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Overnight Markets: Dow, S&P 500 hit record highs despite Apple slide

Overnight Markets: Dow, S&P 500 hit record highs despite Apple slide

The Dow and S&P 500 scaled record closing highs on Thursday, in spite of a sell-off for US technology stocks, turning higher at the last minute after a report that Federal Reserve Governor Jerome Powell is the leading candidate for the nominee for Fed chair.

The Dow Jones Industrial Average added five points, or 0.02%, to end at 23,163, the S&P 500 gained one point, or 0.03%, to 2,562 and the Nasdaq Composite fell 19 points, or 0.29%, to 6,605.

Investors have been anxious to hear who President Donald Trump will pick as the nominee. A decision like Powell would likely be a continuation of the current stock market-friendly monetary policy that has helped fuel the market’s more than eight-year bull run.

Stocks had been recovering from early losses for much of the afternoon but the S&P 500 and Dow were still a tad lower just before the Powell report.

Earlier in the day, shares of Apple Inc. sank to suffer their worst day in over two months dragging down other tech stocks, after a report of an Apple Watch snag in China.

Also weighing on the market was some disappointing news on the earnings front. United Airlines (UAL.N) tumbled 12.1%, pressuring on other airlines stocks after the third-largest US carrier’s profit fell due to flight cancellations during the hurricane season. American Airlines (AAL.O) fell 1%.

Shares of eBay (EBAY.O) were down 1.8% a day after it reported results.

Philip Morris International Inc. shares slid 3.9% after adjusted earnings and sales fell short of expectations.

Verizon Communications Inc.’s shares rose 1.2% after reporting third-quarter results that mostly beat analysts’ estimates and affirmed its 2017 outlook.

In Asia, shares gained on Friday in morning session after Wall Street wobbled as investors assess the prospects for earnings, the economy and monetary policy implications of a new chair of the Federal Reserve.

Japan's Nikkei 225 rose 0.18%. Across the Korean Strait, the Kospi edged up 0.51%. Down Under, the S&P/ASX 200 was higher by 0.48%. In Hong Kong, the Hang Seng Index climbed 0.83%, while China’s Shanghai Composite Index was off 0.02%.

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