Stocks fell on Monday with Microsoft and Apple leading the broader market lower.
 | THU, JUL 23, 2020 | | | | DOW | | NAME | LAST | CHG | %CHG | | MSFT | 202.54 | -9.21 | -4.35% | | PFE | 38.41 | -0.15 | -0.39% | | AAPL | 371.38 | -17.71 | -4.55% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | AAL | 11.78 | +0.42 | +3.70% | | AMD | 59.57 | -2.22 | -3.59% | | TWTR | 38.44 | +1.50 | +4.06% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AAL | 11.78 | +0.42 | +3.70% | | AMD | 59.57 | -2.22 | -3.59% | | UAL | 33.23 | +1.56 | +4.93% | |
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Resurging coronavirus infections appear to have stalled the labor market recovery. Initial jobless claims totaled 1.416 million for the week ended July 18, snapping a 15-week streak of declining claims. It was also the 18th straight week in which initial claims totaled more than 1 million. CNBC's Patti Domm writes that when July's employment report comes out, it may show zero progress in recovering jobs lost to the pandemic. "At best, we've plateaued," said Diane Swonk, Grant Thornton's chief economist. "At worst, we're losing ground."  The unwelcome employment news pushed stocks lower Thursday. Big Tech shares that have led the market's rebound from its March low were the biggest drag on stocks. Also Thursday, Southwest Airlines reported a $915 million loss for the second quarter, and CEO Gary Kelly made note of the slowing economic recovery. "We were encouraged by improvements in May and June leisure passenger traffic trends," he said in a press release. "However, the improving trends in revenue and bookings have recently stalled in July with the rise in COVID-19 cases." Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world. |
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