• The S&P 500 fell 2.1% to 3,640.47, marking its lowest closing price since November 2020.
• The Dow Jones Industrial Average declined 1.5% to 29,225.61, and the Nasdaq Composite Index dropped 2.8% to 10,737.51.
• Thursday’s economic figures revealed a decline in weekly US unemployment claims, indicating a robust labor market.

As US stocks yield began their ascent, Apple and other IT giants’ shares endured a brutal day on Thursday, as Wall Street stocks suffered a new round of losses.

Thursday’s economic figures revealed a decline in weekly US unemployment claims, indicating a robust labor market that will likely keep the Federal Reserve focused on its current anti-inflation stance.

Edward Moya of Oanda stated, “Risky assets don’t stand a chance of a meaningful rally if the economy continues to show resilience while inflation continues to be significantly above the Fed’s Funds rate.”

The broad-based S&P 500 fell 2.1% to 3,640.47, marking its lowest closing price since November 2020.

The Dow Jones Industrial Average declined 1.5% to 29,225.61, while the tech-heavy Nasdaq Composite Index fell 2.8% to 10,737.51.

Chris Low of FHN Financial stated that investors were particularly concerned by market volatility in the United Kingdom after Prime Minister Liz Truss doubled down on a controversial tax cut scheme that has shaken the markets.

Low stated that investors fear a “contagion” outside Britain as a result of the policy suggestion, noting that the Truss plan opposes central bank attempts to combat inflation and has been criticized by the International Monetary Fund.

Following a downgrading of Apple by Bank of America due to projections of weaker growth, the shares of significant technology companies were under pressure.

Apple fell over five percent, Facebook’s parent company Meta down 3.7%, and Tesla fell 6.8%.