Dow: +18.78…
Nasdaq: +30.66… S&P: +3.18…
The market caught a very weak opening, then some buyers stepped up, but it still wasn’t confidence inspiring.
The China kerfuffle, (contraction in their economy) was one of the reasons we saw a weak open, so I still think the market is as good as its last headline. I still think we see chop with some fits and starts here. It wouldn’t surprise me even a little if we go down and retest lows before we get “the real rip” higher that we are all looking for.
Heres a headline the market didn’t need or want…….
After the close, AAPL warned on their coming quarter. Not only is AAPL down $12 or 8% in the aftermarket, but it is dragging down the Nasdaq right now. The QQQ is currently down about $4 in aftermarket trading.
Tim Cooke said the shortfall was 100% from iPhones and is primarily from China. He said trade tensions between the United States and China put additional pressure on China’s economy.
As a result, It’s dragging down the suppliers in the aftermarket so it will be a tough open for the Nazzy.
QRVO -5.20% SWKS -4.43% AVGO -3.95% STM -3.20% QCOM -2.44% SMH -3.0% NVDA -1.78% AMAT -2.00%
Bull markets tend to take bad news well, as you may have noticed, this market doesn’t. The stock market really doesn’t need AAPL blowing up right now.
AAPL aftermarket quote
QQQ aftermarket
No rush here folks, no rush at all. See you tomorrow.