{"id":107394,"date":"2021-02-18T18:03:20","date_gmt":"2021-02-18T18:03:20","guid":{"rendered":"https:\/\/fin2me.com\/?p=107394"},"modified":"2021-02-18T18:03:20","modified_gmt":"2021-02-18T18:03:20","slug":"wall-street-slips-on-surprise-rise-in-jobless-claims-tech-slide","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/wall-street-slips-on-surprise-rise-in-jobless-claims-tech-slide\/","title":{"rendered":"Wall Street slips on surprise rise in jobless claims, tech slide"},"content":{"rendered":"

(Reuters) – Wall Street\u2019s main indexes fell on Thursday as investors resumed a shift out of big technology-related firms, while an unexpected rise in weekly jobless claims pointed to a fragile recovery in the labor market.<\/p>

FILE PHOTO: A Wall Street sign is pictured outside the New York Stock Exchange in the Manhattan borough of New York City, New York, U.S., October 2, 2020. REUTERS\/Carlo Allegri\/File Photo<\/figcaption>

The Labor Department\u2019s report showed initial claims for state unemployment benefits were 861,000 last week, compared with 848,000 in the prior week, partly due to potential claims related to the temporary closure of automobile plants due to a global semiconductor chip shortage.<\/p>\n

\u201cThe one part of the economy that has remained disappointing is clearly the employment picture,\u201d said Ryan Detrick, chief market strategist at LPL Financial in Charlotte, North Carolina.<\/p>\n

U.S. stock indexes hit record highs at the beginning of the week but gradually retreated following a rise in treasury bond yields, which led to fears of higher inflation.<\/p>\n

Those concerns have pushed investors to book profit on stocks with high valuation in the S&P 500 technology and communications services sectors, which have underpinned a 76% rise in the benchmark index since its March 2020 lows.<\/p>\n

Shares of Apple Inc, Microsoft Corp, Amazon.com Inc, Tesla Inc and Alphabet Inc were down between 0.8% and 2.0%.<\/p>\n

\u201cA steady slow increase may not necessarily disrupt the uptrend in equities but will likely force rotation from highly priced stocks, typically in the tech sector, to more reasonably priced cyclical ones,\u201d said Hussein Sayed, chief market strategist at FXTM.<\/p>\n

Facebook Inc shares slipped 1.3% as Wall Street assessed the wider ramifications of its move to block all news content in Australia.<\/p>\n

Only the defensive utilities sector was in the positive territory in early trading, out of the 11 major S&P 500 sectors.<\/p>\n

Walmart Inc slid 5.9% after the world\u2019s largest retailer missed quarterly profit estimates and predicted fiscal 2022 net sales to rise in low single digits.<\/p>\n

At 9:41 a.m. ET the Dow Jones Industrial Average was down 267.75 points, or 0.85%, at 31,345.27, the S&P 500 was down 32.45 points, or 0.83%, at 3,898.88 and the Nasdaq Composite was down 153.32 points, or 1.10%, at 13,812.17.<\/p>\n

Marriott International Inc slipped 1.9% after reporting a quarterly loss as the world\u2019s largest hotel chain\u2019s bookings declined due to pandemic-induced travel restrictions.<\/p>\n

Declining issues outnumbered advancers for a 2.59-to-1 ratio on the NYSE and for a 2.86-to-1 ratio on the Nasdaq. The S&P index recorded six new 52-week highs and no new low, while the Nasdaq recorded 37 new highs and three new lows.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

(Reuters) – Wall Street\u2019s main indexes fell on Thursday as investors resumed a shift out of big technology-related firms, while an unexpected rise in weekly […]<\/p>\n","protected":false},"author":3,"featured_media":107393,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"\nWall Street slips on surprise rise in jobless claims, tech slide - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/business\/wall-street-slips-on-surprise-rise-in-jobless-claims-tech-slide\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wall Street slips on surprise rise in jobless claims, tech slide - Fin2me\" \/>\n<meta property=\"og:description\" content=\"(Reuters) – Wall Street\u2019s main indexes fell on Thursday as investors resumed a shift out of big technology-related firms, while an unexpected rise in weekly [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fin2me.com\/business\/wall-street-slips-on-surprise-rise-in-jobless-claims-tech-slide\/\" \/>\n<meta property=\"og:site_name\" content=\"Fin2me\" \/>\n<meta property=\"article:published_time\" content=\"2021-02-18T18:03:20+00:00\" \/>\n<meta name=\"author\" content=\"Mark\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/fin2me.com\/wp-content\/uploads\/2021\/02\/cnewsfotor-9.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mark\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/fin2me.com\/business\/wall-street-slips-on-surprise-rise-in-jobless-claims-tech-slide\/\",\"url\":\"https:\/\/fin2me.com\/business\/wall-street-slips-on-surprise-rise-in-jobless-claims-tech-slide\/\",\"name\":\"Wall Street slips on surprise rise in jobless claims, tech slide - 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