Major tech stocks including Microsoft Corporation (MSFT), SanDisk Corp. The cuts seem to be driven by weak demand for the new iPhone 6s.”Īpple had a negative impact on technology shares. Also, Credit Suisse said the company has cut “its component orders by as much as 10%. Credit Suisse Group AG (CS) reduced its outlook for Apple’s earnings per share in 2016. However, a drop of 3.2% in shares of Apple Inc. (PHM), Lennar Corporation ( LEN) and KB Home (KBH) gained 3.6%, 3.4% and 4.5%, respectively. Key stocks from the sector including PulteGroup, Inc. Encouraging earnings results from DR Horton had a positive impact on homebuilding stocks. It was the biggest gainer among the S&P 500 companies. Also, quarterly revenues of $3.09 billion climbed 27.7% year over year and beat the Zacks Consensus Estimate of $3.05 billion driven by higher number of homes closed and a solid increase in order value. Shares of DR Horton surged 8.3% after reporting adjusted earnings per share of 60 cents in the quarter, increasing 33.3% year on year. For 55% stocks that advanced, 42% declined.ĭR Horton Inc.’s (DHI) impressive fiscal fourth quarter results were one of the positives during Tuesday’s trading. Advancers outpaced declining stocks on the NYSE. A total of around 6.7 billion shares were traded on Tuesday, lower than the last 20-sessions average of 7.1 billion. The fear-gauge CBOE Volatility Index (VIX) declined 7.5% to settle at 15.29. However, the tech-laden Nasdaq Composite Index closed at 5,083.24, down 0.2%. The Standard & Poor’s 500 (S&P 500) also gained nearly 0.2% to close at 2,081.72.
The Dow Jones Industrial Average (DJI) gained nearly 0.2% to close at 17,758.21.
Though the Dow and S&P 500 ended in the green, decline in tech shares dragged the Nasdaq down to negative territory.įor a look at the issues currently facing the markets, make sure to read today’s Ahead of Wall Street article Also, dismal inflation data out of China raised global growth worries. However, decline in Apple’s share curbed some of the gains. Solid fiscal fourth quarter earnings results from D.R. Markets ended yesterday’s choppy session mostly higher negating the adverse effects the increasing rate-hike possibility in December.