Dow, S&P retreat after Apple’s sales warning, Nasdaq extends record-setting rally


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Dow, S&P retreat after Apple’s sales warning, Nasdaq extends record-setting rally

On Tuesday, the 18th of February 2020, following a hesitant opening of the day, trade sensitive Dow Jones Industrial Average and Standard & Poor 500 fell sharply at midday trading after the Cupertino, CA-based iPhone maker had raised an alarming bell over its quarterly sales and profit due to a potential supply chain disruption that stemmed off China’s Wuhan coronavirus epidemic, while investors appeared to be leaning more towards the defensives stocks such as cyclical goods, healthcare and real estate amid another withering wave of global economic slowdown frets.

Nonetheless, although Apple Inc. alongside its suppliers’ shares’ prices fell across the board earlier on Tuesday’s (February 18th) Wall St. while Apple Inc. had drowned as much as 3 per cent in pre-market trading, but a majority of tech stocks pared earlier losses at the later part of the day, eventually aiding Nasdaq to wind down the day marginally higher.

Besides, as Apple Inc.’s Tuesday’s (February 18th) remark on supply chain disruption alongside a warning about quarterly sales forecast, had sent shockwaves into the money markets across the globe, a managing director of equity trading at Wedbush Securities in Los Angeles, Michael James said on Tuesday’s Wall St.

wind up, “Certainly this was not welcome news, but I don’t think it’s a debacle either. In general, investors are not overly concerned by the news from Apple as a read through to technology or the market overall.

” Citing statistics, on Tuesday’s (February 18th) Wall St. closing bell, Dow shrugged off 0.56 per cent to 29,232.19, S&P lost 0.29 per cent to 3,370.29, while the tech-heavy Nasdaq wrapped up the day 0.02 per cent higher to an all-time closing high 9,732.74 on record.