Wall Street weighed down by Apple
2017-09-13 16:02:25 GMT (Economies.com)
Wall Street weighed down by Apple

US stock indices closed lower on Wednesday unlike the previous sessions of this week, with S&P 500 steadying away from recent record highs as Apple tumbled more than 1%, as markets price in the higher price of its new iPhone X product debuted yesterday. 

 

In a major event yesterday, Apple debuted the new iPhone 8 with a $699 price tag, and the $329 Apple Watch, and the $179 Apple TV 4K, all expected for market launch by September 22/ 

 

Apple also debuted its highly anticipated iPhone X with a $999 price tag, and pinned its market launch after six weeks of launching the other producer, by November 3, which was received badly by investors, especially as supply channels clog and slow down, possibly weighing on profits in the future. 

 

Otherwise, earlier US data showed producer prices rose less than expected in August, while core prices widened also below forecasts, as yearly readings for both accelerates below expectations as well. 

 

August inflation data was released earlier this week with investors now studying their possible impact on the Federal Reserve's policy decisions, while noting that chances of a Fed rate hike for a third time this year have fallen considerably in recent weeks. 

 

Concerns have dissipated overall regarding the North Korea nuclear situation and Hurricane Irma, with the later losing most of its strength already, in turn buoying risk appetite in the markets and blocked the yellow metal away from a one-year high on profit-taking throughout this week. 

 

As of 03:26 GMT, Standard and Poor's 500 shed 0.03%, or 0.68 points to 2,495.80, while Dow Jones dipped 0.01%, or 1.86 points to 22,117.00. 

 

Tech-heavy NASDAQ declined 0.10%, or 6.37 points to 6,447.91. 

 
 
 
  Symbol Last Change Chg.%
1.1842
-0.0063
0.5296%
1.3469
-0.0019
0.1435%
17.119
0.134
0.789%
52.145
1.500
2.962%
58.99
2.13
3.75%
1308.835
11.990
0.925%
 
US
 
Europe
 
Asia