Stocks – Wall Street Opens Lower as Apple Warns of Virus Hit

This post was originally published on this site
https://i-invdn-com.akamaized.net/news/LYNXNPEE991E4_M.jpg
© Reuters. © Reuters.

By Geoffrey Smith

Investing.com — U.S. stock markets fell at the opening on Tuesday, as a warning from Apple and disappointing figures from Walmart (NYSE:) validated fears that stocks may have gotten ahead of themselves in pricing in a quick end to the Covid-19 outbreak.

Apple (NASDAQ:) stock fell 2.7% after the iPhone maker warned of a two-fold hit to revenue, first from a drop in retail sales in China and secondly due to production constraints in its supply chain. It wasn’t able to give any clearer update on the expected impact of the virus, but warned it would not reach the $63 billion lower end of its guidance range.

Walmart (NYSE:) stock, by contrast, recovered from early losses to be up 0.5% after missing expectations for fourth-quarter sales. While its guidance for 30% online sales growth also represented a slowdown from last year’s 37%, markets took the view that the possible leakage of business to Amazon.com (NASDAQ:) isn’t as bad as it might be.

By 9:55 AM ET (1455 GMT), the was down 113 points or 0.4% at 29,303. The index was down 0.2% and the was down 0.1%.

Sentiment was supported somewhat by the release of the , which rose by more than expected to its highest level since May last year.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Add Comment