Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Overnight Markets: Wall Street closes mixed as Apple slides

Overnight Markets: Wall Street closes mixed as Apple slides

US stocks closed mostly lower on Wednesday, with the Nasdaq Composite Index falling the most in almost a month, dragged down by looses in Apple Inc. after a competitor introduced new smartphones and the company faced criticism for the theft of celebrity photos.

The Dow Jones industrial average gained 11 points, or 0.06%, to 17,078. The S&P 500 ended down two points, or 0.08%, at 2,001. The Nasdaq Composite lost 26 points, or 0.56%, to end at 4,573.

Apple shares (AAPL.O) plunged 4.2% in their worst percentage decline since 28 January. At least one brokerage mulled downgrading the stock as Apple grappled with a possible security breach of its iCloud service a week before the launch of its new iPhone.

Rival Samsung Electronics Co Ltd., meanwhile, launched a virtual reality headset for its new Galaxy Note 4 phablet using technology from Oculus VR, a company that Facebook Inc acquired for $2 billion.

In economic news, the European Central Bank will hold a monthly policy meeting today, where investors will look for clues that the ECB may launch a bond-buying programme.

Stocks had gained earlier after officials from Ukraine and Russia said they were close to an agreement to stop fighting in eastern Ukraine.

New orders for manufactured goods increased a record 10.5% in July, and August auto sales were unexpectedly strong, due in part to heavy discounting.

Airline shares fell after Delta Airlines (DAL.N), down 5.2%, trimmed its operating margin forecast and said its international passenger traffic fell slightly in August. Shares of American Airlines Group Inc (AAL.O) fell 3.4%.

Housing stocks were also weak, weighed down by a 4.7% decline in Toll Brothers (TOL.N) to $33.95 after the largest US luxury homebuilder posted quarterly results.

In Asia, stocks oscillated between gains and losses on Thursday after Samsung Electronics Co. rallied while financial shares slid.

The MSCI Asia Pacific Index was little changed at 149 as of 10:01 a.m. in Hong Kong. South Korea’s Kospi index rose 0.4% today. New Zealand’s NZX 50 Index added 0.1%.

Australia’s S&P/ASX 200 Index lost 0.3% and Hong Kong’s Hang Seng Index slid 0.2%. China’s Shanghai Composite Index added 0.2%. Japan’s Topix index slipped 0.1%.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Dispelling the sustainable investing myths

Dispelling the sustainable investing myths

There's a bit of a buzz around sustainable investing at the moment. We speak to three wealth managers to find out what they think.

Play Inside ETFs: positioning for the Fed rate rise

Inside ETFs: positioning for the Fed rate rise

Natalie Fast discusses how investors are using ETFs to position for a rate rise with guests Irene Bauer from Twenty20  Investments and Markit's Simon Colvin.

Play Wealth Manager Retreat: video highlights

Wealth Manager Retreat: video highlights

The UK's leading wealth management talent gathered at our annual event at the Grove celebrate the best in private client portfolio management.

Your Business: Cover Star Club

Profile: why Jamie MacLeod turned to private clients

Profile: why Jamie MacLeod turned to private clients

Many considered it a left hand turn when MacLeod left product origination in 2010 to become the head of a smallish distributor

Wealth Manager on Twitter