The markets started the day lower on the anniversary of the 1987 crash. While the media focused on this the bulls quietly stepped in and bought the dip causing the Dow 30 to rise 9 points. The S&P 500 was also able to close the day higher, adding 1. The NNasdaq 100 lost 24 thanks to some concerning news reports on Apple. Tomorrow investors will continue to focus on earnings, along with existing home sales and a speech from Fed Chairwoman, Janet Yellen.
Apple (NASDAQ: AAPL) shares sold off 2.59% today as reports surfaced weren't favorable for the tech company. The Wall Street Journal reported that the company is having issues with its LTE Watch and demand for the iPhone 8. Apparently, China's government has stopped LTE access to the Apple Watch Series 3 over government security concerns. The report stated that the cellular service was available exclusively to qualified China Unicom customers when the watch went on sale September 22, but new subscriptions after September 28 were cut off without explanation. Shares suffered a small decline today which held back the Nasdaq 100, but for the year the stock is still higher by 34%.
Nike (NYSE: NKE) shares started the day lower thanks to a downgrade from Goldman Sachs. The company changed its rating to hold from buy but held on to it's price target of $54. Analyst Lindsay Drucker Mann says he is "concerned about persistent excess inventory sitting at Nike's brick-and-mortar retail partners" and "weakening demand in Asia." Though shares sold off to start the day, by the close of the session had recovered all of the days losses and turned positive by 0.77%.
eBay (NASDAQ: EBAY) shares were lower by 2.56% today after reporting earnings that came in at 48 cents per share for its latest quarter on revenue of $2.41 billion. Though this was as the street had predicted, investors remained concerned about the e-commerce giant's current quarter. eBay adjusted it's profit forecast below analysts' estimates, as it spends more on marketing and revamping its website which disappointed the street.