Apple weighs on Wall St; energy shares a boost
- Stocks dip as earnings pour in, consumer discretionary lags
- UPDATE: Alphabet (GOOG) Tops Q3 EPS Views; Revs Strong
- Baker Hughes (BHI), General Electric (GE) in Partnership Talks, Not Merger Talks
- Cirrus Logic, Inc. (CRUS) Q2 Results and Guidance Beat Estimates
- Amazon.com (AMZN) Misses Q3 EPS by 26c, Offers Q4 Guidance
A trader works on the floor of the New York Stock Exchange (NYSE) shortly after the opening bell in New York, U.S., August 30, 2016. REUTERS/Lucas Jackson
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
By Caroline Valetkevitch
(Reuters) - U.S. stocks dipped on Thursday, pulled lower by Apple after its latest iPhone failed to impress Wall Street, but gains in energy shares limited the decline.
The Nasdaq broke a four-day streak of gains, led by declines in Apple (NASDAQ: AAPL). The stock fell 2.6 percent to $105.52 in its biggest daily percentage decline since June 24, when Britain's vote to leave the European Union unleashed a massive sell-off.
The company also said it would not release first-weekend sales of the new iPhone, limiting analysts' early visibility on the popularity of the device unveiled on Wednesday.
The S&P 500 information technology index <.SPLRCT> fell 0.9 percent and led sector losses, while the S&P energy index <.SPNY> was up 1.7 percent following sharp gains in oil prices.
U.S. stocks have been trading in a tight range in recent months as investors try to assess the outlook for U.S. interest rates and the health of the U.S. economy.
"People are wondering when and if the Fed is going to move again," said John Carey, portfolio manager at Pioneer Investment Management in Boston.
"There's anxiety about that because of what happened the last time. Even though they raised rates just a quarter of a percent, that seemed enough to trigger a sale of stocks. There's worry there could be a similar reaction."
Recent weak economic data has underscored views the Federal Reserve may hold off on raising rates at its policy meeting this month. The European Central Bank held interest rates steady, as expected, on Thursday.
The Dow Jones industrial average <.DJI> fell 46.23 points, or 0.25 percent, to 18,479.91, the S&P 500 <.SPX> lost 4.86 points, or 0.22 percent, to 2,181.3 and the Nasdaq Composite <.IXIC> dropped 24.44 points, or 0.46 percent, to 5,259.48.
Hewlett-Packard Enterprise (NYSE: HPE) shares fell 3.2 percent after it agreed to sell its software business to Micro Focus in a $8.8 billion deal.
Shares of SuperValu slid 9.5 percent to $4.95 after it gave a disappointing outlook, a day after Sprouts Farmers Market (NASDAQ: SFM) warned on its profit.
About 6.8 billion shares changed hands on U.S. exchanges, above the 6.0 billion daily average for the past 20 trading days, according to Thomson Reuters data.
Declining issues outnumbered advancing ones on the NYSE by a 1.20-to-1 ratio; on Nasdaq, a 1.03-to-1 ratio favored decliners.
The S&P 500 posted 13 new 52-week highs and 2 new lows; the Nasdaq Composite recorded 109 new highs and 29 new lows.
(Additional reporting by Yashaswini Swamynathan and Tanya Agrawal in Bengaluru; Editing by Nick Zieminski and Dan Grebler)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Flight of financial activity from UK likely in 'hard Brexit': ECB's Lane
- Exclusive: EpiPen price hikes add millions to Pentagon costs
- Crisis at Venezuela’s PDVSA deepens as Caribbean debts pile up
Create E-mail Alert Related CategoriesMarket Check, Reuters
Related EntitiesEuropean Central Bank
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!