The market fell sharply on Thursday morning, even after better than expected weekly jobless claims, as tech stocks and shares of companies that would benefit from a reopening of the economy both declined.The Dow Jones Industrial Average was down 1.2%, nearly 350 points, on Thursday, while the S&P 500 fell 1.6% and the tech-heavy Nasdaq Composite lost 2.7%.: Another 860,000 people filed for weekly unemployment benefits, less than the 875,000 expected.
Tech stocks, which were the source of the sell-off earlier this month, again dragged the market lower as shares of Apple, Alphabet, Microsoft and Facebook all fell more than 2%. Shares of companies that would benefit from a reopening of the economy—including airlines, cruise operators and retailers—also struggled thanks to conflicting timelines on a vaccine. late on Wednesday that the U.S. could distribute a vaccine as early as October, but the director of the CDC told lawmakers earlier the same day that vaccines could not be widely distributed for six to nine months.
Investors also continued to assess the Federal Reserve’s interest rate outlook, a day after the central bankCrucial Quote Although the economic recovery has “progressed more quickly than generally expected” and the Fed raised its forecasts for GDP and unemployment, overall activity still remains “well below” the level it was before the pandemic, Fed chairman Jerome Powell“While new weekly claims continue to gradually drift lower, the more important point is that the total number of unemployed Americans is not declining,” says Ron Temple, head of U.S. equity at Lazard Asset Management.
Here we go again
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