MAY 22 (UPI) — U.S. STOCKS CLOSED LOWER THURSDAY, FOREIGN MEDIA REPORTED, AS TENSIONS BETWEEN THE U.S. AND OTHER COUNTRIES GREW, WITH MILLIONS OF AMERICANS FILING FOR UNEMPLOYMENT BENEFITS FOR THE FIRST TIME LAST WEEK. The Dow closed down 101.78 points, or 0.41 per cent, at 24,474.12, the Standard and Poor’s 500 index closed down 0.78 per cent at 2,948.51 and the Nasdaq closed down 0.97 per cent at 9,284.88.
Most of the tech leaders fell in U.S. trading Thursday, with Apple down 0.75 percent at $316.85, Google parent Alphabet down 0.28 percent at $1,402.80, Amazon down 2.05 percent at $2,446.74, Microsoft down 1.20 percent at $1,83.33 and Facebook up 0.62 percent at $231.39. Oracle closed down 1.29 per cent at $52.22, IBM closed down 1.86 per cent at $119.12, Netflix closed down 2.55 per cent at $436.25, Tesla closed up 1.48 per cent at $827.60, Uber down 0.64 per cent and Lyft down 1.40 per cent.
Chip leaders in u.S. stocks were broadly lower, with Intel closing down 1.77 per cent at $61.98, Nvidia closing down 2.17 per cent at $351.01, Broadcom down 1.39 per cent at $274.80 and Texas Instruments closing down 1.39 per cent at $374.80. At $13.46, down 3.42 per cent, Qualcomm closed down 3.26 per cent at $78.00, AMD closed down 3.09 per cent at $54.65, Applied Materials fell 3.27 per cent and Micron Technologies fell 3.04 per cent.
U.S.-listed Shares were mixed, with NetEase closing up 2.93 per cent at $401.76, Alibaba down 2.14 per cent at $212.16 and JD.com down 3.2 per cent at $52.57 Baidu closed up 1.39 per cent at $110.03;Pand 1.48 per cent to $60.00, while Baidu closed up 3.76 per cent at $33.93 Good Future closed up 0.11 per cent at $54.66, Edge closed down 1.55 per cent at $16.50, followed by Ai, down 5.13 per cent at $US29.01 and Twitter down 3.58 per cent at $33.09. Sina is down 2.71 per cent; Sohu is up 0.26 per cent; Sogou is down 3.06 per cent; Ctrip is down 2.88 per cent; Future Care is down 0.40 per cent; Car Home is down 2.20 per cent; 58 Tongcheng is down 0.99 per cent and NIO is down 4.31 per cent. Jinshan Cloud fell 8.69 percent.
Luckin Coffee, after yesterday’s 35.76 per cent plunge, is down 28.72 per cent to close at $2.01, with a market capitalisation of just $509 million. Amazon’s shares fell 2.05 percent after hitting a record high in early trading.
Michael Arone, chief investment strategist at Dow Global Investment Advisors, said: “Today’s economic data show that the job market continues to weigh in in the short term . . . That’s all the reason why the market is flagging today. “
The Labor Department said Thursday that 2.4 million more people applied for unemployment benefits last week, bringing the total number of Americans filing for unemployment benefits to more than 38 million since the outbreak began. The number of Americans continuing to apply for unemployment benefits was 25.07 million, the highest level on record.
To be sure, the latest data show that the number of Americans filing for unemployment benefits is growing at a slower rate than in the previous few weeks.
Growing tensions between the Us and other countries have also affected market sentiment. U.S. time on Wednesday, the U.S. Senate passed a bill that could ban Chinese companies such as Alibaba and Baidu from listing in the U.S.
Despite Thursday’s decline, major stock indexes rose at least 2.96 percent this week, thanks in large part to efforts by state governments to ease home-based regulations and begin to ease business restrictions. Connecticut, for example, began allowing residents to eat in restaurants with outdoor seats on Wednesday.
Rising optimism about access to the new coronavirus vaccine has also boosted sentiment. Moderna, a U.S. drugmaker and biotech company, announced Monday that an early vaccine test showed positive results and that all 45 participants produced new coronavirus antibodies.