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Wall Street ends down, Apple sinks on app store ruling

Stock MarketsSep 10, 2021 07:21PM ET
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© Reuters. FILE PHOTO: A trader works on the floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., August 20, 2021. REUTERS/Andrew Kelly

By Noel Randewich

(Reuters) - Wall Street ended sharply lower on Friday as investors weighed signs of higher inflation, while Apple Inc (NASDAQ:AAPL) tumbled following an unfavorable court ruling related to its app store.

U.S. producer prices rose solidly in August, leading to the biggest annual gain in nearly 11 years and indicating that high inflation was likely to persist as the pandemic pressures supply chains, data showed.

Sentiment also took a hit from Cleveland Federal Reserve Bank President Loretta Mester's comments that she would still like the central bank to begin tapering asset purchases this year despite the weak August jobs report.

The S&P 500 has risen about 19% in 2021, buoyed by support from dovish central bank policies and re-opening optimism.

However, Wall Street has moved sideways in recent sessions as investor digest indications of increased inflation and concerns about the Delta variant's impact on the economic recovery. Investors are also uncertain about when the Federal Reserve may begin reducing massive measures enacted last year to shield the economy from the pandemic.

"The market is taking a breather," said Greg Bassuk, CEO of AXS Investments. "Investors are looking for some outsized news or information that is beyond the band of expectations, something much more outsized, positively or negatively, that will give investors better visibility into how things are going to look for the balance of the year."

Apple dropped 3.3% after a judge struck down a core part of its App Store rules, benefiting app makers. Its drop contributed more than any other stocks to the Nasdaq and S&P 500's declines.

Shares of app makers rallied, with Spotify (NYSE:SPOT) Technology up 0.7%, and Activision Blizzard (NASDAQ:ATVI) and Electronic Arts (NASDAQ:EA) both gaining about 2%.

Losses in the three main indexes accelerated toward the end of the session.

The Dow Jones Industrial Average fell 0.78% to close at 34,607.72 points, while the S&P 500 lost 0.77% to 4,458.58.

The Nasdaq Composite dropped 0.87% to 15,115.49.

For the week, the S&P 500 lost 1.7%, the Dow declined 2.15% and the Nasdaq shed 1.61%.

Friday was the first time since February that the S&P 500 declined five days in a row.

The three main U.S. indexes got some support early from news of a phone call between U.S. President Joe Biden and Chinese leader Xi Jinping that was taken as a positive sign, which could bring a thaw in ties between the world's two most important trading partners. [MKTS/GLOB]

All of the eleven S&P 500 sector indexes fell, with real estate and utilities each down more than 1% and leading the declines.

U.S.-listed Didi Global dropped 5% after Chinese government officials told leading delivery and ride-hailing companies to improve how they distributed incomes and ensure rest periods for workers.

Grocer Kroger (NYSE:KR) Co slumped nearly 8% after it said global supply chain disruptions, freight costs, discounts and wastage would hit its profit margins.

Volume on U.S. exchanges was 10.0 billion shares, compared with the 9.2 billion average for the full session over the last 20 trading days.

Declining issues outnumbered advancing ones on the NYSE by a 1.84-to-1 ratio; on Nasdaq, a 1.88-to-1 ratio favored decliners.

The S&P 500 posted 15 new 52-week highs and 3 new lows; the Nasdaq Composite recorded 55 new highs and 47 new lows.

Wall Street ends down, Apple sinks on app store ruling
 

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Comments (21)
Ricardo Diogo
Rcd72 Sep 11, 2021 1:45AM ET
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inflation inflation WAKE UP FED!
Frederick Ngai
Frederick Ngai Sep 11, 2021 1:45AM ET
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You can't wake up one who is pretend ing to be asleep.
Ricardo Diogo
Rcd72 Sep 11, 2021 1:45AM ET
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us surveyor show (market watch site) "When Americans were asked to name the biggest economic problem facing their families in their own words, most cited expenses or cost of living (43%), along with inflation and rising costs (21%)"
Richard Chua
Richard Chua Sep 11, 2021 12:19AM ET
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This is baaad news for apple
Iyarin Boonnum
Iyarin Boonnum Sep 10, 2021 11:03PM ET
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US people need more money to help in the super high cost of living.
Daniel Hodel
Daniel Hodel Sep 10, 2021 11:03PM ET
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Maybe we sould lower taxes again, and go to negative interest rates like Trump wanted. Ask Japan how negative interest rates turned out for them. 19 year recession & counting.
Michael Angelo
Michael Angelo Sep 10, 2021 9:44PM ET
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So, other than bad jokes and si*ll*y advices no comments are related with the market. No clue my friends or what was, ha, buy the dip. Well sounds that with the ECB talks about tapering and inflation resilient will leave Fed Powell no much alternatives. Some seismic event is brewing. Will see... 🍾
Darryl Allen
Darryl Allen Sep 10, 2021 8:44PM ET
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So what was the ruling? Trash journalism per usual from Reuters.
Sarunas Simkus
Sarunas Simkus Sep 10, 2021 5:11PM ET
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Wait! What? The party is over?
Ross Dre
Ross Dre Sep 10, 2021 4:24PM ET
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"Market is taking a breather."  haha!  just a minor breather at these historically overbought levels.
Zahid Ullah
Zahid Ullah Sep 10, 2021 3:23PM ET
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I want to business with you
Carol Wessel
Carol Wessel Sep 10, 2021 3:23PM ET
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You forgot the do so probably no one will want to business you.
Luu Hung
Luu Hung Sep 10, 2021 3:23PM ET
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Lmao
Paul Richard
Paul Richard Sep 10, 2021 2:53PM ET
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oh no the crash is happening like so many on here keep hoping for. the end of usa is next then the end of humans after that.
Pratt Man
Pratt Man Sep 10, 2021 1:08PM ET
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Well, because of the stupidity of republicans, we're still in a pandemic.. so inflation and supply chain issues shouldn't be any different than 6 months ago.
John Graham
John Graham Sep 10, 2021 1:08PM ET
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So your saying that the people in Detroit are smart for not getting the vaccine. and don't know of any Republicans saying get the vaccine or don't wear mask they say the goverment doesn't have that authority I'm republican and vaccinated I don't tell other they have to I don't shame them this supposed be the land of the free if want government authorities moved to Cuba , Venezuela they'll make your decisions for you.
Angel Kaushish
Angel Kaushish Sep 10, 2021 1:08PM ET
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Because of the stupidity of democrats, pandemic reached heights, surrender in Afghanisan, to China, border crises, etc. Nevermind. 2024 is soon. Trump will fix things rightly.
Jim Hontz
Jim Hontz Sep 10, 2021 1:08PM ET
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Oh the dems produced the vaccine? I don't think so genius. Biden is totally incompetent. That's the problem.
Anthony Crowley
Anthony Crowley Sep 10, 2021 1:08PM ET
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Let's keep the discussion to finance and leave the politics to another forum.
Darryl Allen
Darryl Allen Sep 10, 2021 1:08PM ET
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Vietnam is locked down because of the stupid Republicans! lol
Jimmy Joseph
Jimmy Joseph Sep 10, 2021 1:06PM ET
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Got the correlation: Whatever the title of the article, market would move in opposite direction
Jouni Matero
Jouni Sep 10, 2021 1:04PM ET
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Big tech doesn't support Nasdaq. Big banks, hedge funds and FED support big tech criminally to keep up Nasdaq.
Franco Dominguez
Franco Dominguez Sep 10, 2021 12:40PM ET
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TRANSITORY my ⚽️⚾️🥎🏀🏐
dog log
dog log Sep 10, 2021 12:26PM ET
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easier to predict the stocks than the ending of a new spiderman movie.
Matt Kay
Matt Kay Sep 10, 2021 11:37AM ET
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Sht up about the politics - nobody cares about your views. Wow Spoos down 25 basis! Largest crash of this year... Quick, someone call JPOW, we need more BRRRR
Javier Vargas
Javier Vargas Sep 10, 2021 10:25AM ET
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Biden can't remember what the phone is
Roger Miller
Roger Miller Sep 10, 2021 10:24AM ET
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Biden is just a formality when his translator can just read off the same cue cards, no chance of Biden making any gaffes.
Ryce Wong
Ryce Wong Sep 10, 2021 9:55AM ET
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Excellent
Richard Matias
Richard Matias Sep 10, 2021 9:08AM ET
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Well done
Leo Woodsman
Leo Woodsman Sep 10, 2021 8:37AM ET
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