MARKET SNAPSHOT: Stock Market Pulls Back From All-time Highs

Date : 13/09/2017 @ 15:32
Source : Dow Jones News

MARKET SNAPSHOT: Stock Market Pulls Back From All-time Highs

By Sara Sjolin and Anora Mahmudova, MarketWatch

Apple shares slips as new iPhone X shipments are scheduled for November

U.S. stocks traded marginally lower on Wednesday, retreating from all-time highs set during the previous session as investors searched for catalysts that could breathe new life into the rally.

Some analysts suggested a mild pullback is a function of days of solid gains that propelled stocks to record levels.

The S&P 500 was off by 4 points, or 0.1%, to 2,492, with seven of the 11 main sectors trading lower.

"The U.S. stock market is exhibiting positive short- and long-term momentum, and breadth has expanded enough to lift the S&P 500 to a new all-time high," said Katie Stockton, chief technical strategist at BTIG Research.

"Short-term overbought conditions have returned for the S&P 500, but they tend to be managed well when associated with a breakouts, which are abundant," Stockton said.

The Dow Jones Industrial Average was dipping in and out of negative territory and recently traded a touch lower at 22,116.

The Nasdaq Composite Index was off by 15 points, or 0.2%, to 6,439.

All three benchmarks closed at records (http://www.marketwatch.com/story/sp-primed-to-build-on-all-time-high-as-clock-ticks-down-to-apple-event-2017-09-12)on Tuesday, marking the first time since July 26 that they have simultaneously achieved all-time highs.

The greenback, which posted solid gains on Monday and Tuesday, declined on Wednesday, with the ICE Dollar Index down 0.1% at 91.793.

Economic news: The producer-price index increased 0.2% (http://www.marketwatch.com/story/higher-gas-prices-boost-wholesale-inflation-2017-09-13) in August, mostly thanks to higher gas prices. Core PPI also rose 0.2%, though the 12-month change remains unchanged at 1.9%. The closely watched inflation report is due on Thursday.

See:MarketWatch's economic calendar (http://www.marketwatch.com/economy-politics/calendars/economic)

Stock movers: Shares of Apple Inc.(AAPL) slipped 0.8%. The tech giant on Tuesday revealed its new lineup of gadgets (http://www.marketwatch.com/story/everything-apple-announced-at-its-iphone-event-2017-09-12), but the much anticipated new flagship iPhone X it won't be delivered until November.

Read:Delayed iPhone X launch pressures Apple stock (http://www.marketwatch.com/story/delayed-iphone-x-launch-pressures-apple-stock-2017-09-12)

And see:'Disappointing' iPhone X may mean people will keep clinging to older phones (http://www.marketwatch.com/story/apples-disappointing-iphone-x-could-mean-people-will-keep-clinging-to-older-phones-2017-09-13)

(http://www.marketwatch.com/story/delayed-iphone-x-launch-pressures-apple-stock-2017-09-12)Centene Corp.(CNC) climbed 6% after the health insurer said late Tuesday it has signed an agreement in which Fidelis Care (http://www.marketwatch.com/story/centene-corp-agrees-to-buy-fidelis-care-assets-in-new-york-state-2017-09-12) will become Centene's health plan in the state of New York.

SeaDrill Ltd. (SDRL.OS) surged 13% after the offshore driller said late Tuesday it has filed for bankruptcy protection (http://www.marketwatch.com/story/seadrill-files-for-bankruptcy-protection-and-restructures-debt-2017-09-13) and agreed to a major restructuring plan with its senior lenders.

Western Digital Corp. (WDC) dropped 3.3% after losing out on a Toshiba Corp. (6502.TO) deal. Toshiba said it had picked a consortium led by Bain Capital (http://www.marketwatch.com/story/bain-apple-group-sign-letter-of-intent-to-buy-toshiba-chip-unit-2017-09-13), instead of Western Digital, to buy its chip business for more than $18 billion.

Nordstrom Inc.(JWN) rallied 5.2% after a report late Tuesday that the retailer is taking steps to go private (http://www.marketwatch.com/story/nordstrom-shares-rally-on-report-of-steps-to-go-private-2017-09-12).

Other markets: Oil prices moved higher (http://www.marketwatch.com/story/oil-prices-rise-for-3rd-straight-session-as-iea-reports-drop-in-global-supply-2017-09-13), with the U.S. crude benchmark rising 0.8% to $48.61 a barrel. The gain came after reports that the Organization of the Petroleum Exporting Countries is considering adding more non-cartel members to its output deal. In addition, the International Energy Agency said there are signs the oil market is tightening.

Gold prices were also higher.

Stocks in Asia closed mixed (http://www.marketwatch.com/story/asian-markets-mixed-after-apple-announces-new-iphones-2017-09-12), while European indexes mostly were lower, dragged down by a slide in U.K. stocks (http://www.marketwatch.com/story/ftse-100-stays-under-pressure-from-a-strengthening-pound-2017-09-13).

 

(END) Dow Jones Newswires

September 13, 2017 10:17 ET (14:17 GMT)

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