New York, The S&P 500 dipped from a five-week high on Thursday, pulled lower by Microsoft Corp and Apple Inc, as concerns about the economic toll from rising coronavirus cases were heightened by data showing elevated levels of unemployment claims, Reuters reported.
U.S. retail sales increased more than expected in June, but a resurgence in new COVID-19 cases is undercutting the budding recovery, keeping 32 million Americans on unemployment benefits.
A jump in domestic case loads has forced California and other states to shut down again, sparking fears of more business damage and slowing the pace of a Wall Street rally. The S&P 500 is about 5% below its February record high.
The S&P 500 has exceeded the Nasdaq by over 2 percentage points over the past week, its greatest five-day outperformance over the Nasdaq since late March, reflecting a shift away from Amazon.com, Microsoft and other major technology companies that have led Wall Street’s gains in recent months.
Apple lost 1.1% and Microsoft fell 1.9%, each weighing more than any other company on the S&P 500.
Most S&P 500 sector indexes fell, with real estate down 1.3% and technology down 1.2%, more than any other.
Source: Saudi Press Agency