(As of 7:20am, PST)
The markets are wavering but not tumbling after Apple, the
largest company by market value, reported disappointing results from their
earnings report after the closing bell yesterday. In the early going, the Dow
is down 35 points while the S&P500 is down 3.5 points. Apple reported
fiscal second quarter revenue and earnings results below analyst’s already
lowered expectations. Apple’s revenue fell 13% for the quarter, its first
decline in 13 years. The market’s current response to Apple’s report indicates that
investors may view Apple’s shortcomings as more company specific rather a sign
of a broader market weakness. Other companies reporting yesterday were Chipotle
which reported a smaller than expected quarterly loss and Twitter who reported
disappointing quarterly revenue. Another potential market mover today is a
policy announcement from the Federal Open Market committee this afternoon which
may hint at a possible rate increase in June. Many experts believe that the Fed
will leave the possibility of a rate hike in June on the table with an attempt
to communicate this in a way that won’t cause a negative impact on the
financial markets. Rising oil prices may be giving the market a boost today
after a positive report that showed a draw down in inventories. In other
economic news, the housing market continues its strong showing with pending
home sales rising to a 10 month high in March. European stocks are trading
higher while Asia closed lower.
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