Dow Jones pared losses but indexes were mixed; Apple Pulls Tech Stocks Down As Chip Giant Soars On Big Win

The Dow Jones Industrial Average reversed early losses and was up nearly 0.2% at 3 p.m. ET.


On Thursday, initial jobless claims fell to 216,000 for the week ended Sept. 2, from a revised 229,000 in the prior week, according to Econoday. The odds of a rate hike in November stands at 43.4%, according to the CME FedWatch Tool.

The S&P 500 also pared some of its losses and traded 0.3% lower at the hour.

The Nasdaq lagged with a 0.8% fall as tech stocks sold off.

All three indexes were under their 50-day moving averages.

Volume was higher on the NYSE and lower on the Nasdaq compared with the same time Wednesday.

The small-cap Russell 2000 fell nearly 1% while the Innovator IBD 50 ETF (FFTY) fared better with a 0.4% drop.

Crude oil fell over 0.5% to $86.95 a barrel.

The yield on the benchmark 10-year Treasury note fell 2 basis point to 4.26%.

Late Thursday, Cathie Wood’s ARK Invest along with asset management firm 21 Shares filed with the SEC to offer an Ethereum spot ETF that will hold ether cryptocurrency. Major asset management firms awaiting approval of a U.S. spot crypto ETF include VanEck and Blackstone.

Dow Jones Stocks

Apple (AAPL) pared some losses after falling sharply on news of China curbs on iPhone use by government officers. The stock undercut its 50-day line on Wednesday and was down 3% in late trading Thursday. Tech leaders in the Dow, Microsoft (MSFT) and Cisco (CSCO), also fell.

Intel (INTC) rose into a buy zone from a 37.19 entry after breaking out on Tuesday on news that it will offer its foundry services to chipmaker Tower Semiconductor (TSEM). The relative strength line for chip leader Intel is at a new high. Earlier, Intel was in talks to acquire Tower Semiconductor, but did not get the required regulatory signoff.

Stocks Moving Today

Sprinklr (CXM) gave back some gains in the afternoon but was still higher by 1.5%. The enterprise software stock is in a buy zone from a 15.50 entry with the relative strength line at a new high. Sales grew 18% in the second quarter with earnings showing a second sequential quarter of profitability. At the midpoint, the company expects revenue of $165 million in the third quarter.

Among enterprise software stocks, Smartsheet (SMAR) and Braze (BRZE) will report after market closes. Smartsheet guided revenue between $228 million and $231 million with earnings per share of 7 cents-8 cents. Shares are below the 50-day line amid a three-day losing streak in the stock market today

Braze expects revenue of $108.5 million and a loss per share of 13.5 cents at the midpoint. Shares are well-extended from the latest buy point.

Verint Systems (VRNT) gapped down in strong volume after it reported lower second-quarter sales and earnings late Thursday. Amkor Technology (AMKR) fell after news that the company is offering 10 million shares in a secondary offering.

Outside the Dow Jones, meme play GameStop (GME) pared some losses after quarterly results. Revenue grew 2% while a loss of 3 cents per share improved from a 35-cent loss from the same quarter a year earlier. The stock was up fractionally shortly before the market close, but well below its 50-day line.

Please follow VRamakrishnan on X/Twitter for more news on the stock market today.


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