New York CityApple's stock market favorite album Apple came out on Friday with investors and pulled it with Wall Street. New York investors dropped out of the Californian technology giant after the main iPhone vendor downgraded its forecasts.
Apple's shares dropped by about five percent. Investors are afraid that Apple's good times are over. The company recently warned that Wall Street's sales expectations are unlikely to be reached in the most important Christmas quarter.
The Dow Jones Index Index Index closed 2.3 percent with 25,387 points. The wider S & P 500 yields just under two percent to 2726 meters. Technology exchange index Nasdaq lost 2.8 percent to 7200 points. At the end of last week, it had fallen down on US exchanges – especially with regard to technology stocks.
The benefits of suppliers such as Lumentum, who are responsible for technology that recognizes the iPhone itself, caused Apple to be disturbed. The company said it would not be able to reach sales and profit targets that were set only a few days ago, as the volume of large customer orders has dropped. Lumduum shares talked and lost about 30 percent.
Even cigarette manufacturers, such as Altria and Philip Morris, get out of steam – although not as dramatically as Apple's supplier. According to a newspaper report, investors from the Marlboro and Benson & Hedges producers are separated from menthol cigarettes, which will soon be banned. Altria shares closed 3.5, Philip Morris shares dropped by 1.4%.
Also, the conglomerate General Electric, which had left Dow Jones this year, also suffered heavy losses. Its stock price dropped by almost seven percent after the executive, Lawrence Culp, announced that he was pushing to sell the company's assets to get cash.
It also did not help that Culp had previously promised to reduce the company's debt levels. Because now he has also announced that GE will lose its sales targets by 2018. "Retrospectively, perhaps, we have faced excessive revenue targets this year," he said in an interview with CNBC on Monday.
Goldman Sachs was also down. The investment bank was punished by the Bloomberg Stock Exchange announcement that Malaysia wants to reimburse the cost of its turbulent investment in a billion dollar deal. Goldman Sachs shares dropped by 7.5 percent.
The return of the dollar also encourages investors, the higher the exchange rate reduces the prospects of US companies in the global market. The euro lost about one US cent to $ 1.1241. It was the lowest since June 2017. "The King Dollar is back," analyst Valentin Marinov of the French bank, Credit Agricole, said. It seems that the European currencies are surprised.
On the one hand, many investors prefer the dollar, as the Fed has raised interest rates several times in the US and is likely to be held in December. This makes government bonds more attractive than shares. US credit markets closed on a Friday because of a holiday.
On the New York Stock Exchange, about 560 million shares have changed hands. 970 values increased, 2611 decreased and 185 remained unchanged. About Nasdaq closed with sales of almost two billion shares in 747 names plus, 2342 minus and 144 fixed. US credit markets closed on Monday.
With the agency's material.