Markets

Here's what happened to the stock market on Thursday

Traders work at the New York Stock Exchange.
Johannes Eisele | AFP | Getty Images

Dow Jones Industrial Average drops 135 points

The Dow fell 135.39 points, or 0.50%, to 26,734.71. The S&P 500 dipped 0.34% to 3,215.57. The Nasdaq Composite closed 0.73% lower at 10,473.83. Stocks closed lower as tech struggled once again while traders pored over mixed economic data.

Big Tech struggles once again

Microsoft shares fell 1.98% and Apple dipped 1.23%. Amazon closed around the flatline along with Facebook. Netflix was the outperformer among Big Tech stocks, rising 0.79% ahead of its earnings release. Major tech stocks — which have been the stalwarts in the market this year — are mostly down for the week.

Jobless claims disappoint, retail sales surge

The weekly jobless claims number came in slightly worse than expected. The Labor Department said a total of 1.3 million Americans filed for unemployment benefits last week, compared to Dow Jones estimates of 1.25 million first-time filers. However, retail sales jumped 7.5% in June, topping expectations of a 5.2% increase per Dow Jones. This reading came after May's 17.7% surge, which blew past estimates and was the largest reading on record.

What happens next?

Consumer sentiment data along with BlackRock earnings are set for release Friday.

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