Apple Hauls Futures Lower; These 2 Chip Vendors Take Early Hits – Investor's Business Daily

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Stock futures carved out widening losses early Tuesday, as stocks related to the markets largest technology leader were dragged into an early bout of selling.

XFutures for the Dow Jones industrial average drew down 0.2%, as Apple (AAPL) swooned nearly 3%. There was no immediate explanation for the decline, although a number of speculative news items projected weaker-than-expected first quarter demand for the iPhone X, and a possibility that the company was contemplating reducing prices on the devices.

Apple has been trading sideways, above support at its 10-week moving average and below a flat base buy point at 176.34.

General Electric (GE) and Walmart (WMT) chalked off the Dow’s early high ground. Walmart ended Friday’s session 2% below a 100.23 buy point in a flat base.

Apple’s decline hauled Nasdaq 100 futures nearly 0.6% below fair value, while S&P 500 futures held to a fractional slip.

Apple suppliers were under premarket pressure, with Cirrus Logic (CRUS) and Skyworks Solutions (SWKS) each down more than 2% among chip-sector stocks.

Bitcoin held just above $15,000 as futures rose more than 7% each on the CBOE and the CME exchanges.A quick scan showed cryptocurrency-related stocks very volatile in early action:

  • Riot Blockchain (RIOT): +13%
  • Bitcoin Investment Trust (GBTC): -22%
  • Marathon Patent Group (MARA): +3.6%
  • (OSTK): +3%
  • Long Blockchain (LTEA): -12%

Oil futures traded a fraction lower, with U.S. benchmark West Texas Intermediate crude holding above $58 per barrel and Brent crude still topping $65. Natural gas popped more than 3%.

A few things are happening in economic news during the inter-holiday week, beginning at 9 a.m. ET on Tuesday, when the October Case-Shiller Home Price Index is due out.  Two regional manufacturing surveys are also expected, from the Richmond Federal Reserve at 10 a.m. ET, and from the Dallas Fed at 10:30 a.m. ET.

In the five trading days following the Christmas holiday, the Nasdaq and S&P 500 have advanced in three of the five past years, the Dow and Russell 2000 gained in two of those years.

Most global markets remain closed on holiday Tuesday, with exchanges in Hong Kong, Europe and the U.K. as well as in Toronto and Australia set to restart trading on Wednesday.


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