Stocks failed to recover on Tuesday as Wall Street fell with the Dow falling 100 points or -0.40%, the S&P 500 down -0.15% and the Nasdaq flat. Investors didn’t get any relief as markets experienced sharp losses on Monday with the Dow falling 600 points.
Apple shares continued their decline falling 1 percent after Goldman Sachs cut its iPhone sales estimates and JP Morgan downgraded its key supplier Lumentum, shares fell 33 percent on Monday. Energy was the worst performing sector falling 2.39 percent as oil fell to their lowest levels in a year. Losses were seen across the sector with Chevron down 2.29 percent, ConocoPhillips down 2.18 percent and Haliburton down 5.53 percent. The Semiconductor sector was higher as the ETF SOXX rose 1.38 percent led by gains NVDIA up 5.15 percent and Advanced Micro Devices rising 3.05 percent. General Electric shares rose 7.8 percent as it unveiled plans to raise $4 billion by accelerating a sale of its stake in oilfield services provider Baker Hughes.
Reports also come through of renewed trade talks between China and the US. Boeing shares fell 2.11 percent whilst Caterpillar shares rose 0.77 percent. The new comes ahead of a meeting between President Donald Trump and Chinese President Xi Jinping at the end of the month.
On the earnings front, Home Depot shares closed 0.31 percent lower after posting better results that what analysts were expecting, but highlighted slower US home sale growth and ongoing trade war and tariffs may result in price hikes for products in the future. On a more positive note, Advanced Auto Parts shares soared 10.62 percent on an earnings beat.
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Chart of the Day: Advanced Auto Parts (AAP) daily chart