ZUMZ - Apple Ban Rattles Tech Stocks Dollar Soars To 6-Month Peaks: What's Driving Markets Thursday? | Benzinga
Another session marked by uncertainty was gripping the stock market on Wednesday, following reports that China is contemplating a ban on the use of iPhones by public personnel.
Shares of Apple Inc. (NASDAQ:AAPL) fell 3% Thursday, after falling 3.6% Wednesday, on track for their second-worst week in 2023.
The action triggered a negative response in technology-related stocks, with the Nasdaq 100 underperforming compared to other major stock indices.
Meanwhile, the U.S. dollar surged to its highest level since the onset of the regional banks’ collapse in March, further weighing on risk sentiment. Initial jobless claims for last week came in below expectations, with 216,000 compared to the anticipated 234,000.
Cues From Thursday’s Trading:
The S&P 500 fell 0.3%, currently on track for its third straight session of losses, while high-quality blue-chip stocks in the Dow Jones managed to rise 0.3%.
Tech and small caps were the laggards, with the Nasdaq and the Russell 2000 down 0.8% and 1.1%, respectively.
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