Dow closes down 660 points after Apple's shock warning sends tremors through markets

[Applewood]

Dow closes down 660 points after Apple's shock warning sends tremors through markets

The Dow Jones Industrial Average closed sharply down on Thursday as investors digested some of the strongest indications yet that President Donald Trump's protectionist policies are having a negative impact on American companies and the broader global economy.

The Dow Jones Industrial Average closed down 660 points, the broader S&P 500 fell by almost 2.5 percent, and the tech-heavy Nasdaq was down 3 percent.

Markets were dragged down by Apple's shock announcement that it was slashing its guidance for the most recent quarter. Shares in the tech giant fell almost 10 percent on Thursday, marking the worst single-day loss for the iPhone maker in six years.

Excerpt.  More at:

https://www.nbcnews.com/business/markets/dow-opens-sharply-lower-apple-s-shock-warning-sends-tremors-n954166

[Wingnut]

And tomorrow it will rebound.   It's up. It's down. Do it all over again.  With the Rats in control of the house now  I see a roller coaster of knee jerk reactions from the circle jerkers on wall street.

[Free Vulcan]

It's bound to retest the lows. Learning how to read a chart really helps with knowing what's significant and what is not.

[Applewood]

As the article points out, there are several companies, including Apple, blaming  their woes on the ongoing trade war, the shutdown and a whole lot of other things.  But I think in Apple's case, it's a matter of the prices of its products.  People look at how much the newest phones and devices cost and they say, 'ya know, my current phone is good enough.  Maybe I'll hold onto it for another year or two."  I know I have a Samsung S9 and an old tablet from several years ago.  I have no intention of replacing either of them this year or may be even the next few years.  These companies have priced their new devices out of reach for a lot of people and these customers are realizing they can live with the older technology.

[skeeter]

As the article points out, there are several companies, including Apple, blaming  their woes on the ongoing trade war, the shutdown and a whole lot of other things.  But I think in Apple's case, it's a matter of the prices of its products.  People look at how much the newest phones and devices cost and they say, 'ya know, my current phone is good enough.  Maybe I'll hold onto it for another year or two."  I know I have a Samsung S9 and an old tablet from several years ago.  I have no intention of replacing either of them this year or may be even the next few years.  These companies have priced their new devices out of reach for a lot of people and these customers are realizing they can live with the older technology.

Amen. When your success depends upon customers deciding to give up their current 1,334 by 750 pixels resolution iPhone 6S & shell out $700 for a 1,920 by 1,080 pixels iPhone 7 you're treading a hairy opportunity cost line there.

[corbe]

   Good Point @skeeter I paid $1.72 for gas today #MAGA 

[skeeter]

   Good Point @skeeter I paid $1.72 for gas today #MAGA

You must be posting from 1982. Or from Riyadh.

[corbe]

   New Braunfels, TX. (Valero)

[Gefn]

Amen. When your success depends upon customers deciding to give up their current 1,334 by 750 pixels resolution iPhone 6S & shell out $700 for a 1,920 by 1,080 pixels iPhone 7 you're treading a hairy opportunity cost line there.

I have a iPhone 6s and I don’t want to shell out money for a new phone until mine breaks. As for the stock, yes I do own some. Bought it back in 98 for my retirement. Yes not happy it’s down but it’s still up from the low it was when I bought it. And it’s for when I’m in my 70s when I’ll need the income so I’m sure it will rebound by then. Or I’ll dump it and buy something else. Or I’ll be dead by then, who knows. Only the shadow. I only have about 30 shares anyway. So it’s not a heck of a lot.

[Frank Cannon]

Markets were dragged down by Apple's shock announcement that it was slashing its guidance for the most recent quarter.

A lot of these stocks were over inflated on hype and bullshit. Tesla is garbage. They are not putting out the products they promised and the quality sucks. Apple hasn't had a new idea since Jobs died. How many $1000 phones are people going to buy when the new one is the same as the old one. Some of these retailer stocks have been running on fumes with promises of restructuring and business models that never materialize. Zero interest rates allows for hubris. Putting skin in the game does not.

BTW this HFT bullshit is designed for volatility.

[Fishrrman]

You can sell some of people iPhones all of the time.
You can sell many of the people iPhones some of the time.
But you can't sell all of the people iPhones ALL of the time.

[DCPatriot]

It's high time Apple start slashing their prices 50%.  It would still allow them to keep their manufacturing in China.  Or, say...Honduras??

It's a concept as old as Henry Ford's car for the Everyman.

It might even cause a decrease in street muggings.    /s

[Victoria33]

"I have a iPhone 6s and I don’t want to shell out money for a new phone until mine breaks."
_________________
@Freya

My Samsung Galaxy cell phone was four years old and wasn't the top of the line then.
The battery would go down fast and it was likely not to find a signal. 
All I want is a phone that works well as a phone and I do like to have email on it so if away from my computer I can read it, but not answer them on this small device.

So, we turned in our phones but they were so old there was no trade-in value for them.  The new phones did not cost anything.  This new Galaxy is better, battery lasts a long time and it finds a signal well.

I don't want my phone to run the house or make the car work. I don't want a calculator on the phone (have a small calculator in my purse and that is all it does), I don't want my computer on the phone.  I don't like phones anyway.  I prefer emails so I know what the person wrote and what I wrote in response.  I do not text, hate that.  This new phone got hung up on the voice person in the phone.  Could not do anything on the phone.  Had to take it to cell phone place to shut her up and put her where she could not be turned on by mistake.

Another problem is, one cannot turn on the flashlight part unless you punch on the Emergency button which will call the police so flashlight part is useless.  I have a very small flashlight in my purse due to the stupid phone.

I also now have pens that have a stylus on the tip, twist it for the pen tip and push down on the top of it for a flashlight.

[RoosGirl]

"I have a iPhone 6s and I don’t want to shell out money for a new phone until mine breaks."
_________________
@Freya

My Samsung Galaxy cell phone was four years old and wasn't the top of the line then.
The battery would go down fast and it was likely not to find a signal. 
All I want is a phone that works well as a phone and I do like to have email on it so if away from my computer I can read it, but not answer them on this small device.

So, we turned in our phones but they were so old there was no trade-in value for them.  The new phones did not cost anything.  This new Galaxy is better, battery lasts a long time and it finds a signal well.

I don't want my phone to run the house or make the car work. I don't want a calculator on the phone (have a small calculator in my purse and that is all it does), I don't want my computer on the phone.  I don't like phones anyway.  I prefer emails so I know what the person wrote and what I wrote in response.  I do not text, hate that.  This new phone got hung up on the voice person in the phone.  Could not do anything on the phone.  Had to take it to cell phone place to shut her up and put her where she could not be turned on by mistake.

Another problem is, one cannot turn on the flashlight part unless you punch on the Emergency button which will call the police so flashlight part is useless.  I have a very small flashlight in my purse due to the stupid phone.

I also now have pens that have a stylus on the tip, twist it for the pen tip and push down on the top of it for a flashlight.

I would bet my house those phones weren't free.  They just rolled the cost of them into your bill.

[Frank Cannon]

"I have a iPhone 6s and I don’t want to shell out money for a new phone until mine breaks."
_________________
@Freya

My Samsung Galaxy cell phone was four years old and wasn't the top of the line then.
The battery would go down fast and it was likely not to find a signal.
All I want is a phone that works well as a phone and I do like to have email on it so if away from my computer I can read it, but not answer them on this small device.

So, we turned in our phones but they were so old there was no trade-in value for them.  The new phones did not cost anything.  This new Galaxy is better, battery lasts a long time and it finds a signal well.

I don't want my phone to run the house or make the car work. I don't want a calculator on the phone (have a small calculator in my purse and that is all it does), I don't want my computer on the phone.  I don't like phones anyway.  I prefer emails so I know what the person wrote and what I wrote in response.  I do not text, hate that.  This new phone got hung up on the voice person in the phone.  Could not do anything on the phone.  Had to take it to cell phone place to shut her up and put her where she could not be turned on by mistake.

Another problem is, one cannot turn on the flashlight part unless you punch on the Emergency button which will call the police so flashlight part is useless.  I have a very small flashlight in my purse due to the stupid phone.

I also now have pens that have a stylus on the tip, twist it for the pen tip and push down on the top of it for a flashlight.

I would be my house those phones weren't free.  They just rolled the cost of them into your bill.

You don't say.

[thackney]

Another problem is, one cannot turn on the flashlight part unless you punch on the Emergency button which will call the police so flashlight part is useless.  I have a very small flashlight in my purse due to the stupid phone.

You should be able to download a separate flashlight app that works without the emergency call.

@Victoria33

[Wingnut]

On Thursday: Dow closes down 660 points after Apple's shock warning sends tremors through markets......
And today the Dow surges 800 points after Powell comments, blowout jobs report....

Stocks rallied on Friday after two positive pieces of news for the market.

At 8:30 a.m., the Labor Department said the U.S. economy added 312,000 jobs in December. That blew past an expectation of 176,000 jobs. Later on Friday morning, Federal Reserve Chairman Jerome Powell said the central bank will be patient in raising rates, quelling fears of tighter monetary policy in the near future.

The Dow Jones Industrial Average rose 800 points, or 3.5 percent. The S&P 500 rallied 3.5 percent, with the tech sector gaining more than 4 percent. The Nasdaq Composite climbed 4.3 percent. This was a rebound from Thursday’s plunge, which was triggered by a massive drop in Apple’s stock.

Stocks took off after Powell hinted the central bank could pause its rate hikes, something this beaten-down market was waiting for. “As always, there is no preset path for policy, ” Powell said. “And particularly with muted inflation readings that we’ve seen coming in, we will be patient as we watch to see how the economy evolves.”

[Applewood]

@The Ghost

Would be a good idea to hold off on the rate hikes.  Yes, I know it has to happen -- the rates had been kept artificially low for too long -- but with everything else going on, now is not the time to raise them. 

[Wingnut]

@The Ghost

Would be a good idea to hold off on the rate hikes.  Yes, I know it has to happen -- the rates had been kept artificially low for too long -- but with everything else going on, now is not the time to raise them.

Totally agree. 

[GrouchoTex]

@The Ghost

Would be a good idea to hold off on the rate hikes.  Yes, I know it has to happen -- the rates had been kept artificially low for too long -- but with everything else going on, now is not the time to raise them.

True

[DCPatriot]

You should be able to download a separate flashlight app that works without the emergency call.

@Victoria33

I've heard that the flashlight ap is a trojan horse.   Well, that was a few years ago, anyway... 

[Wingnut]

I've heard that the flashlight ap is a trojan horse.   Well, that was a few years ago, anyway... 

That was the flesh light... I thought. 

[RoosGirl]

That was the flesh light... I thought.

You ever get to T's Lounge in West Palm when you lived further this way?

[Wingnut]

You ever get to T's Lounge in West Palm when you lived further this way?

Never made it there. <cough cough>  Just the ones in Orlando and Tampa back in the day.

[RoosGirl]

Never made it there. <cough cough>  Just the ones in Orlando and Tampa back in the day.

There used to be a dancer there that when she did the splits a light would shine on the floor under her.  I was an intern at one of the engineering firms in West Palm I overheard a couple of CAD techs talking about it.  They didn't know I was in the room with them and I've never seen anyone blush as deeply as the one guy did when he looked over and noticed me there.  Your "flesh light" comment reminded me of that.