5 Biggest Dow Losers as Jobless Claims Look Ugly

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A positive reversal in tech stocks was keeping the S&P 500 from falling 1% as it did in the morning, but cyclical stocks were beaten up. The five biggest Dow Jones losers were mostly cyclical. 

After the Nasdaq rose 0.3% by midday, the S&P 500’s loss eased to 0.48%. The Dow Jones Industrial Average was down 0.9%. The 10-Year Treasury yield fell to 0.55%. Yields fall when prices rise. 

Jobless claims for the past week came in at 1.4 million versus economists estimates of 1.5 million. Jobless claims have been stuck at roughly that level for over a month now, as the spread of the virus, paused state reopenings and a slow move in Congress to get fiscal stimulus flowing through the system has disabled the economy from recovery with the velocity see earlier in the summer. 

Here were the 5 biggest Dow losers by 12:40 EDT:

"Continuing claims increased by around 800,000, climbing back above 17 million, raising further doubts about the speed of the recovery," wrote Ken Berman, strategist at Gorilla Trades, in emailed remarks to reporters. 

As for tech, earnings for Facebook  (FB) - Get Facebook, Inc. Class A Report, Google  (GOOGL) - Get Alphabet Inc. Class A Report, Apple  (AAPL) - Get Apple Inc. (AAPL) Report and Amazon  (AMZN) - Get Amazon.com, Inc. Report are all rolling in Thursday. 

Watch: Apple Earnings Preview With Jim Cramer

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