Stock Market Watch

U.S. Stocks Slip Early Trading, Apple Under Pressure

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U.S. stocks slipped in early trade on Monday with sentiment weighed down by Apple Inc. (NASDAQ: AAPL). Stocks are struggling despite Chicago Federal Reserve Chairman’s upbeat remarks on the U.S. economy.

At last check, the Dow Jones Industrial Average Index slipped 0.11%; the NASDAQ Composite Index edged down 0.46% while the S&P 500 Index while the S&P 500 Index lost 0.28%

Shares of Apple fell nearly 3.50 percent by early trade on Monday after the Wall Street Journal reported that sales of iPhone5 have been lackluster. Display Inc. and Sharp Corp, the companies that supply Apple with liquid crystal display (LCD) have already started to cut production, WSJ reported, citing people with knowledge of the matter.

Harry Winston (NYSE: HWD) shares rallied after Swatch Group announced that it has agreed to acquire HW holdings, its parent company.

Facebook Inc. (NASDAQ: FB) shares have slipped in early trading despite a rating upgrade from Deutsche Bank.

No major economic indicator is scheduled to be released on Monday but Federal Reserve Chairman Ben Bernanke is expected to deliver a speech at the University of Michigan at 4:00 p.m. EST. Market participants will closely follow the speech, hoping to receive some hint on the longevity of the ongoing quantitative easing and Bernanke’s views on debt ceiling issue.

Earlier today, Chicago’s Fed Chairman, Charles Evans, while addressing a meeting in Hong Kong said that the U.S. economy was poised to grow by 2.5% in 2013 and 3.5% in 2014. Nevertheless, he was less optimistic about improvement in the labor market. According to Mr. Evans the unemployment level is likely to be at 7.4% in 2013 and will ease to 7% by 2014.

Elsewhere in Europe, equities pared initial gains to turn lower with Pan European Stoxx 600 Index down 0.44%, FTSE losing 0.21% while Germany’s DAX Index was almost flat, at last check.

 

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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.

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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.

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