Stock Market Watch

Stocks Lower in Early Trading

by ·


U.S. stocks edged lower on Tuesday during early trading hours, taking cue from global equities as investors’ risk appetite shrunk amid rising uncertainty over Spain’s sovereign bailout and simmering tensions between China and Japan while FedEx Corp.’s (NYSE: FDX) gloomy outlook also weighed on Wall Street sentiment.

At last check, the Dow Jones Industrial Average Index slipped 0.06% to 13544.97; the Nasdaq Composite Index edged down 0.20% to 3172.44 while the S&P 500 Index fell 0.25% to 1457.61

Earlier today, a data release by U.S. Commerce Department showed that current account deficit contracted to $117.40 billion in the second quarter even as analysts’ consensual estimate was for gap of $125.5 billion.

In some corporate news, shares of global shipping giant FedEx slumped in early trading hours as the company slashed its earnings outlook for both current quarter and fiscal 2013. The company said that ongoing global macroeconomic uncertainty and falling ocean freight volume prompted to cut its earnings outlook.

Advanced Micro Devices (NYSE: AMD) plunged on Tuesday after the chipmaker announced that CFO, Thomas Seifert, is resigning from the company. Mr. Seifert joined the company in 2009.

Automaker Ford (NYSE: F) is expected to launch its redesigned 2013 Fusion. First launched in 2005, the Fusion went on to become Ford’s best selling model.

Shares of Apple Inc (NASDAQ: APPL) slid on Tuesday after crossing $700 mark on Monday in aftermarket trading.  Apple, world’s most valuable company, announced on Monday that it received overwhelming response for its iPhone5 and initial inventory level was sold-out due to very strong preorders.

In Europe, all leading benchmark indexes were trading in red territory with Pan European Stoxx 600 Index down 0.51% and Spain’s IBEX 35 plunging 1.35%, at last check.

In Germany, the economic expectation index climbed for September after falling for five successive months; nevertheless, the reading was short of economists’ expectations.

 

More Posts by this author

edliston
Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.

Tags:

Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing.

You may also like...