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New YorkThe stock market favorite Apple fell out of favor with investors on Monday and dragged Wall Street down. New York investors have left the California tech giant after a key iPhone provider lowered its forecast.
Apple's shares fell about five percent. Investors worry that the good times for Apple are over once. Recently, the company had warned that it was unlikely that Wall Street's sales forecasts would be met in the important Christmas district.
The Dow Jones default index closed at 2.3% at 25,387 points. The wider S & P 500 yielded just under two percent to 2726 meters. The Nasdaq stock market index lost 2.8% to 7200 points. At the end of last week, US stock markets had declined, especially for technology stocks.
The benefits of vendors such as Lumentum, responsible for the technology behind facial recognition of the iPhone, have sparked enthusiasm at Apple. The company has announced that it will not be able to meet its sales and profit targets set a few days ago due to the reduced order volume of a major customer. Lumduum shares fell and lost about 30%.
Even cigarette makers like Altria and Philip Morris have been out of breath, but not as dramatic as the Apple supplier. Investors have split producers Marlboro and Benson & Hedges, according to a newspaper report, about the imminent ban on menthol cigarettes. Altria shares closed at 3.5% and Philip Morris closed at around 1.4%.
The conglomerate General Electric, which had left the Dow Jones this year, also suffered heavy losses. The price of its shares fell nearly seven percent after CEO, Lawrence Culp, announced that he was pushing to sell the company's badets in order to raise cash.
The fact that Culp promised to reduce the debt level of society did not help either. Because now, he also announced that GE would miss its sales targets for 2018. "In retrospect, we may have been too long in maintaining our excessive revenue targets," he said in an interview with CNBC on Monday.
The investment bank was publicly traded for a report by Bloomberg that Malaysia is seeking reimbursement of expenses related to the $ 1 billion activities of its troubled sovereign fund. Goldman Sachs shares fell 7.5%.
The return of the dollar also worries investors, as the rise in the exchange rate reduces the earnings prospects of US companies in the global market. The euro lost about a US cent, to 1.1241 dollar. That was the lowest level since June 2017. "King Dollar is back," said badyst Valentin Marinov of French bank Crédit Agricole. European currencies seemed to be hit.
Wall Street closes its doors – Apple in a nutshell
On the one hand, many investors prefer the dollar to the dollar The Fed has already raised interest rates several times and is expected to land in December. This makes the government bonds more attractive than stocks. US credit markets remained closed on Monday due to a holiday.
On the New York Stock Exchange, about 560 million shares have changed hands. 970 values increased, 2611 decreased and 185 remained unchanged. On the Nasdaq closed with sales of nearly two billion shares, 747 shares in the most, 2342 in the least and 144 unchanged. US credit markets remained closed on Monday due to a holiday.
With agency equipment.
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