US stocks drift in mixed early trading on Wall Street as Apple falls
Apple fell 3.2% after warning that AI-related expenses and memory costs will cut profit per dollar of revenue.
- Apple shares slid 4% early Tuesday after the company projected lower profit margins for the final three months of this year, citing expenses from its Siri release and surging global Memory demand.
- The broader market remains volatile recently as investors react to swings in AI-related stocks, with many market participants worrying that valuations in the artificial intelligence sector surged too high during the recent frenzy.
- Tuesday's midterm elections are also keeping financial markets unsteady, though history suggests they may not significantly impact the broad market, according to Brock Weimer, an analyst at Edward Jones.
- Elsewhere, Celanese climbed 4.9% and DuPont added 7% on Tuesday, while Nvidia rose 3.1% and memory chipmakers Samsung Electronics and Hynix declined amid ongoing tech sector volatility.
- Uncertainty regarding the war with Iran continues to drive Oil price swings, as Brent crude rebounded to $106.50 per barrel early Tuesday following defensive United States strikes on Iranian targets.
16 Articles
16 Articles
All major U.S. stock indexes, except the Dow Jones, opened higher on Tuesday. Technology stocks rebounded after losses in recent days, with semiconductor makers leading the gains, while Apple's weakness dragged the Dow down. Despite a rebound in shares of artificial intelligence-related companies, investors remain concerned about the sector's significant investment needs and financing risks. Market participants, meanwhile, are turning their atte…
US stocks drift in mixed early trading on Wall Street as Apple falls
NEW YORK (AP) — The U.S. stock market is drifting in mixed trading, with Apple falling but other stocks picking up the slack following strong profit reports. The S&P 500 rose 0.2% early Tuesday, though more stocks were falling than rising within the index. The Dow Jones Industrial Average was down 212 points, and the Nasdaq composite was up 0.5%. Apple fell 3.2% after saying it expects to make less profit from each $1 of its revenue during the f…
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