Photo: Flickr / Tom Mooring
Markets experienced another low volatility day.First the scoreboard:
Dow: 13,558, -20.5, -0.1%
S&P 500: 1,456, -3.2, -0.2%
NASDAQ: 3,160, -19.1, -0.6%
And now the top stories:
- One of the more surprising pieces of news is that Apple didn’t sell as many iPhone 5s this weekend as some had expected. Sure, this is just one company. But it’s the largest component of the S&P 500 and Nasdaq, which is why both of those indices underperformed the Dow Jones Industrial Average. Doug Kass has 10 reasons why investors should worry about Apple >
- Another huge tech stock that got slammed today and dragged the S&P and Nasdaq was Facebook, which plunged 9 per cent today. Over the weekend, Barron’s ran its new cover story, which argued that Facebook was worth $15. Central to the bearish case was that the stock has been trading at an extremely steep premium relative Apple and Google.
- In another positive sign for the U.S. housing market, homebuilder Lennar announced Q3 earnings that blew past Wall Street’s expectations. New orders jumped 44%. “The housing market has stabilised and the recovery is well underway,” said CEO Stuart Miller.
- The Dallas Fed manufacturing index slipped to -0.9 from -1.6 a month ago. However, this wasn’t as bad as the -2.7 economists were expecting.
- The eurozone debt crisis continues to rear its ugly head. According to a new report from Spiegel, Greece’s budget deficit is twice as big as previously expected. Although this hasn’t been publicly confirmed by any officials, the eurozone sceptics continue to get increasingly vocal. In a new note to clients, Citi’s Willem Buiter warns that the euro crisis will remain in “cardiac arrest” for another two or three more years.
- Don’t Miss: JIM O’NEILL: These Are The Books And Economists That Shaped The Way I Think >
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