Major indices are down following news that Apple Inc. (AAPL) lowered its first-quarter revenue expectations, blaming a slowdown in demand from China and further fanning the flames of a possible weakening global economy. While fewer people upgrading to new iPhone models is also a key concern, most of the focus is placed on China, with fears that newly imposed tariffs are weakening the global economy, and that Apple could be the first of many companies to lower future revenue expectations as a result.
At present, the S&P 500 is down 2.05%, the DJIA is down 2.61%, and the NASDAQ is down 2.32%.
Industries doing well today include Biotechnology, Media, and Equity Real Estate Investment Trusts. Industries showing weakness include Technology Hardware, Airlines, and Electronic Equipment, Instruments & Components. The VIX is up 2.52 to 25.74 after the previous close of 23.22. The most heavily traded options this morning are for the iShares IBoxx $ Invest Grade Corp Bd Fd ETF (LQD), with 25,000 Jan 18 112 puts on the board. The total put/call ratio as of 10:00 AM was 1.20 (857,201/713,638). The advancers/decliners ratio for NYSE stocks is 987/1,942 while the advancers/decliners ratio for NASDAQ stocks is 857/2,149.
[InvestorsKeyhole, various news and data sources]