On Thursday, American stocks ended in the red amid renewed sell-off in major tech stocks and conflicting signals regarding the timing of the availability of a coronavirus vaccine to the public.
The Dow Jones Industrial Average fell by 130.4 points (0.47%) – to 27901.98 points. Standard & Poor's 500 lost 28.48 points (0.84%) and amounted to 3357.01 points. The Nasdaq Composite fell 140.19 points (1.27%) to 10,910.28 points.
Yesterday, shares of large representatives of the technology sector fell in price. Facebook Inc (NASDAQ: FB) stock price. decreased by 3.3%, Alphabet (NASDAQ: GOOGL) Inc. – 1.7%, Microsoft Corp (NASDAQ: MSFT). – by 1%, Apple Inc. (NASDAQ: AAPL) – up 1.6%.
Netflix Inc (NASDAQ: NFLX) stock quote. declined 2.8%, Tesla Inc. lost 4.2% in price.
Ford Motor Co (NYSE: F) shares. rose by 3.7%. The American automaker said it will expand its largest and oldest plant to produce electric pickups.
MetLife Inc. grew by 4.5%. One of the largest publicly traded life insurance companies in the United States has agreed to buy the insurer Versant Health for about $ 1.68 billion.
Capitalization of Snowflake Inc. decreased by 10.4%. The cloud storage company more than doubled its quotes in its debut after its initial public offering on Wednesday. At the opening of the session, the price of securities was $ 245, during the day it peaked at $ 319, and closed trading at $ 253.93.
On Thursday, traders evaluated the results of the last meeting of the US Federal Reserve System (FRS). As reported, the new strategy, approved by the Fed in late August, provides for a change in the central bank's approach to inflation targeting. The Fed will aim to achieve an average inflation rate of 2% “over a period of time.”
In a text released at the end of the July meeting, the Fed announced that it intends to maintain the target range of the federal loan rate at 0-0.25% per annum until it is sure that “the economy has withstood recent events” and is moving towards its goals.
Statistics released yesterday showed that the number of applications for unemployment benefits in the US fell less than forecast. The number of Americans applying for unemployment benefits for the first time in the week ended September 12 was 860,000, according to a report from the US Department of Labor. According to the revised data, a week earlier the number of requests was 893 thousand, and not 884 thousand, as originally reported. Experts expected the indicator to drop to 850 thousand, according to data from Trading Economics.
Meanwhile, the number of homes that began construction in the United States in August 2020 fell 5.1% from the previous month to 1.416 million at an annualized rate, the country's Commerce Department said. According to the revised data, in July the number of new buildings amounted to 1.492 million, not 1.496 million, as previously reported. Analysts on average predicted a decline of 1.2% from the previously announced level of the previous month – to 1.478 million, according to Trading Economics.