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The dive was fueled by a sharp downturn in shares of Apple Inc. (Nasdaq: AAPL), which fell for the second consecutive day. Shares were down 3.8%, falling below $100 per share. Concerns about software glitches in its iOS platform and structural problems in the iPhone 6 Plus are heavily weighing on the stock. The stock was the largest drag on both the Nasdaq and the S&P 500 Index today.
Here's the scorecard from today's trading session:
Dow: 16,945.80, -264.26 (-1.54%)
Nasdaq: 4,466.75, -88.47 (-1.94%)
S&P 500: 1,965.99, -32.31 (-1.62%)
Two key data sets painted a less rosy picture of the U.S. economy than we saw earlier this week. First, thanks to a sharp decline in aircraft orders, durable goods orders plummeted by 18.2% in August. Meanwhile, applications for unemployment benefits increased by 12,000 last week to reach 293,000.
Here's a breakdown of more top stories from the stock market today:
- From Russia with Love: In response to increased pressures from U.S. and European sanctions against its economy, the Russian government could provide their courts with the right to seize foreign assets on its territory. The new law could present a problem for a number of U.S. companies with significant interest in the region. Russia says it is seeking to protect its interests against the sanctions and are likely attempting to get Western companies ExxonMobil Corp. (NYSE: XOM), BP Plc. (NYSE ADR: BP), and McDonald's Corp. (NYSE: MCD) to lobby their governments. The sanctions continue to take a toll on the Russian economy. This afternoon, the Market Vectors Russia ETF (NYSE: RSX) slipped by 2.5%.
- Back to Life: U.S. Attorney General Eric Holder announced that he will resign before the mid-term elections. Holder is the fourth longest-serving Attorney General in U.S. history, and his Department of Justice has been very involved in a number of high-profile settlements with banks like JPMorgan Chase & Co. (NYSE: JPM) and Bank of America Corp. (NYSE: BAC) over their roles in the recent financial crisis. The resignation is a sign that the White House may be concerned that Republicans could take back the Senate in this fall's midterm elections. The U.S. Senate will likely approve President Barack Obama's next appointment during the lame-duck session.
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.