Thursday Stock Market Update
The Dow Jones Industrial Average, S&P 500, and the Nasdaq Composite closed in the green, according to CNBC.
- The Dow Jones Industrial Average fell 353.51 points, or 1.30 percent, to close at 26,652.33.
- The S&P 500 fell 1.20 percent to close at 3,276.02.
- The Nasdaq Composite fell 2.30 percent to close at 10,461.42.
Big tech shares continued to fall. Microsoft fell 4.4 percent even though the company beat expectations with its second-quarter earnings. Apple fell 4.6 percent and Amazon fell 3.7 percent. Facebook and Alphabet each fell 3 percent. Investors were expecting earnings to blow analysts out of the water, exceeding their expectations wasn't enough.
Investors were also disappointed by the US weekly jobless claims report released this morning. Jobless claims were reported at 1.416 million for last week, marking the 18th consecutive week where claims were over 1 million. Economists only expected 1.3 million works to file for unemployment.
Tomorrow, Verizon will report earnings.