On Friday, the 13th of September 2019, despite a cooldown in Sino-US trade spat, Wall St. ended the day in a downbeat note, while a flurry of icebreaking efforts from both US and China were appeared to be overshadowed by an unexpected drop in Apple Inc.
stocks. Although, Nasdaq and S&P had failed to post gains, major developments in Sino-US trade tension had helped trade-sensitive Dow Jones Industrial Average to wrap up the day in a positive territory, while all three major US stock indexes had reported third straight week of gains in a week that had witnessed potential ice-breaking attempts from both Washington and Beijing to calm down heats of a protracted and costlier trade spat.
Meanwhile, the benchmark Standard & Poor 500 edged down marginally on Friday (September 13th), but remained less than 1 per cent below from its record closing highs. Aside from that, Apple Inc. had been the major drag on Wall St.
on Friday (September 13th), which faltered 1.9 per cent after Goldman Sachs analysts had slashed price target for Cupertino-based iPhone maker’s shares, meanwhile referring to Apple Inc.’s unprecedented downturn despite a resolution of dispute with chipmaker Qualcomm Inc., a chief market economist at Spartan Capital Securities in New York, Peter Cardillo said, “Apple is holding back the averages.
Another factor is we have a huge rally in (Treasury) yields, the 10-year is up substantially. Those two factors are holding back the market and dampening the enthusiasm that some kind of cosmetic trade deal is on its way. ” Quoting statistics, on Friday’s (September 13th) market round-off, Dow gained 0.14 per cent to 27,219.52, S&P ended the day a penny down to 3,007.39, while tech-heavy Nasdaq shrugged off 0.22 per cent to 8,176.71 on Friday’s (Sept. 13th) market closure.