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Dow Sees Red as Big Tech Struggles; Jump in Jobless Claims Sparks Worry

Stock MarketsJul 23, 2020 02:29PM ET
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Investing.com – Wall Street fell on Thursday, led by tech on further signs the rapid spread of the virus threatens the economic recovery as the number of Americans filing for unemployment rose for the first time in nearly five months.

The S&P 500 lost 1.29%, while the Nasdaq Composite fell 2.26% and the Dow Jones Industrial Average slumped 1.38%.

The U.S. Labor Department reported that 1.4 million people filed for unemployment insurance for the week ended July 18, up 109,000 from the prior week and above economists' estimates of 1.3 million.

'The surge of Covid cases in the Sun Belt and the stalling out of reopening activities in other states has seemingly caused another round of layoffs that has stymied the nascent labor market recovery,' Jefferies (NYSE:JEF) said in a note.

The number of confirmed U.S. coronavirus cases neared 4 million, according to Johns Hopkins data, the most in the world.

Investor sentiment was dealt a further blow as Republicans confirmed the payroll tax cut would not form part of the coronavirus fiscal package.

The weakness in the broader market was led by tech as some on Wall Street expressed concerns whether the rally in the sector has been too much, too fast.

Apple (NASDAQ:AAPL), Alphabet (NASDAQ:GOOGL),  Amazon.com (NASDAQ:AMZN), Facebook Inc (NASDAQ:FB) and Microsoft (NASDAQ:MSFT), the so-called Fab 5, making up about 20% of the S&P 500 index, drifted lower.

Microsoft fell 4% after its guidance fell short of consensus estimates and overshadowed better-than-expected quarterly results.

Tesla (NASDAQ:TSLA), meanwhile, reversed gains to trade lower despite rolling blowout earnings for the second-quarter and retaining initial guidance to deliver over 500,000 vehicles for the year.

Twitter's quarterly results, which fell short of consensus estimates, were overshadowed by a 34% jump in daily active users. Its shares jumped 4.4%.

Elsewhere on the earnings front, Las Vegas Sands (NYSE:LVS) dropped wider losses and revenue below Wall Street estimates, sending its shares more than 4% lower.

Dow Sees Red as Big Tech Struggles; Jump in Jobless Claims Sparks Worry
 

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Comments (23)
Thom Miller
Thom Miller Jul 23, 2020 4:02PM ET
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A least a few bargain hunters came in during the late going. More will be around tomorrow.
Joanna Yin
Joanna Yin Jul 23, 2020 3:32PM ET
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Stimulus package won't come out on time. short for now
Brad Park
Brad Park Jul 23, 2020 3:32PM ET
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Yes!!! Let it burn!!!
sam Ala
sam Ala Jul 23, 2020 3:23PM ET
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Such a hype for 2% down market. Market is sooo over valued by Fed scam.
Abdullah Mwafaq
Abdullah Mwafaq Jul 23, 2020 3:13PM ET
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so whats up? green? and heard other news of the US closing up again!
Tricky Dick
TrickyDick Jul 23, 2020 2:53PM ET
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So now big tech is struggling? Just two days ago it was unstoppable behemoth. These writers need to go away.
Tabi Chu
Tabi Chu Jul 23, 2020 2:39PM ET
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Tomorrow is hope day!!
Fernando Lazarini
Fernando Lazarini Jul 23, 2020 2:34PM ET
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So, no vaccines hopes today? Only tomorrow?
Show previous replies (1)
Mu Roy
Mu Roy Jul 23, 2020 2:34PM ET
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can u further explain your logic? I'm truly interested.
Fernando Lazarini
Fernando Lazarini Jul 23, 2020 2:34PM ET
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Mu Roy  Yesterday the markets were excited about the vaccines tests. Today, it switched it to "worry mode". Every other day there´s an excuse to ups and downs.
Thom Miller
Thom Miller Jul 23, 2020 2:34PM ET
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Mu Roy The many US anti-vaccers will refuse to get the CV19 vaccine and conseqyently herd immunity will be
Robert Cencarik
Robert Cencarik Jul 23, 2020 2:34PM ET
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Mu Roy buy rumor sell news..
Thom Miller
Thom Miller Jul 23, 2020 2:34PM ET
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Thom Miller consequently herd immunity will be very hard to achieve. This will prolong the virus, which will prolong the economy’s revovery. Most of these folks are Trumpers, so they’ll be cutting off their noses to spite their faces. Of course, by then, Biden will be POTUS anyway, so a moot point....
Đặng Vương
Đặng Vương Jul 23, 2020 2:25PM ET
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Hopes fears hopes fears
Mat Piekutowski
Mat Piekutowski Jul 23, 2020 2:25PM ET
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hopes x 10 000 000 000
Bret Lafrance
Bret Lafrance Jul 23, 2020 2:21PM ET
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Legalized Thievery.
Juanfran Castro
Juanfran Castro Jul 23, 2020 2:12PM ET
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Don't worry guys, tomorrow we'll have HOPES
eddie glass
eddie glass Jul 23, 2020 2:02PM ET
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title correction: Market sees red day after weeks of reaching massive new all time highs in many stocks, media continues with theatrics
Matt Kay
Matt Kay Jul 23, 2020 1:59PM ET
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This tiny correction will allow tomorrow to be greener than st patricks day. My prediction nasdaq up 3% on some kind of hopes.
Yiannis Tsoutsoukis
Yiannis Tsoutsoukis Jul 23, 2020 1:58PM ET
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One thing I know for sure, Nasdaq only follows one way, and that is the upward. Every company which is included in Nasdaq is part of our every day life and if a second wave of virus is coming then I see Nasdaq way further than what it is now.
Thom Miller
Thom Miller Jul 23, 2020 1:56PM ET
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Nothing more than profit-takers swooping in. Don’t read too much into this.
yoonsu Kim
yoonsu Kim Jul 23, 2020 1:54PM ET
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-20% short qqq finally paid off
James Dorward
James Dorward Jul 23, 2020 1:52PM ET
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Big day tomorrow. Green.
Hol volt Hol nem volt
Hol volt Hol nem volt Jul 23, 2020 1:42PM ET
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thats a disgrace to stop an entire country over the common flu .
Roberto Teruya
Roberto Teruya Jul 23, 2020 1:36PM ET
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Does the whales decide to take profits?
Kyle Mack
Kyle Mack Jul 23, 2020 1:32PM ET
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To much to fast but almost all are blowing past projected numbers and reporting record gains with great guidance for next few years. Better buy now because this sale wont last long.
Andrew carson
Andrew carson Jul 23, 2020 1:32PM ET
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too
Plopseven Schwartz
Plopseven Schwartz Jul 23, 2020 1:31PM ET
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Wow it’s almost like companies need profits to pay the bills, not hopes and dreams.
Daniel Morel
Daniel Morel Jul 23, 2020 1:21PM ET
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Come on DOWN DOWN further i need to imvest that cash and get those newbies at home gamblers crying
Kalpesh Shah
Kalpesh Shah Jul 23, 2020 1:20PM ET
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over all the economy is in red just waiting to see how long this tech gaints hold on
JOE THE PLUMER
WARDOG Jul 23, 2020 1:15PM ET
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Bad news . Maybe it time .  1 miss, 1 misfire ,  4 more lift .
 
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