Traders work at the New York Stock Exchange.
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Dow Jones Industrial Average drops 135 points
Big Tech struggles once again
Microsoft shares fell 1.98% and Apple dipped 1.23%. Amazon closed around the flatline along with Facebook. Netflix was the outperformer among Big Tech stocks, rising 0.79% ahead of its earnings release. Major tech stocks — which have been the stalwarts in the market this year — are mostly down for the week.
Jobless claims disappoint, retail sales surge
The weekly jobless claims number came in slightly worse than expected. The Labor Department said a total of 1.3 million Americans filed for unemployment benefits last week, compared to Dow Jones estimates of 1.25 million first-time filers. However, retail sales jumped 7.5% in June, topping expectations of a 5.2% increase per Dow Jones. This reading came after May’s 17.7% surge, which blew past estimates and was the largest reading on record.
What happens next?
Consumer sentiment data along with BlackRock earnings are set for release Friday.
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Stocks closed lower as tech struggled once again while traders pored over mixed economic data.