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Stocks Lower With Disappointing Earnings From Apple

- By Julie Young

U.S. market indexes were mostly lower on Wednesday. For the day, the Dow Jones Industrial Average closed at 20957.90 for a gain of 8.01 points or 0.04%. The S&P 500 closed at 2388.13 for a loss of -3.04 points or -0.13%. The Nasdaq Composite closed at 6072.55 for a loss of -22.82 points or -0.37%. The VIX Volatility Index was higher at 10.68 with a gain of 0.09 points or 0.85%.


Wednesday's market movers

Stocks were lower Wednesday as disappointing iPhone sales and Apple (AAPL) earnings led to losses in Nasdaq technology stocks and the broader market overall.

On Wednesday afternoon, the Federal Reserve released its statement on interest rates, keeping rates unchanged.

Economic reports affecting market trading included the following:

  • The Mortgage Bankers Association's mortgage applications index decreased -0.1% for the month.
  • The ADP Employment report showed an increase of 177,000 jobs in the private sector.
  • The PMI Services Index increased to 53.1 from 52.8.
  • The ISM Non-Manufacturing Index increased to 57.5 from 55.2
  • The EIA Petroleum Status report showed a weekly decrease in oil inventory of -0.9 million barrels.



In the Dow Jones Industrial Average, the following stocks led gains and losses:

Gains

Merck (MRK) 1.48%

Chevron (CVX) 1.29%

McDonald's (MCD) 0.98%

General Electric (GE) 0.83%

United Technologies (UTX) 0.82%

Losses

Disney (DIS) -2.40%

DuPont (DD) -1.18%

Nike (NKE) -0.98%

UnitedHealth (UNH) -0.92%

American Express (AXP) -0.89%

In the broad market, financial stocks led gains. Technology was lower with the S&P 500 technology sector down -0.18%.

Small-cap stocks

In small-caps, the Russell 2000 Index closed at 1390.92 for a loss of -8.44 points or -0.60%. The S&P 600 Small-Cap Index closed at 846.43 for a loss of -5.53 points or -0.65%. The Dow Jones Small-Cap Growth TSM Index closed at 8350.48 for a loss of -50.00 points or -0.60%. The Dow Jones Small-Cap Value TSM Index closed at 9597.12 for a loss of -57.38 points or -0.59%.

Other notable indexes

Other notable index closes included the S&P 400 Mid-Cap Index at 1727.41 for a loss of -7.31 points or -0.42%; the S&P 100 Index at 1058.31 for a gain of 0.04 points or 0.01%; the Russell 3000 Index at 1415.51 for a loss of -3.01 points or -0.21%; the Russell 1000 Index at 1323.86 for a loss of -2.38 points or -0.18%; and the Dow Jones U.S. Select Dividend Index at 652.66 for a loss of -0.42 points or -0.06%.

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This article first appeared on GuruFocus.