[Chart courtesy of MarketWatch.com]
1. Moving the Markets
Shares of Apple (AAPL) fell 3.2%, making it the biggest losing stock of the Dow. The tech giant is under pressure as worries about an economic slowdown in China raises concerns about its biggest growth market.
On the economic front, investors continue to focus (speculatively) on when the Fed will boost interest rates, however, there has been little indication regarding the matter from Fed thus far in August.
In the world of entertainment, we heard some good news from Disney today. Walt Disney Co.’s (DIS) fiscal third quarter income rose 11% from a year ago to $2.5 billion as its major business lines, particularly movie production and cable networks, generated higher revenues. Media Networks, the Burbank, Calif.-based company’s largest division that runs ABC, ESPN and Disney cable networks, reported a 5% increase in revenue to $5.8 billion.
And in tech, of course Apple (AAPL) was back in the news today. The much loved tech company’s shares fell to $114.64, firmly below their 200-day daily moving average. The stock was the biggest drag on the three major U.S. indexes. Why the continued drop? Slower production in China and skepticism over demand for iPhones as other competitors increase product availability in the market.
Regarding economic news, the ISM Non-manufacturing Index will be announced on Wednesday, and Friday brings the biggest report of the week with July employment.
8 of our 10 ETFs in the Spotlight slipped just a tad with the Select Dividend ETF (DVY) taking the biggest hit by losing -0.54%. Managing to stay unchanged was Consumer Staples (XLP) while Consumer Discretionaries (XLY) gained +0.43%.