1. Dow set to turn higher but Nasdaq set for further losses
The Dow Jones Industrial Average on Friday looked like it was going to turn higher after Thursday's 807 point, or 2.8%, rout ahead of the government's August employment report. The tech-led reversal weighed even heavier on the S&P 500, which lost 3.5%, and the Nasdaq, which lost a whopping 5%. S&P and Nasdaq futures were under continued pressure Friday. As bad as Thursday's sell-off was it did come after a powerful summer rally that had sent the S&P 500 and Nasdaq to multiple record highs and the Dow to about 3% away from its record high on Feb. 12.
Shares of Apple, under pressure again Friday, plunged 8% on Thursday and 2% on Wednesday, sinking into 10% correction territory from recent highs. Apple's 4-for-1 stock split took effect Monday, and the stock saw a rally that day and on Tuesday. Tesla, which saw its 5-for-1 stock split also take effect Monday, was lower in Friday's premarket after a three-session 18% nosedive almost put the stock into a bear market, defined by losses from recent highs at least 20%.
2. Big Tech's huge reversal by the numbers
Apple lost nearly $180 billion in stock market value Thursday, the largest one-day loss for a U.S. listed company on record, according to Dow Jones market data. Apple lost more in market cap Thursday than the total individual market caps of 470 of the companies in the S&P 500. However, Apple's stock market value is still over $2 trillion.
The tech reversal Thursday took a bite out of the fortunes of the top four U.S. billionaires. Amazon's Jeff Bezos lost $9 billion Thursday. Tesla's Elon Musk also lost $9 billion Thursday alone and shockingly $19 billion since Tuesday. Facebook's Mark Zuckerberg lost $4 billion Thursday. Microsoft's Bill Gates lost $3 billion Thursday.
3. Pace of rehiring in August expected to have slowed
Whether Friday's premarket Dow strength can hold up into the close before the three-day Labor Day weekend could depend on what the government's 8:30 a.m. ET release of its August employment report shows. Economists expect that 1.32 million nonfarm jobs were added last month, down from 1.76 million additions in July. While the pace of rehiring during the coronavirus pandemic is seen slowing, the nation's August unemployment rate is expected to drop 0.4% to 9.8%. Average hourly earnings are seen to be flat last month after a 0.24% uptick in July.
4. Daily new cases of Covid-19 highest in four days
Top U.S. health officials are urging people to act responsibly over the long holiday weekend because the trajectory of coronavirus spread heading into the fall and back to school depends on it. New daily U.S. cases of Covid-19 on Thursday jumped to over 44,100, the highest number in four days, as Thursday's daily death toll topped 1,000 for the third day in a row. South Dakota, an emerging hot spot after last month's more than weeklong annual Sturgis Motorcycle Rally, allowed another large-scale event to go forward. The South Dakota State Fair began on Thursday and runs through Monday.
5. North Carolina sends out mail-in ballots for election
North Carolina on Friday starts sending out more than 600,000 mail-in ballots, responding to a massive spike in requests that's played out across the nation as Americans look for a safer way to vote during the pandemic. The GOP has historically dominated North Carolina mail-in voting, but this year those asking for the ballots are not generally Republicans. President Donald Trump has baselessly derided mail-in ballots as vulnerable to fraud. While in Wilmington, North Carolina, earlier this week, Trump said state residents should vote twice — once by mail and then in-person on Election Day, Nov. 3 — to test whether the system could weed out voter fraud. Voting twice is a crime.
— The Associated Press contributed to this report. Follow all the developments on Wall Street in real-time with CNBC's live markets blog. Get the latest on the pandemic with our coronavirus blog.
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September 04, 2020 at 06:38PM
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