US close: Markets mixed as Apple reaches $1trn market cap
Wall Street finished on a mixed note on Wednesday, after technology giant Apple rallied its way to a market cap of more than $1trn, and as traders continued to react to reports that the US administration was set to ratchet up the pressure on Beijing on trade.
The Dow Jones Industrial Average ended the day down 0.03% at 25,326.16, while the S&P 500 added 0.49% to 2,827.22, and the Nasdaq 100 rocketed ahead 1.24% to 7,802.69.
Gains earlier in the session were muted as concerns about ongoing trade tensions between Washington and Beijing continued, after the White House threatened the People’s Republic with tariffs of 25% on a list of $200bn worth of goods.
That would be a significant increase from the previously-flagged 10% rate.
“Benign, negotiated outcomes may still be the endgame, but an extended cycle of escalation will allow the conflicts to play out in company financial statements and economic data,” noted Morgan Stanley strategist Michael Zezas.
“It doesn’t have to be a material economic problem to be a market negative.”
On the data front, initial jobless claims were up 1,000 in the last week, which was less than expected, keeping the number closest to the lowest levels seen in four decades.
Investors were also cheered somewhat by the June factory orders report, with the figure rising 0.7% for the month.
In corporate news, Apple was the big winner of the day, rising 2.92% to hit a record price, valuing it at more than $1trn.
It became the first publicly traded US company to reach such a dizzying market cap.
Tesla was up 16.19% as traders kept cheering for its stronger-than-expected quarterly revenue report on Wednesday.
Fast food group Yum! Brands advanced 1.46% after its adjusted second quarter earnings beat expectations, and its revenue fell less than expected over last year.
On the downside, DowDuPont was off 2.24% even after the chemicals conglomerate beat second quarter revenue and earnings expectations.
Teva Pharmaceuticals plunged 9.47% despite reporting earnings that beat forecasts for the second quarter, and revenue in line with market expectations.
Dow Jones - Risers
Apple Inc. (AAPL) $207.39 2.92%
Nike Inc. (NKE) $78.66 2.28%
Cisco Systems Inc. (CSCO) $42.53 1.60%
Visa Inc. (V) $138.92 1.59%
Procter & Gamble Co. (PG) $82.00 1.38%
Intel Corp. (INTC) $49.48 1.37%
Microsoft Corp. (MSFT) $107.57 1.21%
Unitedhealth Group Inc. (UNH) $256.10 1.13%
JP Morgan Chase & Co. (JPM) $116.15 1.04%
Walgreens Boots Alliance, Inc. (WBA) $66.98 0.81%
Dow Jones - Fallers
3M Co. (MMM) $205.56 -3.18%
Dowdupont Inc. (DWDP) $66.44 -2.24%
Exxon Mobil Corp. (XOM) $79.92 -1.96%
Goldman Sachs Group Inc. (GS) $233.94 -1.45%
Travelers Company Inc. (TRV) $128.32 -1.40%
McDonald's Corp. (MCD) $155.38 -1.37%
International Business Machines Corp. (IBM) $142.99 -1.36%
Chevron Corp. (CVX) $123.74 -1.30%
United Technologies Corp. (UTX) $134.12 -1.19%
Merck & Co. Inc. (MRK) $65.22 -0.99%
S&P 500 - Risers
CF Industries Holdings Inc. (CF) $49.52 12.19%
PerkinElmer Inc. (PKI) $86.55 9.31%
Frontier Communications Co. (FTR) $5.49 7.23%
Regeneron Pharmaceuticals Inc. (REGN) $397.00 7.00%
Clorox Co. (CLX) $142.44 6.17%
Zoetis Inc (ZTS) $91.43 5.72%
Spectra Energy Corp. (SE) $14.88 5.46%
DaVita Inc (DVA) $74.05 5.35%
Host Hotels & Resorts Inc. (HST) $21.94 4.78%
Express Scripts Holding Co (ESRX) $77.98 4.76%
S&P 500 - Fallers
Hanesbrands Inc. (HBI) $18.28 -17.88%
United States Steel Corp. (X) $32.12 -11.83%
TripAdvisor Inc. (TRIP) $51.18 -11.22%
Unum Group (UNM) $35.89 -9.67%
Willis Towers Watson Public Limited Company (WLTW) $145.73 -8.43%
Invesco Ltd. (IVZ) $24.96 -7.52%
Freeport-McMoRan Inc (FCX) $15.34 -7.03%
Wynn Resorts Ltd. (WYNN) $149.54 -6.53%
Cognizant Technology Solutions Corp. (CTSH) $76.86 -6.37%
Legg Mason Inc. (LM) $32.04 -6.12%
Nasdaq 100 - Risers
Tesla Inc (TSLA) $349.54 16.19%
Regeneron Pharmaceuticals Inc. (REGN) $397.00 7.00%
Express Scripts Holding Co (ESRX) $77.98 4.76%
T-Mobile Us, Inc. (TMUS) $62.18 4.75%
Align Technology Inc. (ALGN) $367.92 4.02%
Ross Stores Inc. (ROST) $89.46 3.51%
Workday, Inc. (WDAY) $130.78 3.48%
Autodesk Inc. (ADSK) $131.16 3.13%
Apple Inc. (AAPL) $207.39 2.92%
Illumina Inc. (ILMN) $332.50 2.87%
Nasdaq 100 - Fallers
Wynn Resorts Ltd. (WYNN) $149.54 -6.53%
Cognizant Technology Solutions Corp. (CTSH) $76.86 -6.37%
Alexion Pharmaceuticals Inc. (ALXN) $126.01 -5.25%
Mylan Inc. (MYL) $36.52 -2.61%
Charter Communications Inc. (CHTR) $294.20 -2.40%
Comcast Corp. (CMCSA) $34.64 -2.15%
Dish Network Corp. (DISH) $29.86 -2.07%
Mercadolibre Inc. (MELI) $339.27 -1.98%
Vodafone Group Plc ADS (VOD) $24.00 -1.76%
Incyte Corp. (INCY) $64.45 -1.74%