US Market Wrap 5 November 2018

Posted by Billy Macris on 05-Nov-2018 11:00:42

US equities fell on Friday following conflicting reports regarding trade news along with a slump in Apple shares after the tech company reported earnings on Friday. The Dow fell 0.43%, the S&P 500 fell 0.63% and the Nasdaq fell 1.04%

In the pre-markets Dow futures rose sharply following positive comments from President Trump after he told reporters that the US is closer to striking a deal with China. Yet the comments and gains were overshadowed after President Trump’s economic adviser Larry Kudlow told reporters "There's no massive movement to deal with China”.

Apple shares fell 6.6 percent after reporting earnings after the market close on Thursday. Despite stronger than expected revenue, the iPhone maker offered lowered guidance and announced changes to way in which it will report its earnings in the future, along with iPhone shipments missing quarterly estimates. The poor result saw the S&P 500 Technology sector finish 1.9 percent lower being the worst performing sector with Intel shares falling 2.3 percent and Broadcom shares falling 3.96 percent.

Chevron and Exxon shares rose 3.2 percent and 1.6 percent, respectively after a positive earnings release before the market open on Friday. Some of the smaller names in the industry ConocoPhillips fell 2.5 percent and EOG Resources fell 2.5 and 4.25 percent, respectively following lower oil prices.

In economic data, stocks initially went higher after the release on key employment data. The US economy added 250,000 jobs last month against the estimated figure of 190,000 whilst wages rose 3.1 percent on an annualised basis. Treasury yields rose following the data's release, where the benchmark 10-year note yield traded around 3.21 percent while the two-year yield climbed to 2.91 percent and hit its highest level in a decade.

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Chart of the Day: Apple Inc (AAPL) daily chart

5.11.18 - aapl

Topics: +U.S. Market Wrap