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Stock market today, Sept. 9, 2014: U.S. markets took a nosedive in the final hour of trading this afternoon (Tuesday) after a broad selloff of tech giant Apple Inc. (Nasdaq: AAPL). All 10 sectors in the S&P 500 were in the red this afternoon, while the Dow Jones Industrial Average continued to be weighed by companies like The Home Depot Inc. (NYSE: HD), which was down another 2% on the day.
Here's the scorecard from today's trading session:
Dow: 17,013.87, -97.55 (-0.57%)
Nasdaq: 4,552.29, -40.00 (-0.87%)
S&P 500: 1,988.44, -13.10 (-0.65%)
Market news today was dominated by Apple's publicity event this afternoon, where it revealed a number of new tech gadgets. After introducing a larger, 4.7-inch iPhone 6 and 5.5-inch iPhone 6 Plus, CEO Tim Cook unveiled the "Apple Watch," the first product developed and introduced under the executive's leadership.
The Apple Watch is touted as a device that allows users to connect with their iPhones, use the Siri assistant, and track their health and wellness activities over time. Marketing this product could prove difficult, however, and companies like Sony Corp. (NYSE ADR: SNE), Samsung Electronics Ltd. (OTCMKTS: SSNLF), and Qualcomm Inc. (Nasdaq: QCOM) have had only limited success with smartwatches.
AAPL stock initially surged more than 4% during the day, but the stock quickly turned back in the afternoon, falling below the $100 resistance level and ending the day down 0.38%.
Here are more top stories from the stock market today:
- Tech Boost: Online streaming giant Netflix Inc. (Nasdaq: NFLX) struck an all-time intraday high today before retreating with the rest of the tech sector in late afternoon. The company received a boost after an analyst at RBC Capital Markets raised his share price target from $530 to $600. This week, Netflix and a number of other digital content providers will be engaged in a major PR campaign directed toward customers to raise awareness and opposition against proposed net neutrality laws that some feel could disrupt services provided by online streaming video firms.
- Dollar Driven: The U.S. dollar continued to see strong gains against major and emerging market currencies and reached a six-year high against the yen. Investors are expecting that the U.S. Federal Reserve will provide fresh insight into when it might raise interest rates next week. The dollar is currently at a 14-month high against the euro and nine-month high against the U.K. pound, as investors turn to the dollar as a hedge against stimulus efforts by European central banks.
- Losing Their Appetite: Shares of McDonald's Corp. (NYSE: MCD) hit a 52-week low this afternoon on news the company's same-store sales dropped 3.7% in August. The company continues to be plagued by a recent meat scandal in China, where it has more than 2,000 locations, after a supplier sold the company expired meat, chicken, and seafood. The result has led to a flurry of consumer flight in the Asia-Pacific region, where August same-store sales dropped by 14.8%. The stock was down roughly 1.5% on the day.
- Trouble Brewing: Oil and natural gas giant Chesapeake Energy Corp. (NYSE: CHK) will go to trial on 20 charges including felony racketeering over its leasing practice with landowners in Michigan dating back to 2010. Among the charges in the report, the company is accused of using a shell firm to cancel deals with 800 private landowners. The company's former CEO, Aubrey McClendon, who was in charge at the time and has already departed the company on charges of mismanagement and taking out personal loans against the company's wells, says Chesapeake did nothing wrong.
- Book Bounce Back: Shares of Barnes & Noble Inc. (NYSE: BKS) were up almost 3% on news that the company saw a smaller fiscal first-quarter loss than expected. The company cited a proactive effort by management to reduce in-house costs ahead of the company's pending split. The iconic book retailer continues to see its in-store sales decline, down more than 5.3% in the recent quarter. The company is planning to split its Nook and online business from its retail division. The company continues to seek an effective strategy for its e-reader against more established competitors like Amazon.com Inc. (Nasdaq: AMZN).
Now our experts share some of the most important investment moves to make based on today's market trading – for Money Morning Members only:
About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, and consultant with degrees from Northwestern, Johns Hopkins, Purdue, and Indiana University. He is a seasoned financial and political risk analyst, with a focus on stocks, hedge funds, private equity, blockchain, and housing policy. He has conducted risk assessment projects for clients in 27 countries, and consulted on policy and financial operations for some of the nation's largest financial institutions, including a $1.5 trillion credit fund, a $43 billion credit and auto loan giant, as well as two of the largest Wall Street banks by assets under management.
Garrett joined Money Map Press as an economist and researcher in 2011, specializing in alternative strategies with an emphasis on fundamental and technical analysis.