The Dow Jones Industrial Average shed more than 400 points on Monday, as a slump in Apple shares battered the tech sector, with conflicting signals over the state of play between the United States and China on their trade dispute kept investors on edge. Shares of Apple Inc fell 3.8 percent after the Wall Street Journal reported the company had cut production orders in recent weeks for all three iPhone models launched in September. The iPhone maker's stock, which has played a major role in powering a decade-long bull run for equities, is down nearly 20 percent from a record high in October following a disappointing holiday-quarter sales forecast and weak outlook from several of its suppliers. The stock was the biggest drag on the technology sector, which fell 3.3 percent and was the top loser among the 11 major S&P sectors trading in the red. Consumer discretionary stocks tumbled 2.1 percent and communication services fell 2.7 percent. "Without the FANG leadership, including Apple, … [Read more...] about US stocks plunge on falling tech, China trade tensions
Stocks 52 week high and low
Oil prices reach four-year high on Iran sanctions and NAFTA deal
Wall Street kicked off the fourth quarter on a positive note on Monday, as a last-minute deal to salvage NAFTA as a trilateral pact helped ease trade concerns. Canada and Mexico accepted more restrictive commerce in the new United States-Mexico-Canada Agreement (USMCA), which will make it harder for global automakers to build cars cheaply in Mexico and aims to bring more jobs to the United States. The materials and energy sectors rose more than 1 percent. Energy stocks got a boost as crude oil prices hit their highest level since 2014 on a combination of the new trade agreement and U.S. sanctions on Iran. Smallcap stocks were under pressure, with the Russell 2000 off 0.97. Smaller names had been seen as more immune to trade pressures and the index is now off more than 3 percent from its Aug. 31 high. The defensive real estate and utilities sectors led the decliners. The communications services index also fell 0.32 percent as media stocks lagged. Tesla shares soared 16.8 percent as … [Read more...] about Oil prices reach four-year high on Iran sanctions and NAFTA deal
S&P 500 reaches new high to clinch record bull run
The benchmark S&P 500 stock index clinched its longest bull-market run on Friday, closing above its previous January high, as Federal Reserve Chairman Jerome Powell affirmed the U.S. central bank’s current pace of rate hikes, Reuters reported. The S&P had last reached a new closing high on Jan. 26, then retreated more than 10 percent, a correction that lasted until Feb. 8. Friday’s new closing high confirmed that the index’s bull run remained intact. Speaking at a research symposium in Jackson Hole, Wyoming, Powell said the Fed’s gradual interest rate hikes were the best way to protect the economic recovery, maintain strong job growth and keep inflation under control. His comments did little to change market expectations of a rate hike in September and perhaps again in December. Investors said they were reassured that Powell’s comments stayed in line with previous commentary from the Fed regarding policy. Economic data also boosted sentiment. New … [Read more...] about S&P 500 reaches new high to clinch record bull run
US, European stocks dive, euro falls, as lira drop sends global markets lower
Stocks are opening moderately lower on Wall Street Friday following steeper losses in Europe amid a widespread selloff in global stocks as the Turkish lira tumbles over a deepening rift with the United States. President Donald Trump doubled tariffs on aluminum and steel imports from Turkey, deepening the currency's losses and raising concerns that the crisis could weigh on other economies. "Problems in emerging markets are more important than ever because of the global growth engine that emerging markets have become," Peter Cecchini, chief market strategist at Cantor Fitzgerald in New York, wrote in a note. "This will eventually matter greatly to U.S. markets." Investors fled to safe-haven assets, with the dollar rising to a 13-month high and U.S. bond yields slipping to a three-week low. The Dow Jones Industrial Average fell more than 200 points. Ten of the 11 major S&P sectors were lower, with bank stocks taking the biggest hit. "Banks are leverage plays on the global economy. … [Read more...] about US, European stocks dive, euro falls, as lira drop sends global markets lower
Apple hits $1 trillion mark, boosts Nasdaq and S&P
Apple became the first $1 trillion publicly listed U.S. company on Thursday, leading a rebound in technology stocks and pushing the benchmark S&P 500 and the Nasdaq higher, Reuters reported. Market sentiment was also lifted by Commerce Secretary Wilbur Ross’s comment, who said the tariffs that United States is threatening to impose on Chinese goods would not be disastrous for the Asian nation. “It’s not something that’s going to be cataclysmic,” he said in an interview with Fox Business Network, explaining that a 25 percent tariff on $200 billion worth of goods would equal to less than 1 percent of China’s economy. “There’s optimism now that the U.S. style of threatening tariffs may ultimately come to fruition in a deal,” said Brad Neuman, director of market strategy at Alger, a growth equity asset management firm in New York City. Technology stocks .SPLRCT, which were trading lower earlier in the session, rose 1.03 percent. … [Read more...] about Apple hits $1 trillion mark, boosts Nasdaq and S&P