Breaking News
Investing Pro 0
NEW! Get Actionable Insights with InvestingPro+ Try 7 Days Free

Dow Ends Flat as Financials Wobble Ahead of Fed; Tech Advances

Stock Markets Sep 15, 2020 04:05PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.
 
US500
-0.20%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
DJI
-0.14%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
MSFT
+0.13%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
JPM
-1.23%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
SPY
-0.23%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
GOOGL
-0.21%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Yasin Ebrahim

Investing.com – The Dow ended roughly flat, pressured by a fall in financials and u-turn in Apple after the tech giant launched a new services bundle and hardware.   

The Dow Jones Industrial Average ended flat or 1 point higher. The S&P 500 was up 0.49%, while the Nasdaq Composite added 1.21%.

Apple (NASDAQ:AAPL) unveiled Tuesday a slate of new hardware including a new iPad and Apple Watch and launched its much-rumored services bundle, Apple One, starting at $14.95 per month. Apple rose 0.2%, but had been up more than 1% in early trade.

The bundle will be launched in three tiers: individual, family, and premier offering. Each will include services such as Apple Music, Apple TV+, Apple Arcade, iCloud storage, the company said. Apple News+ and Apple Fitness+, however, are included with the more expensive premium subscription at $29.95 a month, the company said. 

The virtual product event comes ahead of the widely anticipated launch of the iPhone 12, expected next month, which many on Wall Street believe will trigger a ramp-up in iPhone upgrades.

Other big tech stocks, however, managed to hold gains, with Microsoft (NASDAQ:MSFT), Facebook (NASDAQ:FB), Alphabet (NASDAQ:GOOGL) and Amazon.com (NASDAQ:AMZN) trading above the flatline.

Financials fell more than 1%, led by a fall in Wall Street banks ahead of the Fed's two-day meeting, which kicks off today. The Fed on Wednesday is expected to keep rates unchanged, and will likely reiterate its support to keep rates lower for longer.

JPMorgan Chase & Co (NYSE:JPM) fell 3% after lowering guidance on net interest income in the wake of falling interest rates.

Energy added to the broader market weakness even as oil prices shrugged off concern about weaker demand to end the day up nearly 3%.

The International Energy Agency said it expects global oil demand growth to fall by 8.4 million barrels per day year-on-year to 91.7 million bpd. That is a deeper contraction than the 8.1 million bpd decline previously estimated.

On the economic front, investors digested positive regional market data as a sign that the economic recovery remains intact despite dimming hopes of further stimulus from Congress.

The Empire State Manufacturing index rose to a reading of 17 in September, from 3.7 last month, topping economists’ estimates of 7.

House Speaker Nancy Pelosi told CNBC in an interview on Tuesday that she would not back the Republican’s “skinny” version of her party’s coronavirus stimulus plan.

In other news, Nikola (NASDAQ:NKLA) fell 8% giving back gains from a day earlier after the electric pickup maker reportedly came under investigation from the Securities and Exchange Commission following allegations of fraud from short-seller Hindenburg, Bloomberg reported.

Dow Ends Flat as Financials Wobble Ahead of Fed; Tech Advances
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
Matius Marvn
Matius Marvn Sep 15, 2020 4:15PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
lie and lie finish up . tik tok was a big hunt of bears , BUllish
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email