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US close: Stocks lower, Apple weighs on major indices
(Sharecast News) - US stocks closed sharply lower on Tuesday as shares in tech giant Apple weighed on the Street.
At the close, the Dow Jones Industrial Average was down 1.04% at 38,585.19, while the S&P 500 lost 1.02% to 5,078.65 and the Nasdaq Composite saw out the session 1.65% weaker at 15,939.59.
The Dow closed 404.64 points lower on Tuesday, extending losses recorded in the previous session.
In focus on Tuesday, shares in Apple headed south after the tech giant was slapped with a €1.84bn fine by European Union antitrust regulators over its App Store rules, with the watchdog telling the company that it cannot stop music streaming services from advertising cheaper subscription deals outside of its store. In response, Apple said the Commission had failed to "uncover any credible evidence" of either consumer harm or anti-competitive behaviour, stating that competitor's such as Spotify wanted to "rewrite the rules of the App Store" to gain competitive advantage, while paying nothing to Apple. Apple vowed to appeal the Commission's decision.
Also in the corporate space, AMD traded lower on the back of a Bloomberg report that claimed the company had hit a regulatory snag that would prevent it from selling an artificial intelligence chip to China while GitLab shares crashed after the software firm issued weak full-year guidance.
Big-box retailer Target reported fourth-quarter earnings that came in ahead of analyst expectations, with annual revenues growing roughly 40% year-on-year and quarterly profits coming in nearly 58% higher at $1.38bn, and fashion retailer Nordstrom narrowly beat revenues estimates.
On the macro front, the S&P Global composite purchasing managers index was revised higher to 52.5 in February, up from preliminary estimates for a reading of 51.4 and ahead of the 52 recorded in January. February saw a general decrease in cost pressures, with input prices easing at the slowest rate since October 2020. However, firms still chose to pass on higher costs to customers, leading to a month-on-month uptick in selling price inflation.
Elsewhere, the services PMI was revised higher to 52.3 in February, up from a preliminary of 51.3 and just below the 52.5 reading seen in January. The print pointed to a solid performance by the services sector last month, with output rising for a thirteenth successive month.
On another note, the Institute for Supply Management's US services PMI fell to 52.6 in February, down from a four-month high of 53.4 in January and missing expectations for a reading of 53. February's print pointed to marginally slower growth in the services sector amid faster supplier deliveries and employment contraction.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Walgreens Boots Alliance, Inc. (WBA) $21.01 2.09% 3M Co. (MMM) $92.69 1.37% Walmart Inc. (WMT) $60.04 1.25% JP Morgan Chase & Co. (JPM) $188.55 1.00% McDonald's Corp. (MCD) $292.54 0.55% Chevron Corp. (CVX) $149.62 0.48% Boeing Co. (BA) $201.14 0.30% Verizon Communications Inc. (VZ) $40.35 0.10% Johnson & Johnson (JNJ) $159.97 0.08% Travelers Company Inc. (TRV) $219.13 0.03%
Dow Jones - Fallers
Intel Corp. (INTC) $43.16 -5.37% Salesforce.Com Inc. (CRM) $298.75 -5.05% Microsoft Corp. (MSFT) $402.65 -2.96% Apple Inc. (AAPL) $170.12 -2.84% Unitedhealth Group Inc. (UNH) $473.15 -1.81% Caterpillar Inc. (CAT) $333.60 -1.51% Nike Inc. (NKE) $98.31 -1.24% Merck & Co. Inc. (MRK) $122.83 -0.98% Amgen Inc. (AMGN) $276.65 -0.98% American Express Co. (AXP) $217.20 -0.78%
S&P 500 - Risers
Target Corp. (TGT) $168.58 12.02% Harley-Davidson Inc. (HOG) $39.32 7.23% DaVita Inc (DVA) $134.65 7.09% Hewlett Packard Enterprise (HPE) $18.10 5.54% Citizens Financial Group, Inc. (CFG) $33.60 5.23% Zions Bancorporation (ZION) $40.95 4.54% Dollar General Corp (DG) $154.60 4.32% Advance Auto Parts (AAP) $72.56 4.31% Gap Inc. (GPS) $20.00 4.06% NRG Energy Inc. (NRG) $60.01 4.02%
S&P 500 - Fallers
Albemarle Corp. (ALB) $109.40 -17.87% Qorvo, Inc. (QRVO) $113.29 -5.76% Intel Corp. (INTC) $43.16 -5.37% Autodesk Inc. (ADSK) $247.29 -5.14% Salesforce.Com Inc. (CRM) $298.75 -5.05% Synopsys Inc. (SNPS) $565.26 -4.89% Xcel Energy Inc. (XEL) $48.65 -4.72% United Rentals Inc. (URI) $679.37 -4.62% Macerich Co (MAC) $15.97 -4.37% Skyworks Solutions Inc. (SWKS) $100.33 -4.36%
Nasdaq 100 - Risers
eBay Inc. (EBAY) $50.09 2.41% Walgreens Boots Alliance, Inc. (WBA) $21.01 2.09% Dollar Tree Inc (DLTR) $149.08 1.82% PACCAR Inc. (PCAR) $114.08 1.59% T-Mobile Us, Inc. (TMUS) $165.90 1.57% Vodafone Group Plc ADS (VOD) $9.04 1.12% Gilead Sciences Inc. (GILD) $72.99 1.02% Nvidia Corp. (NVDA) $859.64 0.85% Hasbro Inc (HAS) $50.73 0.71% Charter Communications Inc. (CHTR) $280.85 0.64%
Nasdaq 100 - Fallers
Qurate Retail Inc. (QRTEA) $1.23 -5.75% Intel Corp. (INTC) $43.16 -5.37% Autodesk Inc. (ADSK) $247.29 -5.14% Synopsys Inc. (SNPS) $565.26 -4.89% Skyworks Solutions Inc. (SWKS) $100.33 -4.36% Intuit Inc. (INTU) $639.73 -4.29% Broadcom Inc. (AVGO) $1,342.75 -4.24% Adobe Systems Inc. (ADBE) $544.84 -4.07% Tesla Inc (TSLA) $180.74 -3.93% Intuitive Surgical Inc. (ISRG) $387.32 -3.31%
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