Breaking News
0

Stocks – Apple, Fed Unease Pull Stocks Lower

Stock MarketsJul 08, 2019 10:37PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

Investing.com – Investors returned from the July 4 weekend and didn't like what they saw from Apple and Boeing and thought they saw from the Federal Reserve.

The result was a second day of declines after the market's record-setting close on Wednesday. The S&P 500 fell 0.5%. The Dow dropped 0.4%, and the Nasdaq Composite slid 0.8%. The Nasdaq 100, dominated by big tech stocks, was down 0.7%.

Apple (NASDAQ:AAPL) was a prime culprit, falling more than 2% on a downgrade. Boeing (NYSE:BA) dropped 1.3% after a Saudi Arabian airline cancelled orders for 30 737 Max jetliners. Together, they represented nearly 61 points of the Dow's 116-point decline.

The market was also in a worrying mood about whether the Fed will cut rates at its July 30-31 meeting. Friday's jobs report, which showed non-farm payrolls growing by a larger-than-expected 224,00 jobs, raised fears that the Fed might not cut rates after all. Investing.com's Fed Rate Monitoring Tool still sees the Fed cutting its key federal funds rate from 2.25%-2.5% to 2%-2.25%.

Interest rates did move lower on the day. The 10-year Treasury yield fell to 2.034% from 2.048% on Friday.

The Fed has said it stands ready to cut rates to support the economic recovery. Chairman Jerome Powell will testify before Senate and House committees on Wednesday and Thursday and will be questioned closely on the point. President Trump has criticized the central bank and demanded rates cuts.

Chipotle Mexican Grill (NYSE:CMG), Costco Wholesale (NASDAQ:COST) and Walmart (NYSE:WMT) were among stocks that hit new highs. Nike (NYSE:NKE), Procter & Gamble (NYSE:PG) and Home Depot (NYSE:HD) were the top three Dow performers, followed by Walmart.

Gold prices were flat on the day, with the August contract on NYMEX settling down 10 cents to $1,400. Oil prices were mixed. West Texas Intermediate crude oil settled up 15 cents to $57.66 a barrel. Brent crude fell 12 cents to $64.11. The American Automobile Association's Daily Fuel Gauge Report said regular unleaded gas averaged $2.753 a gallon, little changed from Friday but up 21.5% on the year.

With interest rates slipping, real estate and utilities stocks were the market leaders. Tech stocks were among the weaker sectors, but materials stocks were the laggards.

Third-quarter earnings will start to come in this week, with PepsiCo (NASDAQ:PEP) reporting before Tuesday's open and Delta Air Lines (NYSE:DAL) issuing its report before Thursday's open.

S&P 500 winners and losers

Signet Jewelers (NYSE:SIG), Edison International (NYSE:EIX) (the parent of Southern (NYSE:SO) California Edison) and chipmaker Western Digital (NASDAQ:WDC) were among the top S&P 500 performers.

IPG Photonics (NASDAQ:IPGP), healthcare provider DaVita Inc . (NYSE:DVA) and financial-services company Navient (NASDAQ:NAVI) were among the weakest S&P 500 performers.

Stocks – Apple, Fed Unease Pull Stocks Lower
 

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments
Rob Riv
Rob Riv Jul 08, 2019 7:27PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Lets go apple! Got some calls x7-12
Khal Drogo
Khal Drogo Jul 08, 2019 7:27PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Still can't compete with Huawei
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email