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Wall Street opens lower as Apple weighs

Reuters 

By Sruthi Shankar

- The S&P and the Dow opened little changed on Wednesday, but the Composite was pulled lower by a 1 percent fall in Apple's on concerns about the new iPhone X's 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 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 administration's ability to push through its pro-business reforms, and lately, tensions over North Korea.

"The slight weakness we're 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 Industrial Average was up 7.76 points, or 0.04 percent, at 22,126.62 and the S&P 500 was down 1.74 points, or 0.07 percent, at 2,494.74.

The Composite 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.

Six of the 11 major S&P sectors were lower, with financials leading the decliners.

The energy index was up 0.65 percent as oil prices rose after the International Energy Agency said a global surplus of crude was starting to shrink.

Apple's were down 1.08 percent at $159.17.

Centene rose about 6 percent after the health insurer said it would buy privately held Fidelis Care for $3.75 billion.

Western Digital fell more than 3.75 percent after Toshiba agreed to focus on selling its chips unit to a group led by Bain Capital and SK Hynix, but did not rule out a deal with other bidders.

Nordstrom gained 5.8 percent after a source said the Nordstrom family has selected private equity firm Leonard Green & Partners to help take the high-end retailer private.

Declining issues outnumbered advancers on the NYSE by 1,266 to 1,195. On the Nasdaq, 1,308 issues fell and 954 advanced.

(Reporting by Sruthi Shankar in Bengaluru; Editing by Savio D'Souza and Saumyadeb Chakrabarty)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Wed, September 13 2017. 19:37 IST
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