Monday, 10 December, 2018

Stocks open slightly lower as tech companies fall

Stocks open slightly lower as tech companies fall Stocks open slightly lower as tech companies fall
Orlando Vargas | 06 May, 2017, 08:08

The Nasdaq .IXIC fell 0.4 percent as Apple shares slid after reporting lower than expected iPhone sales on Tuesday. Prices hit a low of $1,236.01, a level not seen since March 21.

Media stocks fell after Time Warner reported poor advertising sales for cable TV.

Apple fell 1 percent Wednesday after investors weren't thrilled with the company's first-quarter results, which included lower-than-expected iPhone sales. The FOMC unanimously made a decision to leave interest rates unchanged but signaled that the recent disappointing USA economic data would not derail plans for further rate hikes this year. The markets reacted positively to the FOMC statement and are still pricing in a June rate hike.

The Fed is in its first tightening cycle in more than a decade after it spent years keeping rates near zero to help the economy following the 2007-2009 recession. That sent bank stocks higher, which narrowed the market's losses.

We could continue to see periods of short-covering related to technically oversold conditions, but the overall fundamentals are bearish - namely rising interest rates make the dollar strong and gold a less attractive investment.

Ryan Detrick, senior market strategist for LPL Financial, said he agrees that the economy will improve following a sluggish first quarter.

The weak US auto sales figures could make market participants wary of actively buying the dollar against the yen for now, said Satoshi Okagawa, senior global markets analyst for Sumitomo Mitsui Banking Corporation in Singapore. The Dow Jones industrial average rose a fraction to 20,957.90.

The dollar index, which tracks the greenback against a basket of trade-weighted peers, rose 0.1 percent to 99.055.

Global benchmark Brent added 0.9 percent to $50.92 a barrel, after falling 2.1 percent overnight to its lowest closing price this year. The stock gave up $1.34, or 11.7 percent, to $10.06.

No fun in Utah? Jazz fans turn tables on Warriors' razz
Golden State is the decided favorite in Game 2 and in the series, and Hill's absence only makes Utah's task more hard . Shaun Livingston returned to action after missing the previous three games with a finger injury.


Jose Mourinho ponders fielding under-23 side against Crystal Palace
But the Portuguese insists winning the Europa League is United's priority, with the competition arguably offering a more realistic route to a return to European football's top table.


Country music legend Loretta Lynn suffers stroke
According to her official Facebook page , it happened at Lynn's home in Hurricane Mills in Humphreys County, Tennessee. Unfortunately, Lynn has suffered quite a few health problems over the last few years.


Oil prices fell for the fourth day in a row on Thursday, nearing their lowest level since late March after data showed a lower than expected decline in US inventories. Apple is up 25 percent this year and recently set all-time highs.

The U.S. Treasury earlier on Wednesday said it is studying the possibility of issuing ultra long-term bonds. The stock jumped $8.95, or 17.6 percent, to $59.75.

The Aussie-US. spread was more than 2 percentage points in 2012 when the proportion of foreign ownership peaked at 76% amid a hunt for yield and diversification by reserve managers.

Delphi Automotive surged after it said it will spin off its powertrain systems business as a separate publicly traded company.

ENERGY: U.S. benchmark crude dipped 7 cents to $47.61 a barrel in NY. It said it's received an all-stock offer worth $135.96 per share from an undisclosed buyer. The Tokyo and Hong Kong markets were both closed on holiday Wednesday.

The euro EUR=EBS was steady at $1.0889 early on Thursday, after losing 0.4 percent on Wednesday.

US crude CLc1 recovered 0.9 percent to $48.07, after sliding to its lowest closing price since March 21 on Tuesday.

The British FTSE 100 retreated 0.2 percent and France's CAC 40 lost 0.1 percent.

The dollar rose to 112 yen from 111.83 yen.

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