Wall St. opens lower as Apple weighs

Wall St. opens lower as Apple weighs
From Reuters - September 13, 2017

(Reuters) - The S&P and the Dow opened little changed on Wednesday, but the Nasdaq Composite was pulled lower by a 1 percent fall in Apples shares on concerns about the new iPhone Xs hefty price tag and delayed shipping.

A Nov. 3 shipping date for the iPhone X, priced at $999,raised questions about supply constraints ahead of the holiday season.

The three major Wall Street indexes hit record highs on Tuesday as the market closed higher for the second straight day.

The indexes have been hitting record highs this year as they bounce back from periodic setbacks caused by turmoil in Washington, questions over U.S. interest rate hikes, doubts about the Trump administrations ability to push through its pro-business reforms, and lately, tensions over North Korea.

The slight weakness were seeing this morning is after a two-day rally. The fundamentals and technicals, however, remain strong, said Peter Cardillo, chief market economist at First Standard Financial in New York.

At 9:37 a.m. ET (1337 GMT), the Dow Jones Industrial Average .DJI was up 7.76 points, or 0.04 percent, at 22,126.62 and the S&P 500 .SPX was down 1.74 points, or 0.07 percent, at 2,494.74.

The Nasdaq Composite .IXIC was down 13.77 points, or 0.21 percent, at 6,440.51.

There are concerns over the bull run, which is on several hope factors. But the list of worries is still there ... That would dampen the prospect of a stronger stock market, Cardillo said.


Continue reading at Reuters »