The Nasdaq was dragged down by Apple's ongoing slide, as shares of the tech giant fell further following news that China has prohibited government employees from using the iPhone and wants to extend the ban to state-owned enterprises.Furthermore, the Dow Jones was the single positive sign on Thursday, climbing around 0.1%. The S&P 500 lost …
The Nasdaq was dragged down by Apple’s ongoing slide, as shares of the tech giant fell further following news that China has prohibited government employees from using the iPhone and wants to extend the ban to state-owned enterprises.
Furthermore, the Dow Jones was the single positive sign on Thursday, climbing around 0.1%. The S&P 500 lost roughly 0.3%, while the tech-heavy Nasdaq Composite sank more than 1% and Apple fell nearly 3%.
Unemployment claims reportedly plummeted to their lowest level since February.
The unexpected number came as statistics showed that US services activity reached a six-month high in August, which was interpreted as a sign of consumer and broader economic resilience in the face of higher borrowing prices.
Oil price increases have cast doubt on the Fed’s efforts to keep inflation under control. Furthermore, China’s trade numbers did not alleviate concerns about the world’s second-largest economy’s sluggishness.
Questions are swirling about whether the slowdown in China could be a “top risk” to the US economy.
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