Stocks pull back after Apple hits $ 2 billion in market value
we equity markets fell across the board on Wednesday, ending the session dropping after hitting record intraday highs as Apple became the first US company to reach a market valuation of $ 2 trillion and investors digested another batch of solid retail earnings.
The S&P 500 fell 0.44% while the Nasdaq slipped 0.57%. Both indices ended the previous session in record territory.
|SP500||S&P 500||4471.37||+33.11||+ 0.75%|
|I: COMP||NASDAQ COMPOSITE INDEX||14897.33971||+73.91||+ 0.50%|
|Me: DJI||MEDIUM DOW JONES||35294.76||+382.20||+1.09%|
The Dow Jones Industrial Average, of which Apple is a member, fell 85 points, or 0.31%, after finishing 6.38% below its February peak on Tuesday.
Federal Reserve officials, in their final minutes, remained cautious about the health of the US economy.
Apple shares crossed $ 467.77, making tech giant the first US company to reach coveted level $ 2,000 billion market capitalization. The action ended up, but pulled out of the milestone.
|AAPL||APPLE INC.||144.84||+1.08||+ 0.75%|
Looking at the winnings, Comparable sales of Target Corp. have increased to a record level 24.3% in the three months to June as customers stocked up on electronics, housewares, food and essentials while enjoying same-day service options in the middle of the COVID-19 pandemic.
“Our second quarter comparable sales growth of 24.3% is the strongest we’ve ever reported,” CEO Brian Cornell said in the company’s earnings announcement. Digital sales increased 195% from last year.
|TGT||TARGET CORP.||245.71||+3.62||+ 1.50%|
|MEUGLER||LOWE’S COS., INC.||219.16||+2.71||+ 1.25%|
Lowe’s Companies Inc. beat on the top and bottom lines its home improvement business in the United States saw sales in stores open at least 12 months increase 35% from a year ago.
|LCV||SOUTH-WEST AIRLINES CO.||50.36||-1.15||-2.23%|
|GT||GOODYEAR TIRE & RUBBER CO.||18.84||-0.15||-0.79%|
Meanwhile, shares of Goodyear Tire & Rubber Co. fell after President Trump called for a boycott after some employees said they were told they could wear Black Lives Matter clothing but not clothing with logos such as MAGA or Blue Lives Matter.
Elsewhere, Southwest Airlines Co. lowered its daily forecast for third-quarter cash consumption to $ 20 million per day from $ 23 million as part of a resumption in bookings in August. The company expects capacity to decline by 30-35% in the current quarter, a slightly larger drop than its previous expectations of 20-30%.
On the offer front, Johnson & Johnson agreed to pay $ 6.5 billion, or $ 52.50 per share, for Momenta Pharmaceuticals Inc., an autoimmune disease specialist. The deal represents a 70% premium over Momenta’s valuation on Tuesday.
|JNJ||JOHNSON & JOHNSON||161.30||+1.19||+ 0.74%|
|MNTA||n / A||n / A||n / A||n / A|
On the commodities front, West Texas Intermediate crude oil rose 4 cents to $ 42.93 per barrel while gold fell $ 40.70 to $ 1,958.70 per ounce.
US Treasuries gained, pushing the yield on the 10-year note to 0.674%.
In Europe, the UK FTSE climbed 0.58%, the German DAX 0.74% and the French CAC rose 0.79%.
Asian markets ended mixed as the Japanese Nikkei climbed 0.26% while the Hong Kong Hang Seng and China’s Shanghai Composite fell 0.74% and 1.25%, respectively.