Thursday, May 5, 2022 2:04 pmThursday, May 5, 202217 Comments

• News

The Dow Jones Industrial Average lost 1,100 points, or more than 3%. The S&P 500 and Nasdaq Composite fell 3.7% and 4.9%, respectively, as stocks suffered their worst day of the year on Thursday, deepening the market’s losses for 2022.

On Wednesday, the U.S. Federal Reserve increased its benchmark interest rate by 50 basis points and said it would begin reducing its balance sheet in June in an attempt to rein in rampant inflation not seen in four decades..

Jesse Pound and Tanaya Macheel for CNBC:

Large tech stocks were under pressure, with Facebook-parent Meta Platforms and Amazon falling 5.8% and 7.1%, respectively. Microsoft dropped 4.7%. Salesforce tumbled 6.3%. [Apple is currently down 5.52%.]

The declines put the tech-heavy Nasdaq on track for one of its worst days since the pandemic began.

The Treasury market also saw a dramatic reversal of Wednesday’s rally. The 10-year Treasury yield, which moves opposite of price, surged back above 3% on Thursday and hit its highest level since 2018. Rising rates can put pressure on growth-oriented tech stocks, as they make far-off earnings less attractive to investors.

Thursday’s sell-off was broad, with more than 80% of S&P 500 stocks declining. Even outperformers for the year lost ground, with Chevron, Coca-Cola and Duke Energy all seeing relatively minor losses.

MacDailyNews Take: We’d love to somehow see nice sub-$150 deep discount price for Apple!

Please help support MacDailyNews. Click or tap here to support our independent tech blog. Thank you!

Shop The Apple Store at Amazon.

Buy Now

17 Comments

Comment navigation

1. 
   First Then

   Thursday, May 5, 2022 at 2:07 pm

   You’re well-done… uh… watermelon… uh… wha… where am I?

   

   Yes, it seems that U.S. Presidential Elections purchased by Mark Zuckerberg have consequences.

   But, hey: No mean tweets.

   Let’s go, Brandon!

   1. 
      Dorg Binshaw

      Thursday, May 5, 2022 at 3:27 pm

      Lots of highs being reported….

      Yesterday, Apple at No.1 in worldwide PC market share!
      Apple’s estimated global smartphone market share surged 20% between 2021 Q1 and 2022 Q1!

      Highs, of a different kind:

      US Productivity crashing 7.5% in Q1 – that is the biggest drop since 1947
      Jobless Claims Rise To 3 Month High
      Truckstop retail diesel prices hit a new record of $5.32/gallon.

      And eff’g Russia wasn’t the cause of inflation….
      President Joe Biden’s $1.9 trillion American Rescue Plan did contribute to inflation, Treasury Secretary Janet Yellen conceded on Wednesday.

      Mary Poppins will help us sort out all of this information, b/c Gd knows, we need some sorting.

2. 
   Country Joe

   Thursday, May 5, 2022 at 2:15 pm

   Stop with the bull!

   1. 
      It looks like the Bull stopped, at least where the stock market is cincerned!

      Thursday, May 5, 2022 at 9:24 pm

      Build Back Better!

      
3. 
   Original Mac User

   Thursday, May 5, 2022 at 2:37 pm

   Again we see how utterly WORTHLESS Tim Cook’s shareholder buy backs are. Any and ALL benefits to shareholders are taken away at a moment’s notice. 75 billion dollars in buy backs last year and shareholders got NOTHING.

   Those who sold their shares, they banked the money Tim Cook paid out. Those who stayed loyal to Apple, are left holding the bag. Had Tim Cook given out a 75 billion dollar special dividend, then ALL that money would be in share holder pocket’s right now even amidst this meltdown. There is nothing more corrupt to the core than shareholder buy backs. Pure 100% market manipulation, very temporary, with fictional gains to the long term shareholder.

   Of course, the slobbering Tim Cook sycophants that infest this forum will 1 star this post. I say bring it on! I wear 1 stars with great pride.

   The most miserable CEO in all of tech today is Tim Cook. A more worthless coattail riding do nothing, know nothing is hard to imagine. Tim Cook IS Apple’s Steve Ballmer.

   FIRE Tim Cook!!!

   1. 
      Country Joe

      Thursday, May 5, 2022 at 3:15 pm

      This is awesome for buybacks… the lower the stock price, the better!

   2. 
      FIRE JOEY B

      Thursday, May 5, 2022 at 3:16 pm

      no huge fan of Tim Cook here but in fairness AAPL is weathering the storm better than most companies. The real fault lies with the leader of this country that thought it was a great idea to spike the cost of energy. Get ready for a long ride everyone. 2024 couldn’t get here quick enough.

   3. 
      Stars&Bars

      Thursday, May 5, 2022 at 4:32 pm

      “Original Mac User”, this is likely even simple enough for you to understand. There were about 17B shares. Now there are about 16B shares. The earnings (fyi profit) divided by each share is increased due to the reduction in share count. The earnings return per share is kind of important to a “share”holder. Anyways, when the overall market goes down, the amount it loses will likely be commensurate with the new earnings per share amount from the reduced share count. Even you should be able to momentarily stop from your furious and thoughtless pounding away on your keyboard done to sate your psychotic anti Apple/Anto Tim Cook rant to understand this basic math 101 equation. Or maybe not.

4. 
   Jim Creamer

   Thursday, May 5, 2022 at 4:47 pm

   Though OMU may have part of it wrong, but let’s be frank, buybacks do very little, unless one holds a significant qty of shares. It’s also valuable to know, share buybacks used to be illegal. After that, it’s reasonable to wonder what’s changed? BBs are functional to high count shareholders AND they are very “functional” with Wall Street…come reporting day. The latter function sucks and makes them manipulative and influential beyond true market productivity.

   1. 
      Stars&Bars

      Friday, May 6, 2022 at 3:14 am

      They were illegal, they are not now. The reason they were illegal is that was considered insider trading/manipulation. The reason they are legal now is the accountability of how buybacks can be accomplished. Company X will announce poor earnings, company X suspends buybacks until bad news then proceeds with entire buyback. Yea company X legal team is about to become real busy. Buybacks are done methodically. You can see that in each, for example, Apple ER showing a relatively even share reduction each quarterly share count.

      So when a company goes public and issues shares, they can’t ever remove those shares because it’s manipulation? They shouldn’t ever be able to issue more then either. That’s stock price manipulation. Then shouldn’t they be unable to offer future shares as compensation to hire employees (that’s hiding employee costs, manipulation). Company directors should not own shares because virtually everything they do is manipulation that may benefit them. You can go around in this circle all you want. Provided it is done above board, the idea a company can’t reduce share count is dim (or any of the other moves mentioned).
      And share buybacks helps small shareholders like me too, very much. And it helps everyone who has a 401k or private pension fund. It all goes back precisely in share owning ratio to everyone. You all want to boo how I hate Apple I won’t buy the stock? Then don’t. Don’t listen to Mac daily news who has been yelling from the mountain top to buy. The revenue, earnings, share count reduction and dividend has been a financial windfall to anyone who hasn’t been listening to you ‘waa I hate Apple, waa buybacks’.
      Honestly grown up to you all. Your infantilism on stocks, company, buybacks, it’s utterly counterproductive to yourselves. You were offered advice to buy to increase your finances. Instead you whined. You were offered again and you whined more. See a pattern?

      1. 
         Will Barta

         Friday, May 6, 2022 at 12:13 pm

         The post went from instruction, because you (the plebs) need it. to you’re an idiot and f-off.

         I’m kind of surprised you didn’t mention being a Mensa member, or some other “clariifying” statement.

         I’d like to offer you assistance to get down from your high horse, but you’d prob say f-off.

5. 
   TowerTone

   Thursday, May 5, 2022 at 8:50 pm

   Sorry to use the ‘d’ word but I will-
   The Democrats have caused so many to lose confidence in almost ALL of our institutions, leading us towards economic ruin and to the brink of TOTAL war, the very things they always claim the Right is doing.

   But it is happening.
   So much disinformation over the past decade and now dragging down the Supreme Court (they actually started when ObamaCare was on the block) it’s just hard to look at the Left anymore as fellow countrymen with some different ideas on how to get to the same goals as the Right.

   No. You on the Left have been duped into becoming the fucking scum of the Earth, allowing ANYTHING that goes against common sense to become the norm.

   RESPONSIBLE voting.
   Tampons in the boy’s school bathrooms.
   Grown men in the little girls bathrooms.
   OPEN borders!!!
   Rioting allowed to destroy billions in business as if it’s just a toddler having a tantrum at bedtime.
   Hijacking any forum to stop news of certain realities (like the Biden laptop) and replaced by lies (like Russian collusion for Trump).

   Fuck you people and all you stand (or kneel….) for.
   Nothing, NOTHING you represent is good for our country anymore.

   Yeah, say some words like ‘equality’ and ‘environment’ to make some argument, but then do nothing to fix the issues, only arguments, protest and destruction because y’all don’t know HOW to fix any problems, just point out the things you don’t understand.

   I have finally given up on trying to understand or befriend you.
   YOU have become the enemy to my country.

   (say Jan 6 and I’ll laugh in your stupid face)

   1. 
      Poor Loser

      Friday, May 6, 2022 at 7:31 am

      If you think that it’s you that gets to declare who the enemy is, it is you that’s the enemy.

      1. 
         TowerTone

         Friday, May 6, 2022 at 8:13 am

         What a juvenile reply.
         “I know you are but what am I?”

         The left has NOTHING to offer this country anymore.
         EVERYTHING THE DEMOCRAT PARTY DOES IS FOR SELF-PRESERVATION AND GRAFT.

         Everything.

   2. 
      Clarion Call

      Friday, May 6, 2022 at 5:51 pm

      The Tone from the Tower is clear, bright and fittingly resolute.

6. 

   Friday, May 6, 2022 at 12:56 am

   Let’s Go Brandon! #FJB

7. 
   DudeMac

   Saturday, May 7, 2022 at 12:06 pm

   Sounds like Biden’s “Build Back Broke” initiative is succeeding in the destruction of America.

This site uses Akismet to reduce spam. Learn how your comment data is processed.