Thursday didn’t get off to a good start.
On Thursday morning, Apple was down as much as 2.8% on reports of the company cutting production orders linked to the new iPhone 8. Apple led the S&P 500 down as much as 0.5% in early trading.
But, the markets weren’t going to let a single stock drag them down, so at about 10:15 AM, the S&P reversed course and started a long march upward to end the day above its break-even point.
More than one Wall Street firm has called for a correction to hit the markets soon, but it didn’t come today.
Here’s the scoreboard:
- Dow: 23,156.30, -0.90, (0.00%)
- S&P 500: 2,562.35, +1.09, (0.04%)
- Nasdaq: 6,605.07, -19.15, (0.29%)
- US 10-year yield: 2.34%, 0.04
- WTI crude oil: $US51.37, 0.66, 0.92%
- The stock market is finally falling — and Apple is to blame. Apple was down early on Thursday, and dragged the markets down with it.
- Wall Street banks are starting to sound the alarm on a stock market correction. Bank of America Merrill Lynch is the latest Wall Street firm to issue a warning about a possible stock market correction.
- MongoDB skyrockets 30% on its first day of trading. The company isn’t profitable but is working on improving that.
- Nike has lost its crown as king of the sneaker market — and a sneaker mogul has a simple explanation for why. It’s all about supply and demand.
- Google just delivered a $US1 billion blow to Uber. The tech giant led an investing round in one of Uber’s biggest rivals.