Thursday's early trade: S&P, Nasdaq rise as Apple nears $2 trillion in market cap

NEW YORK: The S&P 500 and Nasdaq rose on Thursday, with Apple inching toward $2 trillion in market capitalization, as data showed jobless claims fell below one million last week for the first time since the start of the pandemic in United States. While the S&P 500 remained within striking distance of a record high, the blue-chip Dow was weighed down by a 11.4% slump in Cisco Systems Inc after the company forecast first-quarter revenue and profit below estimates.

Apple Inc rose 2.2% as a report said the iPhone maker was readying a series of subscription bundles for its digital services. At its current share price of about $457, the company is about $10 a share shy of hitting $2 trillion in market capitalization.

At 11:09 a.m. ET, the Dow Jones Industrial Average was down 46.98 points, or 0.17%, at 27,929.86, the S&P 500 was up 4.48 points, or 0.13%, at 3,384.83. The Nasdaq Composite was up 104.57 points, or 0.95%, at 11,116.81.