por admin » Mié Nov 14, 2018 11:22 am
AAPL hace caer al mercado
Dow turns negative, giving up 200-point gain, as Apple rolls over
PUBLISHED 6 HOURS AGO UPDATED 16 MINS AGO
Fred Imbert
@foimbert
CNBC.COM
Stocks gave back most of their gains from earlier in the day on Wednesday as shares of Apple rolled over. A decline in bank shares also pressured the broader market.
The Dow Jones Industrial Average fell 10 points after rising more than 200 points. The S&P 500 traded just above the flatline as while the Nasdaq Composite dipped 0.1 percent.
Apple fell more than 1 percent, breaking below its 200-day moving average, a key technical level. The decline comes after Guggenheim downgraded the stock. This downgrade comes as UBS cut its 12-month price target on the stock and follows a target reduction at Goldman Sachs. Investors have been worried the company's iPhone sales will slow down in the near future.
The SPDR S&P Bank ETF (KBE) fell 0.2 percent, erasing earlier gains, after Democratic Rep. Maxine Waters said the Trump administration's efforts to curb banking regulations "will come to an end." Goldman Sachs, J.P. Morgan Chase and Citigroup all traded lower.
Gains were also capped by comments made by Rep. Bill Pascrell, D-NJ. In an interview, Pascrell said the updated trade deal between the U.S., Canada and Mexico needs to be changed before it can pass through Congress. There needs "to be not only changes in the legislation but more enforcement," said Pascrell, who is in line to be the head of the House Ways and Means subcommittee on trade.
The market's losses were kept in check, however, as oil rose 2.4 percent to rebound from a 7 percent plunge in the previous session. Crude was also on pace to rise for the first time in 13 sessions. Prices have been under pressure recently amid fears of an abundance of supply and not enough demand.
Traders work on the floor of the New York Stock Exchange.
Chris Goodney | Bloomberg | Getty Images
Traders work on the floor of the New York Stock Exchange.
President Donald Trump earlier this week sent another warning to producer cartel OPEC (Organization of Petroleum Exporting Countries), saying he hoped the group would not cut output in a move to buoy prices. The fall in crude has also sparked worries of a global economic slowdown.
"The crude crash has gotten extreme," said Frank Cappelleri, executive director at Instinet. "While a mean reverting move is expected soon, the downturn has had negative effects on both the high yield bond market and credit spreads — all of which will be influential on any rally attempts for equities."
The Energy Select Secotr SPDR Fund rose 1 percent, led by gains in Apache and ConocoPhillips. Both stocks rose more than 3 percent.
Investors also breathed a sigh of relief the latest data showed U.S. inflation is still tame.
The consumer price index rose 0.3 percent in October — in line with expectations — boosted by higher gasoline prices, used cars and housing. The so-called core CPI, which strips out food and energy costs, missed estimates on an annualized basis, coming in at 2.1 percent. This is also lower than a previous reading of 2.2 percent.
These data come as a relief for investors as they have contended with worries of rising interest rates. The Federal Reserve has raised rates three times this year, and is forecast to hike once more before year-end. Investors worry that rising inflation will lead the Fed to tighten policy at a faster-than-expected pace.
"Making a call on inflation for the next few quarters is difficult here because of the potential for a higher tariff rate in 1 ½ months," Peter Boockvar, chief investment officer at Bleakley Advisory Group, said in a note. "Also, how companies handle the margin impact of rising labor costs will be key."
Wednesday's moves come after a volatile session on Tuesday, with the Dow falling just a touch above 100 points by the close, despite a rise earlier in the session in excess of 100 points.
Reports of renewed trade talks between the U.S. and China failed to lift sentiment on Wednesday, with traders keeping a wary eye on volatility in the oil market.
A slew of Federal Reserve speeches are expected on Tuesday. At 6 p.m. ET, Federal Reserve Chairman Jerome Powell and Dallas Federal Reserve Bank President Robert Kaplan will be speaking on global economic issues in Texas.
Correction: This story has been updated to reflect that Federal Reserve Chairman Jerome Powell and Dallas Federal Reserve Bank President Robert Kaplan will be speaking on global economic issues in Texas at 6 p.m. ET.
—CNBC's Ryan Browne contributed to this report.