Breaking News
Investing Pro 0
Cyber Monday Extended SALE: Up to 60% OFF InvestingPro+ CLAIM OFFER

Stock Market Today: Dow Ends Lower as Bears Feast on Apple Dive

Stock Markets Sep 29, 2022 04:06PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.
 
US500
-0.12%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
DJI
+0.10%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
QCOM
-0.91%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
BBBY
+1.69%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
AAPL
-0.34%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
NVDA
-1.51%
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 slumped Thursday, moving deeper into correction territory as a slump in Apple triggered a rout at a time when many fear ongoing Federal Reserve rate hikes will derail the economy.   

The Dow Jones Industrial Average slipped 1.5%, or 458 points, the Nasdaq was down 2.8%, and the S&P 500 fell 2.1%.

Apple (NASDAQ:AAPL) fell 5% after Bank of America downgraded the company to Neutral from Buy, citing worries about a slowdown in consumer spending.

The tech giant is expected to face “material negative estimate revisions,” over the next year, Bank of America said, pointing to a slowdown in “services and relatively lackluster iPhone lead times” as signs that consumer demand will slow. 

The downgrade soured sentiment on semiconductor stocks, with Apple chip suppliers including Taiwan Semiconductor Manufacturing (NYSE:TSM), Qualcomm Incorporated (NASDAQ:QCOM), and Analog Devices Inc (NASDAQ:ADI) adding to recent losses. NVIDIA's (NASDAQ:NVDA) 4% slump, meanwhile, also weighed on chip stocks.

Meta Platforms (NASDAQ:META) fell more than 3% on fears of a further slowdown in growth ahead after Bloomberg, citing an internal all-hands call, reported that CEO Mark Zuckerberg announced plans to freeze hiring as part of a move to streamline the business.  

Rising Treasury yields, the enemy of growth sectors like tech stocks, also added pressure on the broader market as an upside revision to second-quarter inflation suggested the Federal Reserve will have to persist with rate hikes.

The personal consumption expenditure price index, the fed’s preferred inflation gauge, was revised higher to a 7.3%. While the core PCE price measure, which excludes food and energy, and is closely watched was upwardly revised to 4.7% from 4.4%.

The data comes ahead of fresh inflation figures due Friday expected to show 0.5% in the PCE price index for August.   

The latest weekly jobless claims data, meanwhile, also suggested the Fed has more work to do as claims in the week ending Sept. 24, unexpectedly fell 16,000 to 193,000.

Cleveland Fed President Loretta J. Mester said that inflation was 'unacceptably high,' and reiterated the Fed’s willingness to bring inflation back toward the 2% target even if the economy slows.

Consumer stocks, meanwhile, fell more than 3% after a 24% plunge in CarMax Inc (NYSE:KMX) after the autodealer reported quarterly earnings that fell short of analysts’ estimates.

Bed Bath & Beyond (NASDAQ:BBBY) fell 4% after reporting a wide-than-expected loss, paced by a decline in Buybuy Baby, its baby merchandise chain.

In other news, Peloton Interactive (NASDAQ:PTON) fell 14% after detailing plans to sell its equipment at Dick’s Sporting Goods, a move that points to further signs of slowing demand for its fitness equipment.

Stock Market Today: Dow Ends Lower as Bears Feast on Apple Dive
 

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 (4)
Buy And Sell
Buy And Sell Sep 29, 2022 8:10PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Higher and higher inflation. Get out of stocks now or go totally broke!!!
Marcel Azossi
Marcel Azossi Sep 29, 2022 7:22PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
bonjour
Marcel Azossi
Marcel Azossi Sep 29, 2022 7:22PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
bonjour
Dominic Mazoch
Dominic Mazoch Sep 29, 2022 5:58PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
If these companies wanted to, they could raise interest free money by the issue of new stock, or sell the ones they bought back .
lakes Tenn
lakes Tenn Sep 29, 2022 5:58PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I guess you don't understand how companies operate
Sep 29, 2022 5:58PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
You need to read a book. This might be one of the most uneducated statements ive seen year to date
Kris Jay
Kris Jay Sep 29, 2022 5:58PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
right and they can also hire the leprechaun and follow him to the pot of gold.
Tom Michaels
Tom Michaels Sep 29, 2022 4:15PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
compete rig job.
 
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