The tech-heavy Nasdaq Composite Index took a tumble on Thursday as Apple shares continued to fall. The tech company’s stocks declined following China’s decision to prohibit government officials from using iPhones. The government is now considering extending the ban to state companies.
Stocks on the Nasdaq fell by 1%, with Apple plummeting by 3%, while the S&P 500 declined by 0.3%. In contrast, the Dow Jones Industrial Average remained stagnant, gaining a modest 0.2%.
Last week, unemployment claims slumped to their lowest level since February, signaling a resolute labor market. This, together with data showing that US services activity is at a six-month high, is raising bets that the Federal Reserve will keep interest rates higher for longer. The central bank is due to reconvene later this month.