Wall Street drops on losses in Apple, energy stocks According to Reuters

© Reuters. A trader works on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., August 3, 2022. REUTERS / Andrew Kelly

By Aniruddha Ghosh and Devik Jain

(Reuters) – Wall Street fell on Thursday in volatile trading as losses for Apple Inc (NASDAQ:) and energy companies dented the bullish determination of major indexes that rose in the session. previously at the best level in a week.

Apple hit the floor and Nasdaq the hardest, falling 0.4%, a day after gaining 3.8%, while the energy sector fell 1.6%, tracking oil prices lower on demand concerns. reduce.

“It’s really just a reflection of the strong gains we had yesterday and so the market is digesting that,” said Robert Pavlik, senior portfolio manager at Dakota Wealth Management. “.

After a dull start to August, the market bounced back on Wednesday on a boost from a series of strong results from companies including PayPal (NASDAQ:) Inc and CVS Health (NYSE : ).

The benchmark index is up nearly 13.8% from its mid-June low, but remains in a bear market and is down 13% for the year.

Second-quarter earnings season helped markets recover from concerns around the aftermath of the Ukraine war, soaring inflation, China’s COVID-19 outbreak and a sharp rise in borrowing costs. .

Although the unexpected rebound in July services activity has eased recession fears, market participants are now keeping a close eye on data related to the labor market.

The July jobs report, due on Friday, is expected to show nonfarm payrolls likely increased 250,000 jobs last month after rising 372,000 in June. The data is important as the US Federal Reserve tries to cool down labor demand to curb inflation.

“Investors are aware we’re on a soft landing for the economy… what’s going to shake the market is if we end up with a significant cut in growth expectations, which means if We end up with a lot of companies that really just get Sam Stovall, director of investment strategy at CFRA, saying that getting rid of employees can be a problem.

An overnight media report said Walmart (NYSE:) Inc has cut hundreds of corporate roles in the restructuring effort.

At 10:20 a.m. ET, the index was down 97.65 points, or 0.30%, to 32,714.85, while the S&P 500 was down 8.51 points, or 0.20%, at 4,146. .66 and down 8.23 ​​points, or 0.06%, at 12,659.93.

Tesla (NASDAQ:) Inc jumped 0.7% ahead of an investor vote on a variety of issues, including a three-for-one stock split that will make the company’s shares more accessible. .

Health insurance company Cigna Corp (NYSE:) rose 3.7% after raising its annual profit forecast.

Drugmaker Eli Lilly (NYSE:) and Co fell 2.9% as the second annual profit cut.

Issues fell more than stocks gained at a ratio of 1.02 to 1 on the NYSE. More stocks rose than fell by a ratio of 1.24 to 1 on Nasdaq.

The S&P index recorded a 52-week high and 29 new lows, while the Nasdaq recorded 28 new highs and 14 new lows.

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