Stocks slumped Thursday, erasing gains from the previous session, as a decline in Apple shares weighed on the major averages.
The Dow Jones Industrial Average dropped 603 points, or 2.03%. The S&P 500 and Nasdaq Composite declined 2.59% and 3.29%, respectively.
Apple shares fell more than 4% after Bank of America downgraded the tech stock to neutral from buy, and slashed its price target, citing weaker consumer demand for the iPhone maker.
“When you get to that level of concentration, you’re also going to have more volatile indices,” said Robert Cantwell, portfolio manager at Upholdings. “Apple just wants you to think that it’s a macro problem as opposed to a product cycle problem. But the reality is that they’re dealing with both right now.”
A stronger-than-expected jobless claims report didn’t help sentiment, building on the notion that the Federal Reserve will keep doing aggressive rate hikes to fight inflation without concern it’s going to hurt the labor market.
The 10-year U.S. Treasury yield rebounded to trade at about 3.79%. A day prior, it posted its biggest one-day drop since 2020 after briefly topping 4%
R&I. -TxPAT
LivinInTheUSA
Article URL : https://www.cnbc.com/2022/09/28/stock-market-news-open-to-close-futures-live-updates.html