The markets were mixed again today as investors focused on Apples earnings along with the Federal Reserve rate announcement. The Dow 30 was higher by 7, the S&P 500 lost 3, and the Nasdaq 100 lost 22. While Apple disappointed the Fed did not. They chose to leave rates unchanged as expected but said that a June rate hike was highly likely. One bearish comment they made was that the economy did seem to show slower growth which temporarily caused stocks to sell off. Tomorrow traders will get a look at unemployment claims but all eyes will turn towards the unemployment rate which is due out on Friday and expected to show a small uptick.
Apple (NASDAQ: AAPL) announced their earnings last night which sent the stock lower today. Shares were lower by 0.31% which was well off their lows of the session. It seems the bulls took the opportunity to buy on that small pullback. The stock started lower as Apple announced that it had a decline in iPhone sales which initially worried investors. Shares remain near all time highs which were set yet again yesterday.
Akamai (NASDAQ: AKAM) reported earnings today as well which were quite disappointing to the street. Shares plummeted 15.52% on the earnings miss and showed no signs of buying at all. The move today puts Akamai lower by over 20% on the year. Technical traders note that there is still plenty of room to the next support zone and refused to support the stock at these levels.
Anadarko Petrol Corp (NYSE: APC) continues its earnings loss streak today as they reported yet another miss. Investors showed that they had had enough of the oil services performance by selling the stock off 7.69%. Volume was quite high today as technical traders noted the waterfall type selloff and took their chances at a short term bounce. As the losses continue to mount, shares are lower by over 26% on the year.