US close: Apple drags despite buoyant readings on consumer spend

By Sharecast News

Sharecast News | 27 Dec, 2017

Updated : 08:27

21:10 10/05/24

183.12
-0.79%-1.46

Max: 185.09
Min: 182.13

Volume: 39,005,540
MM 200 : 181.76

Stocks slipped a little at the start of the holiday-shortened week as reports of poor demand for Apple's new iPhone X offset buoyant readings on consumer spend during the festive season.

According to Mastercard SpendingPulse, retail sales in the States jumped by 4.9% from 1 November through to Christmas Eve, versus a rise of 3.7% in the same period one year ago, for their best showing since 2011.

Be that as it may, by the closing bell the Dow Jones Industrials was down by 0.03% at 24,746.21, alongside a dip of 0.11% to 2,680.50 on the S&P 500 and a decline of 0.34% to 6,936.25 for the Nasdaq Composite.

From a sector standpoint, the weakest areas of the market were: Computer hardware (-2.24%), Technology hardware (-1.40%), and Toys (-1.20%).

In the corporate space, stock of Apple was in the spotlight on the heels of reports of tepid demand for the company's iPhoneX during the first quarter of its financial year.

On a related note, Taiwan's Economic Daily reported that the manufacturer will slash its sales forecasts for the quarter from 50m units to just 30m units.

Elsewhere, front month West Texas Intermediate crude oil futures jumped $1.57 to finish at $59.97 - near a two-and-a-half year high - following a report of an explosion in a pipeline feeding the Libyan oil terminal of As Sidra.

Meanwhile, Hubbell Inc. announced its intention to buy Aclara Technologies, an infrastructure solutions provider, for $1.1bn in cash.

Elsewhere, Mallinkrodt said it would purchase Sucampo Pharmaceuticals for $1.2bn, including debt.

On the economic front, home price gains in the US accelerated to a 6.4% pace year-on-year, versus a 6.2% clip in the month before (Barclays: 6.1%), according to S&P CoreLogic Case-Shiller's 20-City home price index.

Dow Jones - Risers

Home Depot Inc. (HD) $190.36 1.21%
Wal-Mart Stores Inc. (WMT) $99.16 1.12%
Chevron Corp. (CVX) $125.99 0.93%
Procter & Gamble Co. (PG) $92.48 0.88%
International Business Machines Corp. (IBM) $152.83 0.88%
Visa Inc. (V) $112.99 0.52%
Coca-Cola Co. (KO) $45.79 0.46%
Caterpillar Inc. (CAT) $156.44 0.44%
Verizon Communications Inc. (VZ) $53.22 0.40%
3M Co. (MMM) $235.42 0.29%