Apple Takes The Bite Out Of U.S. Stocks

By Big News Network

U.S. stocks had a wild ride on Monday, falling sharply, recouping some lost ground, and then plummeting back down again. Sellers ultimately won out on the day with Apple leading tech stocks lower, causing doom and gloom across the board,

Apple was out of favour on Monday due to a New York Times report that said the phone-maker was cutting back on production due to sales expectations not being met. Unsurprisingly the Nasdaq was the biggest loser on the day as other major tech stocks fell, particularly those that supply parts to Apple. Curiously, although Apple had plummeted well over 3% earlier in the day, by the close Apple shares were down just 0.75%, however the broader market remained under water. Clearly the damage had been done.

At the close of trading Monday, the Dow Jones industrials were down 395.78 points or 1.56% at 25,017.44.

The Standard and Poor’s 500 fell 45.54 points or 1.66% to 2,690.73.

The tech-laden Nasdaq Composite was down 219.40 points or 3.03% at 7,028.48.

On foreign exchange markets the euro was the stand-out, rising above 1.1450, and consolidating above this level.

Around the close in New York on Monday, the euro was quoted at 1.1456.

The British pound was little changed at 1.2857 despite the ructions over the Brexit deal and the future tenure of Theresa May’s government.

The Swiss franc was changing hands at 0.9938, while the Canadian dollar was at 1.3177.

The Australian dollar eased a touch to 0.7291, while the New Zealand dollar inched down to 0.6837.

On overseas markets stocks were mixed.

In London, the FTSE 100 was down 12.99 points or 0.19% at 7,000.89.

The German Dax fell 96.46 points or 0.85% to 11,244.54.

The Paris-based CAC 40 slid 39.74 points or 0.79% to 4,985.45.

In Asian markets, stocks largely rose on Monday, despite back-and-forth jabs from both China and the United States on trade differences.

President Donald Trump on Friday foreshadowed an agreement which would prevent a new round of trade tariffs planned, but Vice President Mike Pence put on a good show at the APEC conference on the weekend of giving every indication the disagreements remain firmly in place.

The Australian stock market was the odd-man-out in Asia Monday, losing ground, although moderately.

At the close of trading Monday, Japan’s Nikkei 225 was ahead 140.82 points or 0.65% at 21,821.16.

In China, the Shanghai Composite rose 24.40 points or 0.91% to 2,703.51.

The Australian All Ordinaries slipped 36.40 points or 0.63% to 5,786.

At the close of trading in Hong Kong Monday, the Hang Seng was up 188.47 points or 0.72% at 26,372.00.

This article provided by NewsEdge.