Stocks fall after Apple warns coronavirus will hurt its revenue

  • 📰 latimes
  • ⏱ Reading Time:
  • 52 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 24%
  • Publisher: 82%

United States News News

United States United States Latest News,United States United States Headlines

Major U.S. stock indexes closed mostly lower Tuesday, as the market gave up some of its gains from the past two weeks

The deadly coronavirus outbreak is hurting scores of companies in California and nationwide that depend on Chinese production and consumer spending.

The S&P 500 index fell 9.87 points, or 0.3%, to 3,370.29. That’s just below the all-time high it set Friday.The Dow slid 165.89 points, or 0.6%, to 29,232.19. The Nasdaq recovered from an early slide and finished with a gain of 1.56 points, or less than 0.1%, at 9,732.74.Bond prices rose. The yield on the 10-year Treasury fell to 1.56% from 1.58% on Friday.

Although Apple’s projected revenue miss took Wall Street by surprise, some analysts played down the iPhone production delay’s long-term effect on the company. In a research note Tuesday, Canaccord Genuity analyst Michael Walkley said Apple continues to perform strongly across all business lines, including iPhone 11 demand outside China.Despite the uncertainty over the viral outbreak, investors have been willing to buy back into the market after a dip.

Technology stocks accounted for a big slice of the selling Tuesday. Declines hit several chipmakers, which rely heavily on China for sales and supplies. Intel fell 1.7%. Broadcom slid 2.2%.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

I wish LA Times political reporting was as good as your business reporting.

maybe they'll consider manufacturing more of the product pieces in the country that made them so wealthy instead of the country that oppresses its people.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 11. in US

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

European stocks set to slide as Apple warns on coronavirus revenue hitEuropean stocks are set to open lower on Tuesday following a weak handover from Asia, as Apple's revenue guidance warning rocks electronics supplier shares and coronavirus fears persist. Buy time coming? 2020 the year of the great correction by the Novel Virus called Corona!
Source: CNBC - 🏆 12. / 72 Read more »

Global stocks tank after Apple warns Wuhan coronavirus is hammering sales | Markets InsiderStocks tumbled on Tuesday after Apple warned Wuhan coronavirus is hitting sales. The iPhone maker doesn't expect to hit its quarterly revenue ta... We will see the aftermath of the COVID19 between Q1 and Q2 this year...This is only the beginning! Open.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Apple hits stocks, euro near three-year lowWorld stocks markets were knocked off record highs on Tuesday as companies underlined the impact of the coronavirus outbreak This virus is a big deal economically and I don’t think we are prepared for the fallout.
Source: Reuters - 🏆 2. / 97 Read more »

Stocks making the biggest moves midday: Apple, Legg Mason, Virgin Galactic, Tesla and moreThese are the stocks posting the largest moves in midday trading.
Source: CNBC - 🏆 12. / 72 Read more »

Stocks fall as Apple warning raises China virus concernsU.S. stocks slipped in early trading Tuesday after technology giant Apple became the most well-known company to warn of a financial hit from the virus outbreak in China Maybe there's a lesson to be learned here about being over-reliant on China and trusting the CCP? 🤔
Source: ABC - 🏆 471. / 51 Read more »

Stock market live updates: Stocks at lows, Apple leads slide, Tesla jumps, Utilities recordStock market live updates: The Dow just hit session lows, dropping as much as 260 points at its lowest point. 🚨🚨🚨🚨 Major global slowdown in economic activity predicted for Spring 2020. 🚨🚨🚨🚨 Stop Talking about bill gates and his corovirus virus and the the market will go up
Source: CNBC - 🏆 12. / 72 Read more »