Apple stocks, bank stocks fall as Wall Street closes

Apple stocks, bank stocks fall as Wall Street closes

Tech Highlights:

  • Apple shares reversed course to close down 2.1% at $147.1 on a Bloomberg report that said the company plans to slow hiring and spending growth next year in some units to cope with a potential economic downturn. read more Goldman Sachs advanced 2.5% as it reported a smaller-than-expected 48% slump in second-quarter profit, helped by strength in its fixed-income trading.

  • Wall Street finished Monday’s trading session down as bank stocks reversed earlier gains and shares of Apple (AAPL.O) sank on news that the company wants to reduce hiring and expenditure growth in 2019. The S&P financial sector (.SPSY) declined into the close after opening the day with significant gains on earnings from Bank of America Corp (BAC.N) and Goldman Sachs Group Inc (GS.N).

Worries about a larger one percentage point rate hike at the end of July eased following remarks from Fed officials last week that the policymakers could stick to a 75 basis point hike. read more “It’s really hard to sustain upward momentum,” said Ross Mayfield, investment strategy analyst at Baird in Louisville, Kentucky. “And that’s kind of the story of bear markets.” A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 13, 2022. REUTERS/Brendan McDermid.

Earnings from big technology companies next week will be closely watched, after their shares came under immense selling pressure through much of this year. Volume on U.S. exchanges was 10.63 billion shares, compared with the 12.15 billion average for the full session over the last 20 trading days. Advancing issues outnumbered declining ones on the NYSE by a 1.20-to-1 ratio; on Nasdaq, a 1.06-to-1 ratio favored decliners.

The Dow Jones Industrial Average (.DJI) fell 215.65 points, or 0.69%, to 31,072.61, the S&P 500 (.SPX) lost 32.31 points, or 0.84%, to 3,830.85 and the Nasdaq Composite (.IXIC) dropped 92.37 points, or 0.81%, to 11,360.05. Nine of the 11 major sectors of the S&P 500 lost ground, with healthcare (.SPXHC) and utilities (.SPLRCU) suffering the largest percentage drop, while energy (.SPNY) took the biggest gain.

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