last week. The number was flat from last week’s upwardly revised number, and it’s the lowest it has been since the pandemic caused the number of layoffs to begin exploding in March. But the tally was still higher than economists expected, and it’s an indication that layoffs remain stuck at a dispiritedly high level.
The market’s focus continues to be on big technology stocks, in large part because they’ve grown so big that their movements can move broad market indexes almost by themselves. Apple, Microsoft, Amazon, Facebook and Alphabet, Google’s parent company, account for 23% of the S&P 500.Many analysts say tech stocks’ recent tumult isn’t that surprising given how high they had soared. Apple more than doubled in less than five months through the pandemic, Tesla surged 74.
JoeBiden KamalaHarris Dems & Soros Funded Antifa arsonists starting forest fires in Californis to Blame RealDonaldTrump. FBI WhiteHouse HouseGOP. LatinosForTrump AsiansForTrump PeopleForTrump
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stocks claw back more lost ground as tech rallies againStocks open higher on Wall Street as the market claws back some more of the ground it lost in a three-day slump that snapped a day earlier. Several tech companies, which fell the most during the slump, were rising again, including Adobe and Amazon. You should be demanding Trump’s resignation!!!! Stock market is not the economy. In fact, the two are not even related. Stock market is just a gauge of how the top 7 retail specific companies in the world are doing over the past 3 days. Now do the national debt
Source: AP - 🏆 728. / 51 Read more »
These 'superstar' stocks are disrupting their industries and have momentum, UBS saysNew for subscribers: These 'superstar' stocks are disrupting their industries and have momentum, UBS says Check out CNBCPro today. Pro One last bubble stock pick pumps Pro Jux wait, if you are already in it, for the stock to grow
Source: CNBC - 🏆 12. / 72 Read more »
US stocks climb as investors weigh extended tech rally against weak jobless claims data - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »
U.S. Stocks Bounce Back After Tech SelloffThe Dow industrials, S&P 500 and oil prices rebounded a day after a tech rout drove the Nasdaq Composite into correction territory, but all three indexes remain lower for the month. Why do the article and the tweet seem oxymoronic? All aboard the Trump train. He is making america great and it shows it. maga The wealthy are doing fine but societies aren't. Greed will be the destruction of the markets and of society. Of course, that won't happen overnight and the wealthy are more insulated from harm so why worry? Grab it all now, right?
Source: WSJ - 🏆 98. / 63 Read more »
These stocks may give investors upside even if the market comeback failsIHT Wealth Management’s Yussef Gheriani, who helps oversee about $5 billion in assets, explains how he’s navigating the volatile market environment. TradingNation And a fbi I oath do the President of the United States have an oath to serve the people and is that a virus a bullet or freedom TradingNation I live a life like what they face in the Mulan movie TradingNation Stop maniputing the market TradingNation
Source: CNBC - 🏆 12. / 72 Read more »
Qorvo's guidance boost helped tech stocks roar higher, Jim Cramer says'Tomorrow, I expect the Apple bulls to resurface, the Zoom acolytes to speak up and the semiconductor analysts to raise numbers across the board thanks to Qorvo,' the 'Mad Money' host said.
Source: CNBC - 🏆 12. / 72 Read more »