|09-10-2014, 06:25 PM||#1|
U.S. stocks looking flat, Apple, McDonald`s in focus
Markets are still feeling the aftermath of Apple’s product launch event on Wednesday, but investors seem to have found some reasons to move higher despite recent weaknesses.
Shares in the tech giant were extremely volatile on Tuesday as it held its hotly anticipated product launch, rallying almost 5% before closing slightly lower.
Shares in Apple fell 1% in early premarket, and were last up 0.49% at $98.47 per share as investors are considering how the latest Apple products will be received.
However, the move lower for Apple’s shares isn’t that unusual, as shares fall by an average of 1.2% on product launch days.
Equity investors still worry that the Fed could raise interest rates sooner than some had forecast.
Those concerns took the yield on the 10-year Treasury not to its highest in a month at 2.5%.
In recent times, the positive momentum in stocks has come largely on accommodative policies from the Federal Reserve, including ultra low interest rates. The S&P 500 has not seen a correction since 2012, and since then, investors have used any market decline as a buying opportunity.
That view is still intact, with the S&P 500 less than 1% from a record close on Friday, despite falling in five of the past six sessions.
In individual company news, Dollar General Corp said it would take its $9.1 billion bid to buy Family Dollar Stores directly to the company’s shareholders in a hostile bid. Family Dollar Stores were up nearly 5% in premarket.
McDonald’s shares should be watched when the market opens. The fast food giant said third quarter earnings will take a hit after a food scandal in China hurt consumer sentiment in Asia last month.
Yum! Brands has also seen sales fall after reports that a major Chinese meat supplier for both companies was selling expired products.
Vera Bradley and Manchester United will report quarterly results ahead of the bell.
Men’s Wearhouse will report after the closing.
U.S. stock futures were flat with a negative bias ahead of the opening with major global markets fluctuating.
-Futures on the Dow Jones Industrial Average fell 0.012% to 17032
-Futures on the S&P 500 Index fell 0.030% to 1989.10
-Futures on the NASDAQ 100 fell 0.006% to 4065.75 . As of 07:34 a.m. ET
Wall Street moved lower on Tuesday, with the Dow Jones falling almost 100 points. The S&P 500 dropped 0.7% and the NASDAQ fell 0.9%.
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