Stocks Slide as Apple Falls Again on iPhone Demand Worries; Jobs Data Solid While Wage Growth Cools
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US stocks continued their recent slide on Thursday, with the Dow flat, S&P 500 down 0.3%, and Nasdaq falling 0.6%. Apple stock fell for the 4th day amid iPhone demand concerns.
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Multiple data points showed the labor market remains solid while wages are cooling, positive signs for inflation. Jobless claims were 202K last week, below estimates.
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ADP reported private payrolls rose 164K in December, exceeding expectations, while annual wage growth slowed. Eyes now turn to December jobs report Friday.
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Travel stocks rose as oil prices fell over 2% on higher-than-expected fuel stockpile builds, signaling potentially lower costs. Energy stocks sank.
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Piper Sandler downgraded Apple to Neutral from Overweight, the 2nd downgrade this week amid worries about softening iPhone demand, especially in China.