US stocks back in the red as Apple leads tech slump NEW YORK : Wall Street stocks suffered another ugly rout on Thursday (Sept 29) as US bond yields resumed their upward climb on a bruising day for shares of Apple and other tech giants. Thursday''s economic reports included data showing a drop in weekly US jobless claims that point to a strong labor market likely to keep the Federal Reserve focused on its current policy of countering inflation. “Risky assets don’t stand a chance of a meaningful rally if the economy continues to show resilience while inflation continues to be significantly above the Fed’s funds rate,” said Oanda’s Edward Moya. The broad-based SP 500 dropped 2.1% to 3,640.47, its lowest close since November 2020. The Dow Jones Industrial Average lost 1.5% to 29,225.61, while the tech-rich Nasdaq Composite Index tumbled 2.8% to 10,737.51. FHN Financial''s Chris Low said investors were also unnerved by market volatility in Britain after Prime Minister Liz Truss doubled down on a controversial tax cut policy that has rattled markets.