US close: Stocks mixed as Apple drags on Nasdaq

(Sharecast News) - Wall Street finished with a diverse performance on Thursday, driven by fresh economic data amid significant losses from tech giant Apple on the Nasdaq. The Dow Jones Industrial Average finished the day up 0.17% to settle at 34,500.73, while the S&P 500 ended in negative territory, declining 0.32% to close at 4,451.14.

However, the most noticeable drop was on the Nasdaq Composite, which registered a decline of 0.89%, ending the day at 13,748.83.

In the currency markets, the dollar was last up 0.02% on sterling, trading at 80.2p, while it inched up 0.01% against the euro to 93.5 euro cents.

The greenback did, however, decrease by a subtle 0.01% on the yen, changing hands at JPY 147.28.

"US markets opened sharply lower after weekly jobless claims dropped to 216,000 and gave an added nudge higher to the US dollar as traders continued to price in a more resilient US economy and the prospect of one more Fed rate hike before the end of the year," said CMC Markets chief market analyst Michael Hewson.

"The Nasdaq 100 is leading the weakness driven lower by tech largely due to further weakness in the Apple share price, after China said it was looking to ban the use of iPhones in sensitive areas of state companies and government agencies.

"Chipmakers are also lower, with Nvidia and AMD also lower with the Nasdaq 100 looking set to post its fourth daily decline in a row."

US jobless claims reach lowest point since february

In economic news that defied market predictions, the number of initial jobless claims in the US saw a significant drop last week, reaching its lowest level since February.

The data from the Department of Labor showed that claims for unemployment insurance benefits made by first-time applicants went down by 13,000 for the week ended 2 September, settling at 216,000.

That was a noticeable decline from the revised figure of 229,000 in the prior week, which initially was reported as 228,000.

Market analysts had projected a slight uptick to 234,000, especially after observing a consecutive three-week dip.

This week's drop further solidified the downward trend, with the four-week moving average - a metric often used to gauge long-term trends - also recording a decrease of 8,500 to settle at 229,250.

Meanwhile, continuing claims, which reflect the ongoing receipt of unemployment benefits and come with a one-week delay in reporting, showed a decline in numbers as well.

For the week ended 25 August, those claims decreased to 1.679 million, a drop from the revised 1.719 million from the week before.

Notably, that figure was below the forecasted 1.715 million.

Apple faces decline as WestRock sees a boost

In equities, Apple dropped 2.92% in the wake of reports suggesting China had decided to prohibit government officials from using iPhones for official duties.

As detailed by Bloomberg, the restrictions could further encompass state-affiliated agencies and even state-owned enterprises.

The ban, if extended as speculated, could potentially impact Apple's market share and presence in one of the world's largest consumer markets.

"With the tech powerhouse having a huge Chinese presence, any move toward positioning their product as an external security risk will do little to help sentiment for sales in the region," said Scope Markets' Joshua Mahony.

On the upside, WestRock - a prominent name in the paper industry - climbed 4.23% amid reports that the company was engaged in merger discussions with the London-listed Smurfit Kappa.

If the merger materialised, it was estimated that the combined entity would have a market valuation of approximately $20bn.

Reporting by Josh White for Sharecast.com.

Dow Jones - Risers

Intel Corp. (INTC) $38.18 3.24% Amgen Inc. (AMGN) $254.39 2.16% Unitedhealth Group Inc. (UNH) $484.81 1.65% Merck & Co. Inc. (MRK) $107.94 1.36% Johnson & Johnson (JNJ) $160.03 1.28% Walmart Inc. (WMT) $163.47 1.24% McDonald's Corp. (MCD) $278.30 1.05% Procter & Gamble Co. (PG) $153.59 0.95% Home Depot Inc. (HD) $328.42 0.74% Salesforce.Com Inc. (CRM) $222.53 0.41%

Dow Jones - Fallers

Apple Inc. (AAPL) $177.56 -2.92% Walgreens Boots Alliance, Inc. (WBA) $22.04 -2.65% Nike Inc. (NKE) $97.93 -2.25% Dow Chemical Co. (DOW) $54.10 -1.44% Verizon Communications Inc. (VZ) $33.81 -1.08% Microsoft Corp. (MSFT) $329.91 -0.89% Boeing Co. (BA) $216.05 -0.87% JP Morgan Chase & Co. (JPM) $143.72 -0.86% American Express Co. (AXP) $156.78 -0.77% Coca-Cola Co. (KO) $58.33 -0.77%

S&P 500 - Risers

Centene Corp. (CNC) $66.44 4.93% Westrock Company (WRK) $33.23 4.23% Nektar Therapeutics (NKTR) $0.59 3.66% Intel Corp. (INTC) $38.18 3.24% American Tower Corp (Reit) (AMT) $182.55 2.55% Church Dwight Co Inc. (CHD) $96.52 2.55% Eli Lilly and Company (LLY) $573.23 2.37% AbbVie Inc (ABBV) $148.91 2.27% PulteGroup Inc. (PHM) $80.96 2.23% Duke Energy Corp. (DUK) $89.40 2.18%

S&P 500 - Fallers

Seagate Technology Plc (STX) $63.44 -10.94% Align Technology Inc. (ALGN) $340.93 -7.78% FMC Corp. (FMC) $76.10 -7.41% Skyworks Solutions Inc. (SWKS) $98.38 -7.35% QUALCOMM Inc. (QCOM) $106.40 -7.22% Qorvo, Inc. (QRVO) $98.72 -7.08% Rollins Inc. (ROL) $35.72 -6.20% Advance Auto Parts (AAP) $63.39 -5.39% Sealed Air Corp. (SEE) $33.61 -5.24% Western Digital Corp. (WDC) $43.43 -4.42%

Nasdaq 100 - Risers

Intel Corp. (INTC) $38.18 3.24% T-Mobile Us, Inc. (TMUS) $137.28 2.35% Amgen Inc. (AMGN) $254.39 2.16% Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $416.94 2.07% Amazon.Com Inc. (AMZN) $137.85 1.84% Check Point Software Technologies Ltd. (CHKP) $135.44 1.18% Take-Two Interactive Software Inc. (TTWO) $142.23 0.89% Regeneron Pharmaceuticals Inc. (REGN) $825.26 0.84% Workday, Inc. (WDAY) $250.47 0.83% Mercadolibre Inc. (MELI) $1,436.35 0.73%

Nasdaq 100 - Fallers

Seagate Technology Plc (STX) $63.44 -10.94% Qurate Retail Inc. (QRTEA) $0.63 -10.63% Align Technology Inc. (ALGN) $340.93 -7.78% Skyworks Solutions Inc. (SWKS) $98.38 -7.35% QUALCOMM Inc. (QCOM) $106.40 -7.22% Trip.com Group Limited (TCOM) $35.85 -5.38% Western Digital Corp. (WDC) $43.43 -4.42% JD.com, Inc. (JD) $32.34 -4.29% Asml Holdings N.V. (ASML) $637.79 -4.24% Hasbro Inc (HAS) $70.35 -3.52%