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US Market Wrap 10 September 2018

Posted by Billy Macris on 10-Sep-2018 09:35:56

US stocks were lower on Friday as the S&P500 and Nasdaq continued their declines whilst the Dow snapped a three-day winning streak. Weakness was seen as President Trump raised the possibility of additional tariffs on $267 billion of Chinese imports, on top of the proposed $200 billion discussed last week. Apple shares were caught in the crosshairs as the stock fell 0.81 percent as the company revealed some of its products could be subject to the levies.

Despite positive employment data released on Friday stocks continued their declines for the weak. Nonfarm payrolls rose 201,000 from the prior month, topping the median forecast for 190,000 jobs. The unemployment rate was unchanged at 3.9 percent. The jobs report saw treasury yields along with the US dollar rise following the release of the figures, whilst on the open equities opened lower as investors viewed the data as being more supportive for a higher interest rate environment.

Some movers were mentioning include Tesla Inc. as shares fell 6.30 percent following reports of two executives leaving the company and mounting investor concern about Chief Executive Elon Musk’s behavior on a live web show. Broadcom Inc. shares rose 7.69 percent following reporting mixed quarterly results. The company earned an adjusted $4.98 a share on sales of $5.06 billion for the quarter where analysts expected earnings of $4.82 a share on sales of $5.07 billion.

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Chart of the Day: Broadcom Inc. (AVGO) Daily Chart

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Topics: +U.S. Market Wrap