· Dow, S&P 500 decline after Apple's sales warning
The Dow and S&P 500 fell on Tuesday after a sales warning from Apple left investors assessing the impact of the coronavirus outbreak on U.S. companies.
But indexes ended off the day’s lows and the Nasdaq ended a touch higher as Apple Inc (AAPL.O) trimmed its losses in late-session trading.
The world’s most valuable technology firm said it would fall short of its recently announced quarterly sales target because of slower iPhone production and weaker demand in China due to the virus. Its shares ended down 1.8% at $319, while its low of the session was $314.61.
The Dow Jones Industrial Average .DJI fell 165.89 points, or 0.56%, to 29,232.19, the S&P 500 .SPX lost 9.87 points, or 0.29%, to 3,370.29.
The Nasdaq Composite .IXIC added 1.57 points, or 0.02%, to 9,732.74, eking out a record closing high.
· Asia markets edge up as investors monitor China’s return to production; yuan weakens past 7
Asia markets edged up in early trade on Wednesday after tumbling a day before, with investors closely monitoring China’s progress in returning to work as the country deals with the coronavirus outbreak.
Japan’s Nikkei 225 returned to positive territory, rising 0.37% on Wednesday after falling more than 1% a day earlier. The Topix was up 0.28%.
On Monday, data showed Japan’s growth declining much worse than expected, shrinking the fastest in six years. Its outlook was also dimmed by the impact of coronavirus hitting the economy.
Japan released its trade data for January, showing that exports fell 2.6% year-on-year, less than the 6.9% drop expected by economists in a Reuters poll. In December, Japan’s exports fell 6.3%.
South Korea’s Kospi was up 0.28% in early trade, while Australia’s ASX 200 was flat in the morning.
China’s return to work after its extended shutdown will be closely tracked. State media reported on Tuesday that more than 80% of its central state-owned enterprises’ roughly 20,000 manufacturing subsidiaries have resumed work.
Reference: Reuters, CNBC
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