Wall Street Opens As Lower As Jobless Claims Increase

Wall Street Opens As Lower As Jobless Claims Increase

US stock markets opened lower for the third day after data showing the first jobless claims fell slower than expected last week. Dow Jones Industrial Average dropped 378 points to 22,870%. This is the lowest score in a month. S&P 500 dropped 1.5% and Nasdaq Composite decreased 1.4%. Previously, the Ministry of Labor said that the first jobless claims fell to 2.98 million last week. He said that they have been under 3 million in the first week since March, but still well above the expectations of 2.50 million. Analysts in the Pantheon Macroeconomics said that the rate of new applications has shown a disappointing slow decline, and the number is unlikely to fall below 1 million before the end of June. "The rate seen after one week after the previous applications of the previous week fell for seven weeks, so recruitment is not completely dead," said Pantheon's Ian Shepherdson in a note to customers. Markets shaken earlier Thursday with more aggressive rhetoric from President Donald Trump to China. Trump told Fox Business News: "We can cut the whole relationship" with China. Fox also reported that the administration is looking for ways to get punishment or financial compensation from China for what he sees as stoppage information about the coronavirus. Already this week, Trump led a federal pension scheme to dispose of Chinese stock holders and signed an executive order by the end of May 2021, which banned US companies doing business with Telecom company Huawei. This dropped names such as Apple (NASDAQ: AAPL), which produced their smartphones in China, by 1.7%, while Tesla (NASDAQ: TSLA) stock fell 2.5%, largely based on the Chinese market growth outlook.