Stock Market Extends Losses Ahead Of Jobs Report - Tech Giants Continue To Struggle
The stock market ended lower ahead of Friday's jobs report, as the major stock indexes continued to fall after Wednesday's Fed-fueled sell-off. Tech titans continue to suffer severe losses.
Jobs Report, Treasury Yields
Friday's jobs report is already predicted to be the softest since December 2020, with the U.S. economy expected to add 210,000 jobs. Yet there's reason to think it may turn out far weaker — perhaps even bad enough to provoke some rethinking about Fed chief Jerome Powell's rally-killing rate-hike plans.
Stock Market
On Thursday, the Dow Jones Industrial Average fell 0.5%, while the S&P 500 dropped 1.1%. The tech-heavy Nasdaq composite lost 1.7%, and the small-cap Russell 2000 declined 0.5%.
Volume fell on the Nasdaq vs. the prior session, and also appeared to be lower on the NYSE. Lower volume means the Nasdaq and S&P 500 both avoided another distribution day.
Tech titans continued to struggle. Amazon lost 3.1% Thursday in big volume. The e-commerce giant is down about 46.4% year to date, on pace for its worst year since 2000, when it crumbled 79.6%.
Alphabet (GOOGL) tumbled 4.1%. Apple (AAPL) declined 4.2%. Meta Platforms (META) fell 1.8%. And Microsoft (MSFT) sold off 2.7%. Amazon, Alphabet, Meta and Microsoft hit new 52-week lows.
At this point, investors should be playing defense; don't let profitable trades turn negative. Be cautious of the high risk in the current market. With key reports coming out and the reporting season still ongoing, swing-traders have to be aware of the increased level of volatility.
The stock market ended lower ahead of Friday's jobs report, as the major stock indexes continued to fall after Wednesday's Fed-fueled sell-off. Tech titans continue to suffer severe losses.
Jobs Report, Treasury Yields
Friday's jobs report is already predicted to be the softest since December 2020, with the U.S. economy expected to add 210,000 jobs. Yet there's reason to think it may turn out far weaker — perhaps even bad enough to provoke some rethinking about Fed chief Jerome Powell's rally-killing rate-hike plans.
Stock Market
On Thursday, the Dow Jones Industrial Average fell 0.5%, while the S&P 500 dropped 1.1%. The tech-heavy Nasdaq composite lost 1.7%, and the small-cap Russell 2000 declined 0.5%.
Volume fell on the Nasdaq vs. the prior session, and also appeared to be lower on the NYSE. Lower volume means the Nasdaq and S&P 500 both avoided another distribution day.
Tech titans continued to struggle. Amazon lost 3.1% Thursday in big volume. The e-commerce giant is down about 46.4% year to date, on pace for its worst year since 2000, when it crumbled 79.6%.
Alphabet (GOOGL) tumbled 4.1%. Apple (AAPL) declined 4.2%. Meta Platforms (META) fell 1.8%. And Microsoft (MSFT) sold off 2.7%. Amazon, Alphabet, Meta and Microsoft hit new 52-week lows.
At this point, investors should be playing defense; don't let profitable trades turn negative. Be cautious of the high risk in the current market. With key reports coming out and the reporting season still ongoing, swing-traders have to be aware of the increased level of volatility.
Combing the BEST of two WORLD's: Cathie Wood & Mark Minervini