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Dow Cuts Loses as Apple Leads Tech Off Lows

Stock MarketsOct 14, 2020 03:30PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com – The Dow moved off session lows Wednesday, as Apple led a tech rebounded to lift investor sentiment after U.S. Treasury Secretary Steven Mnuchin dented hopes for further stimulus before the election.

The Dow Jones Industrial Average fell 0.34%, or 97 points. The S&P 500 was down 0.45%, while the Nasdaq Composite slipped 0.57% after falling more than 2% intraday.

Amazon.com (NASDAQ:AMZN), Facebook (NASDAQ:FB), Alphabet (NASDAQ:GOOGL) Microsoft (NASDAQ:MSFT), and Apple (NASDAQ:AAPL), which collectively make up a quarter of the weighting of the S&P 500, were off session lows as investors seemingly bought the dip in the Fab 5 stocks. 

Apple swung between gains and losses a day earlier it unveiled its new slate of iPhones. Some analysts said iPhone sales are likely to only gather pace in at the start of next year amid delays in shipping.

"We anticipate sustained double-digit growth for all hardware products except iPhones during Q4/F20 due to a slight delay in shipping new iPhones in addition to difficult comps in the year-ago period," Canaccord Genuity said in a note. "Starting in the first quarter of 2021, we believe Apple is well-positioned to benefit from the 5G upgrade cycle and anticipate strong iPhone growth…"

Mnuchin said it would be "would be difficult" to reach a deal on the next round of coronavirus stimulus with U.S. House Speaker Nancy Pelosi before the Nov. 3rd election, denting hopes for fiscal aid for Americans, small business, and airlines.

The stalled progress on talks come as the White House's improved $1.8 trillion stimulus proposal was deemed insufficient by Pelosi, while Senate Republicans were uneasy about the size of the deal.

Some sectors of the market tied to the progress of the economy, however, sidestepped the market malaise, with materials and industrials trading above the flatline.

The quarterly earnings season gathered pace, meanwhile, with Wall Street banks in the spotlight for the second day in a row.

Goldman Sachs Group (NYSE:GS) reported quarterly results that topped consensus estimates to trade 1% higher, but Bank of America (NYSE:BAC) and Wells Fargo (NYSE:WFC) reported mixed performance, sending their shares down more than 4% and 5% respectively.

UnitedHealth Group (NYSE:UNH) fell more than 2% even as it reported better-than-expected second-quarter earnings of $3.51 a share on revenue of $65.12 billion.

Energy, meanwhile, backed the broader trend lower on firmer oil prices even as crude demand concerns continue to linger, a day ahead of the U.S. weekly petroleum report.

In other news, AMC Entertainment Holdings Inc (NYSE:AMC) fell 16% after Bloomberg News reported the cash-strapped was mulling its options, including a potential bankruptcy filing. 

Dow Cuts Loses as Apple Leads Tech Off Lows
 

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Comments (23)
Deborah Sbeghen
Deborah Sbeghen Oct 14, 2020 4:21PM ET
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The Nanci and Steve show... down we go...
Rambo Pablo
Rambo Pablo Oct 14, 2020 3:18PM ET
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Mnuchin is the villain, It will cost to republicans
Bobby Standridge
Bobby Standridge Oct 14, 2020 3:18PM ET
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Pelosi is the true villain @
Thom Miller
Thom Miller Oct 14, 2020 3:05PM ET
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Wall Street is now being run by a generation of traders who for the past 12 years have had “free money” at their fingertips in the form of historically low interest rates, an endless money supply printed by the Fed, and/or unprecedented government handouts. Just wait until all these spigots run dry. Today’s traders won’t have a clue how to invest YOUR money. That’s a very sad commentary for what used to be the financial capital of the world.
Kenny Venezia
Kenny Venezia Oct 14, 2020 2:52PM ET
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Steve don't forget to mention the Republican Senate that can't agree either.
Chris Arntz
Chris Arntz Oct 14, 2020 2:52PM ET
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Repulicans have already come up way over what we should. Pelosi is insane she knows she gonna die soon. She doesn't care about the deficit. Her bill is packed full of pork, that has nothing to do with the virus help. FORGET IT
Meself Meself
Meself Meself Oct 14, 2020 2:49PM ET
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Trump is done, he made wall street great again, worst trade deficit ever, so much winning ! lol
Avi Sananes
Avi Sananes Oct 14, 2020 2:49PM ET
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Trump will lose if he cannot get a deal. Early voting is starting. It is the eleventh hour. Politicians worried about the size of the deficit and the fact that they argue they may not be elected again if they go for a deal is utter nonsense. If the Republicans choose not to make a deal then they risk losing seats. If they do make a deal there is no logic in thinking that someone will vote Democratic because the Republicans made a deal that they disagree with. There’s no logic in that. If Trump doesn’t make a deal, the market will sink.
Jay West
Jay West Oct 14, 2020 2:49PM ET
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I take it you agree with me? Since you copied and paste it twice what I said.
Avi Sananes
Avi Sananes Oct 14, 2020 2:49PM ET
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Trump will lose if he cannot get a deal. Early voting is starting. It is the eleventh hour. Politicians worried about the size of the deficit and the fact that they argue they may not be elected again if they go for a deal is utter nonsense. If the Republicans choose not to make a a deal, the market will sink.
Andy He
Andy He Oct 14, 2020 2:39PM ET
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Who cares about stimulus news anymore...today yay tomorrow nay...going on for weeks and months now if not stimulus then vaccine... people need to understand COVID is here to stay...
Lalit Mahajan
Lalit Mahajan Oct 14, 2020 2:33PM ET
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No more heroin for DOW
Ronald Warren
Ronald Warren Oct 14, 2020 2:16PM ET
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Do any of you remember who stepped in to save and run up markets when Trump cancelled all stimulus negotiations. MNUCHIN!!!! THIS GUY IS A LIAR!!! Market manipulator!! If Biden does not win the election, there will be no stimulus!!! Dems will not give Trump a stimulus if he wins. I predict blue wave. McConnell is a do-nothing!! He's been Trump's biggest resistance for the past 4 years on every meaningful piece of legislation. His time is through. Stimulus will come in January. It's 'gonna be mega!!!
Robert Cox
Robert Cox Oct 14, 2020 2:16PM ET
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Are you talking about Moscow McConnell? The same Mitch McConnell who has done nothing but blindly parrot Trump's every lie over the last four years?
Meself Meself
Meself Meself Oct 14, 2020 2:16PM ET
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This is what happens if you hire a gs market rigger to run the treasury lol
Robert Cox
Robert Cox Oct 14, 2020 2:16PM ET
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Possible be highly unlikely. That would be interesting for the House to go Red and the Senate and WH to go Blue.
MK MK
MK MK Oct 14, 2020 2:15PM ET
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You have constant trade deficit, budget deficit, huge debt. During last 4 years Trump made America great again. So why are you begging for "stimulus"? You do not need it and do not deserve it
Jay West
Jay West Oct 14, 2020 2:14PM ET
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Trump will lose if he cannot get a deal. Early voting is starting. It is the eleventh hour. Politicians worried about the size of the deficit and the fact that they argue they may not be elected again if they go for a deal is utter nonsense. If the Republicans choose not to make a deal then they risk losing seats. If they do make a deal there is no logic in thinking that someone will vote Democratic because the Republicans made a deal that they disagree with. There’s no logic in that. If Trump doesn’t make a deal, the market will sink.
Show previous replies (2)
Barani Krishnan
Barani Krishnan Oct 14, 2020 2:14PM ET
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Jay West, good points, but I think everything now is just momentum-driven, though a bit more on the positive side. The daily lows aren't THAT low like before, despite some hyper tech valuations. There is admittedly a lot of froth that could be taken out, but for now, the so-called Blue Wave has taken over sentiment. Until that changes and you're back to grave uncertainty on the outcome after midnight Nov 3, the market could continue rising. My humble 2 cts.
Jay West
Jay West Oct 14, 2020 2:14PM ET
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Barani Krishnan How do you feel about bank stocks tomorrow? end of week? end of month? Do you think the algorithms are over selling and that they may be turned onto buying in the very near future?
Barani Krishnan
Barani Krishnan Oct 14, 2020 2:14PM ET
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Jay West  GS had a good result and BoA had a beat too but Mnuchin did the market in today with his comments. To be fair to the guy, he didn't like volunteer this or tweet out of malice like his boss. He appeared on the Milken forum and he was asked and to give him credit, he answered truthfully. He also tried to hedge himself by saying that he still expected a V for the Q2. But, of course, "no stimulus" is the headline the bears were awaiting and they pounced once they got that. We are off the lows of the day. Miraculously, we might finish in the green. Think bank stocks will do better than thought if the Blue Wave theory holds. It's down to that now. I also think Wall Street has coalesed around the idea that a first Biden term will be all about recovery, hence he may not even hit the 400k lot with more taxes yet despite his campaign talk.
Barani Krishnan
Barani Krishnan Oct 14, 2020 2:14PM ET
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Sorry, V for the Q3 (typo)
Barani Krishnan
Barani Krishnan Oct 14, 2020 2:14PM ET
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Also people, the France/UK restrictions (not lockdowns) news appeared just as the market was having its first recovery wave just now. That possibly prolonged the recovery. Caveat: I'm a commodities guy but this macro stuff affects my gold and oil too, so I also watch this space :) Also, I'm just a writer, not trader :)
john doe
batman876 Oct 14, 2020 1:58PM ET
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But gold is up??
whenliztriestotake mtodawoodshedhegrills
whenliztriestotake mtodawoodshedhegrills Oct 14, 2020 1:58PM ET
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xau fell sharply from 1912.94 with the market
hit man
hit man Oct 14, 2020 1:54PM ET
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all people are fool trum want eating all public money
Prakash J Chaudhari
Prakash J Chaudhari Oct 14, 2020 1:53PM ET
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Covid stimulus should be covid related or change the label of Covid.
Randall Wagner
Randall Wagner Oct 14, 2020 1:52PM ET
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Wish socialist dems cared about helping people in need as opposed to power
Ken Stansel
Ken Stansel Oct 14, 2020 1:52PM ET
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Wish ignorant fox news babies actually knew what they were talking about.
Sam Ka
Sam Ka Oct 14, 2020 1:52PM ET
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Bravo Ken
YUNUS EMRE ALTUN
YUNUS EMRE ALTUN Oct 14, 2020 1:49PM ET
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Democrats dont give a ********about US economy , they make it a political battle ground.
la popeye
la popeye Oct 14, 2020 1:49PM ET
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same remark apply to repub.so, 0/0
Shawn Gachassin
Shawn Gachassin Oct 14, 2020 1:48PM ET
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Why hasnt anyone mentioned that the reason it isnt sufficient is because the GOP wsnts to ram through without stimulus checks for everyone?
gary Gould
gary Gould Oct 14, 2020 1:47PM ET
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well what goes up ...must come down...the growth is all on Gov money...almost like welfare ..
la popeye
la popeye Oct 14, 2020 1:47PM ET
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oops, they don t know who will operate the printer
Robert Cox
Robert Cox Oct 14, 2020 1:45PM ET
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I thought Trump was pushing to surpass the $2.2T price tag as proposed by Pelosi... Guess not. LOL
la popeye
la popeye Oct 14, 2020 1:45PM ET
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i wonder when trump followers will open their eyes..not difficult but..
Robert Cox
Robert Cox Oct 14, 2020 1:45PM ET
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To be clear, I was being sarcastic. I'm no Trumpster.
Ronald Warren
Ronald Warren Oct 14, 2020 1:44PM ET
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How many more times will the market run up on the words of a liar?
Robert Cox
Robert Cox Oct 14, 2020 1:44PM ET
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I'm sure there will be a tweet storm coming soon to say something optimistic.
Sean Livingstone
Sean Livingstone Oct 14, 2020 1:43PM ET
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Man, this guy knows all the resistance and support... Well time dude.. Well timed...
YUNUS EMRE ALTUN
YUNUS EMRE ALTUN Oct 14, 2020 1:43PM ET
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Thank you Pelosi
 
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