things to know before the stock market opens today

On Friday the Dow Jones Industrial Average looked like it was going to make back about 100 points of yesterday’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%.

Nasdaq futures were under heavy 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 then 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%.

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.

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.

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 deaths topped 1,000 for the third day in a row.

South Dakota, an emerging Covid-19 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.

things to know before the stock market opens today via @MasterMindUpdate
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