💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

U.S. stocks mixed as Apple falls to 2-year low, pulling down NASDAQ

Published 05/12/2016, 04:19 PM
Updated 05/12/2016, 04:38 PM
The Dow closed slightly higher on Thursday, while the NASDAQ and S&P 500 inched lower
US500
-
DJI
-
JP225
-
AAPL
-
CA
-
KSS
-
CL
-
NKE
-
MON
-
IXIC
-
AAL
-
JD
-

Investing.com -- U.S. stocks were mixed during a volatile session, as oil futures wavered from fresh six-month highs and Apple Inc (NASDAQ:AAPL) weighed on the major indices after briefly touching down to its lowest level in two years.

On Thursday, U.S. crude futures surged above $47 for the first time on the calendar year after forecasts from the influential Paris-based International Energy Agency (IEA) predicted a further tightening in global supply and demand before the end of the year, easing some fears related to the excessive production glut worldwide. Oil prices turned negative for the session on Thursday afternoon, before recovering just before the close of trading. Since rebounding from 13-year lows in mid-February, oil has traded in lockstep with the S&P 500 Composite index.

The Dow Jones Industrial Average gained 9.38 or 0.05% to 17,720.50, while the NASDAQ Composite index lost 23.36 or 0.49% to 4,737.33, extending losses from the previous session. The S&P 500, meanwhile, fell 0.35 or 0.02% to 2,064.11, as four of 10 sectors closed in the red. Stocks in the Technology and the Health Care industries lagged, each losing more than 0.5% on the session. Stocks in the Consumer Goods and Energy sectors led.

The top performer on the Dow was Nike Inc (NYSE:NKE), which added 0.98 or 1.72% to 57.99, one day after the global sports apparel giant unveiled a comprehensive paid family leave program for its employees. Under the new program, full-time Nike employees who are new parents or who need to care for sick family members will receive eight weeks of paid leave, the company said. In addition, birth mothers will now receive up to 14 weeks of paid leave, according to Nike. Previously, the company granted six weeks of paid leave for new birthmothers.

Apple finished as the worst performer after falling 2.17 or 2.35% to 90.34. At one point on Thursday, Apple shares dipped below $90 to fall to its lowest level since 2014. It came on the heels of a Nikkei report which predicted that chip shipments from Taiwan Semiconductor over the second quarter could fall to "70-80% of its 2015 levels." The massive declines could weigh on iPhone sales and place further pressure on the world's largest tech company, ahead of this fall's launch of the iPhone 7.

The biggest gainer on the NASDAQ was CA Inc (NASDAQ:CA), which added 1.52 or 5.07% to 31.48. On Wednesday, the software provider said company sales increased during its fourth quarter of Fiscal Year 2016, marking its first quarter of positive revenue growth in nearly four years. As a result, CA said its revenue, operating margin, and EPS for the year as a whole finished in line with the company's guidance.

The worst performer was American Airlines Group (NASDAQ:AAL), which lost 1.53 or 4.66% to 31.33. American Airlines finished just below Jd.Com Inc Adr (NASDAQ:JD), which fell 1.02 or 4.41% to 22.11. Shares in the leading China e-commerce electronics site moved lower in Thursday's session, as investors continue to digest comments from China premier Li Keqiang earlier in the week. At a national teleconference in Beijing on Monday, Keqiang said the Chinese government has refrained from "strong stimulus," initiatives while it continues to focus on broad stimulus reforms. Last year, China finished with its slowest pace of economic growth in more than a decade.

The top performer on the S&P 500 was Monsanto Company (NYSE:MON), which surged by 7.58 or 8.39% to 97.92. Despite the strong session, shares in the multinational agricultural biotech company are still down by more than 20% over the last year. The worst performer was Kohl’s Corporation (NYSE:KSS), which tumbled 3.59 or 9.28% to 35.11, after failing to meet analysts' expectations with its quarterly earnings and sales. The disappointing quarter for Kohl's is the latest hit for the slumping SPDR Retail Sector ETF, which has fallen approximately 14% over the last 52 weeks.

On the New York Stock Exchange, declining issues outnumbered advancing ones by a 1,579-1,455 margin.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.