By Yasin Ebrahim

Investing.com — Thursday’s Dow drop left the market at the brink of an 8th consecutive weekly loss. Early-day efforts to claw back losses were unsuccessful amid a continuing tech meltdown.  

It fell 0.75% or 236 points to fall 0.3%, and 0.6% to drop to 18%. This is just short of the 20% bear market decline.    

The tech stocks were briefly green as investors continued to be concerned about aggressive rate rises.

Apple (NASDAQ) led the fall in tech. It fell more than 22% while Wall Street revised its outlook.

Bank of America raised its estimates on iPhone sales to 237 million units from 231 million for Apple’s 2023 fiscal year, after conceding that prior iPhone estimates may have been “too conservative.”

Cisco (NASDAQ: ) was another major market drag. The stock plummeted about 14% when Cisco reported, and Wall Street forecasts were impacted by guidance from Cisco that did not meet Wall Street expectations.

“Although the lockdown is expected to be lifted on June 1, it remains uncertain if improvements can be seen in the short term considering ports and airports are expected to be congested as nearly all manufacturers will compete for the capacity to get their products shipped,” Credit Suisse said in a note.

Harley-Davidson (NYSE -) reversed about 9% when it suspended most vehicle assembly for two weeks following a dispute with a supplier.

Protective market segment Consumer staples also pushed down the broader market. The latter was also affected by the losses in Clorox (NYSE -), Philip Morris International Inc (NYSE – ) and other companies. Molson Coors Brewing (NYSE :).

Consumer discretionary stocks cut gains to end the day just above the flatline as Expedia (NASDAQ:), Caesars Entertainment  (NASDAQ:) and Booking Holdings (NASDAQ:) gave up some fo their gains. 

Tesla (NASDAQ:), ended flat following its intraday rally, which cooled after Wedbush cut its stock price. Wedbush had forecasted that China would lead a decline in the quarter’s deliveries.

Wedbush cut its price target on Tesla to $1,000 from $1,400, pointing to the Shanghai lockdowns, which have been an “epic disaster” and are expected to modestly impact delivery in the second quarter, the research firm said.

Although the economy did not do much to ease fears about slowing future economic growth, it showed an increase in manufacturing activity that was sharply below expectations.

Other news: Wearing Under Armour The stock market fell almost 12% following the unexpected announcement by the apparel retailer that Chief Executive Patrik Frisk will be stepping down in June.