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Oil stocks lift S&P 500; Apple pushes Nasdaq lower

Reuters 

By Sruthi Shankar

(Reuters) - The 500 and the rose on Monday, as lifted and defensive sectors such as and utilities gained, but a drop in Apple's shares dragged down the Nasdaq.

The maker's shares fell 3.7 percent to a 3-month low after a Nikkei report that the company had told its assemblers to halt plans for additional production lines dedicated to the XR.

The stock is on track to post its worst two-day loss since January 2013, after the company's disappointing holiday-quarter forecast sent its shares down about 7 percent on Friday.

The energy sector <.SPNY>, which has lagged the broader 500 <.SPX> this year, was up 1.35 percent as the imposed a range of punitive sanctions on Iran, lifting by about 1 percent. [O/R]

rose 3.9 percent, while and were the top gainers on the 500, rising 7.2 percent and 5.2 percent, respectively.

Gains in defensive sectors, including <.SPLRCR>, and consumer staples <.SPLRCS>, helped the and the Dow rebound at the start of a packed week which includes the U.S. midterm elections and a Federal Reserve meeting.

Opinion polls show a strong chance for Donald Trump's holding the but losing control of the to the Democrats - a potential hurdle to Trump's pro-business agenda, which has been a of the stock market's rally since the 2016 election.

"The market would've been up a lot more if it wasn't for technology. It seems like people are trying to hedge in case there is a relief rally after the election," said Aaron Jett, for global equity research at in

"If the Democrats win, Trump could be more likely to want to get some kind of win, so he might be willing to do more deal with "

Amid a trade dispute between the and that has roiled financial markets this year, all eyes will be on a meeting between Chinese and President at the summit in at the end of the month.

At 13:21 EDT the <.DJI> was up 107.82 points, or 0.43 percent, at 25,378.65, the S&P 500 <.SPX> was up 5.32 points, or 0.20 percent, at 2,728.38 and the <.IXIC> was down 68.52 points, or 0.93 percent, at 7,288.47.

jumped 4.2 percent after the conglomerate run by billionaire said its quarterly operating profit doubled.

The gains lifted the index <.SPSY> by 1.17 percent ahead of the Federal Reserve's two-day monetary policy meeting starting on Wednesday.

Investors are worried about tightening U.S. monetary policy, especially after a string of strong economic data, including Friday's jobs report.

Advancing issues outnumbered decliners by a 1.37-to-1 ratio on the NYSE. Declining issues outnumbered advancers for a 1.24-to-1 ratio on the Nasdaq.

The S&P index recorded 10 new 52-week highs and one new lows, while the Nasdaq recorded 30 new highs and 47 new lows.

(Reporting by in Bengaluru; Editing by Anil D'Silva)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, November 06 2018. 00:14 IST
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