By Victor Reklaitis, MarketWatch , Ryan Vlastelica
Recent trading has been muted in both directions
U.S. stocks were little changed on Wednesday, suggesting stocks
might continue to struggle for direction as investors continue to
search for the next big catalyst for trading.
Wall Street will be looking ahead to details on Apple Inc.'s
latest iPhones, which could influence the stock of the country's
largest company, along with comments from Federal Reserve officials
and the central bank's beige book report.
What are the main benchmarks doing?
The Dow Jones Industrial Average rose 20 points, or less than
0.1%, to 25,993. The S&P 500 was up 2 points to 2,890, a rise
of less than 0.1%. The Nasdaq Composite Index dipped 14 points, or
0.2%, to 7,958.
Both the S&P and the Nasdaq have risen for two straight
sessions, through Tuesday, though that comes after a four-day
decline. Recent trading has been muted, however. The S&P hasn't
closed with a move of 0.5% in either direction in any session thus
far this month.
So far this year, the three gauges have scored year-to-date
advances that range from 5.2% to 15.3%, as of Tuesday's close.
Don't miss: Don't expect big stock gains for several years,
Morgan Stanley warns
(http://www.marketwatch.com/story/dont-expect-big-stock-gains-for-several-years-morgan-stanley-warns-2018-09-12)
What's driving markets?
Trade tensions between the U.S. and its partners have put
pressure on global markets in recent months, but American equities
have continued to get a boost from encouraging economic reports and
companies' upbeat quarterly reports.
Investors this week have been tracking the fight between the
U.S. and China in particular, as analysts warn that a full-blown
trade war would hurt economic growth.
Opinion:Apple and other companies sound the alarm on Trump's
China tariff plans
(http://www.marketwatch.com/story/apple-and-other-tech-companies-sound-the-alarm-on-trumps-china-tariff-plans-2018-09-11)
Energy stocks could see a boost as crude-oil prices rose
(http://www.marketwatch.com/story/oil-prices-rise-amid-hurricane-fears-ahead-of-opec-inventory-report-2018-09-12).
Prices gained as Hurricane Florence barreled toward the East Coast,
boosting demand and raising worries about disruptions to gasoline
flows and pipelines in the region.
In the latest economic data, the wholesale cost of U.S. goods
and services fell in August for the first time in a year and a half
(http://www.marketwatch.com/story/wholesale-inflation-falls-for-first-time-in-18-months-ppi-shows-2018-09-12)
as the recent upturn in inflation appeared to ease.
What are strategists saying?
"There's not any great big news to trade on, so it's likely
we'll primarily be moving on headlines, which means we can be up
one hour and then moving down the next," said J.J. Kinahan, chief
market strategist at TD Ameritrade.
Referring to some recent weakness, Kinahan said "you have to
separate a natural selloff from one driven by a real change in the
market. It makes sense that we could see some selling after a
remarkable year and a half, especially in areas like tech that have
done well. But I don't see a tone change in the market; the numbers
continue to point to a strong economy."
Which stocks are in focus?
Shares in Apple Inc.(AAPL) fell 0.6% ahead of its event
Wednesday that is expected to deliver details about its latest
iPhones--especially how much they'll cost
(http://www.marketwatch.com/story/the-biggest-mystery-about-the-new-iphones-is-the-price-2018-09-08).
Thus far this year, the stock is up more than 31%.
Don't miss:Here's how Apple's stock performs around iPhone
launch events
(http://www.marketwatch.com/story/heres-how-apples-stock-performs-around-iphone-launch-events-2018-09-12)
WellCare Health Plans Inc.'s stock (WCG) fell 2.1%. The
managed-care provider will join the S&P 500
(http://www.marketwatch.com/story/wellcare-health-plans-to-be-added-to-sp-500-2018-09-11),
replacing XL Group Ltd.(XL), which is being acquired French
insurance giant AXA SA(CS.FR) .
The Federal Communications Commission paused its 180-day clock
(http://www.marketwatch.com/story/fcc-pauses-its-review-of-t-mobile-sprint-merger-2018-09-11)
for reviewing the merger of T-Mobile US. Inc.(TMUS) and Sprint
Corp.(S). Shares of T-Mobile rose 0.5% while Sprint was up 1%.
Micron Technology Inc.(MU) fell 4.4% after Goldman Sachs
downgraded the stock to neutral
(http://www.marketwatch.com/story/micron-stock-sinks-after-goldman-sachs-downgrade-2018-09-12).
Vital Therapies Inc. (VTL) plummeted nearly 90% after it said it
is halting the development of a system
(http://www.marketwatch.com/story/vital-therapies-shares-slide-86-after-biotech-says-it-will-scrap-treatment-for-liver-failure-2018-09-12)
aimed at treating liver failure after a disappointing trial.
Nielsen Holdings PLC(NLSN) jumped 4% after the TV-ratings
company said it expanded its previously announced strategic review
(http://www.marketwatch.com/story/nielsen-expands-review-to-assess-potential-sale-of-the-company-shares-rally-2018-09-12)
to assess a potential sale of the company.
Snap Inc. (SNAP) fell 9.4% after Jefferies analyst Brent Thill
lowered his price target
(http://www.marketwatch.com/story/snap-stock-sinks-after-jefferies-says-user-trends-arent-encouraging-2018-09-12)
to $11 from $14, writing that user trends weren't encouraging.
Separately, BTIG downgraded the stock to sell
(http://www.marketwatch.com/story/snap-stock-falls-after-btig-cuts-to-sell-2018-09-12).
Wabco Holdings Inc. (WBC) said it expects its 2018 earnings to
be in the lower half of a previously given outlook range
(http://www.marketwatch.com/story/wabco-sees-2018-earnings-at-lower-half-of-guidance-as-geopolitical-dynamics-intensify-2018-09-12),
citing trade tensions. The stock fell 5.9%.
Bausch Health Cos. Inc. (VRX.T) gained 14% after it reached an
agreement
(http://www.marketwatch.com/story/bausch-health-stock-soars-86-premarket-on-news-of-patent-settlement-2018-09-12)
in a patent dispute over a treatment for irritable bowel
syndrome.
Macy's Inc.(M) plans to hire about 80,000 seasonal workers for
the holiday season, matching the overall hiring plans announced
last year
(http://www.marketwatch.com/story/macys-to-hire-80000-employees-for-the-holidays-matching-last-years-plan-2018-09-12).
Shares rose 1.9%.
Foamix Pharmaceuticals Ltd.(FOMX) shares jumped 13%. The company
reported positive late-stage trial results
(http://www.marketwatch.com/story/foamix-stock-surges-30-on-positive-late-stage-results-for-acne-medication-2018-09-12)
for its topical acne medication
What Fed officials are scheduled to speak?
St. Louis Fed President James Bullard said that Federal Reserve
interest rate-setters aren't paying enough attention
(http://www.marketwatch.com/story/fed-should-pay-more-attention-to-market-signals-with-next-rate-moves-bullard-2018-09-12)
to what the bond and stock markets tell them.
Fed Gov. Lael Brainard is expected to make remarks in Detroit at
12:45 p.m. Eastern. The central bank is slated to release its beige
book at 2 p.m. Eastern.
(END) Dow Jones Newswires
September 12, 2018 10:12 ET (14:12 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
Apple (NASDAQ:AAPL)
Historical Stock Chart
From Aug 2024 to Sep 2024
Apple (NASDAQ:AAPL)
Historical Stock Chart
From Sep 2023 to Sep 2024