Close Update: Wall Street Trades Lower on Worries About iPhone X Sales

Close Update: Wall Street Trades Lower on Worries About iPhone X Sales

Stocks closed mostly lower on Tuesday with selling pressure on component stock Apple ( AAPL ) dragging down the entire technology sector and leaving the Nasdaq at its lowest level in six days. Investors bailed out of the tech giant amid concerns that sluggish iPhone X sales will permeate its suppliers with the semiconductor sector losing 1% in the aftermath.

Losses for the Dow and S&P 500 were mitigated, however, by gains in the retail and energy sectors on the back of record holiday sales, and possible supply disruptions from a major Libyan oil pipeline. Brent crude oil futures set a two-and-a-half year high following a deliberate explosion at the Es Sider pipeline that could slash supply from Libya by roughly 90,000 barrels per day.

On the economic front, home prices continued to appreciate according to a monthly survey by Case Shiller with gains in certain regions outstripping income advances.

A pair of regional manufacturing indices were mixed. The Richmond Fed manufacturing index fell 10 points to 20.0 in December, a larger-than-expected decline.

But the Dallas Fed manufacturing index improved by more than 10 points to 29.7 in December, an almost 12-year high in the index.

Here’s where the markets stood at the close:

US MARKETS

Dow Jones Industrial Index was down 7.85 points (-0.03%)

S&P 500 was down 2.84 points (-0.11%)

Nasdaq Composite Index was down 23.71 points (-0.34%)

GLOBAL SENTIMENT

FTSE 100 was closed

Nikkei 225 was down 0.20%

Hang Seng Index was closed

Shanghai China Composite Index was up 0.78%

UPSIDE MOVERS

(+) TEUM (+120.87%) Adds support for blockchain technology in its billing and settlement services

(+) IGC (+90.65%) Plans to use blockchain to address issues specific to medical cannabis industry

(+) DMPI (+32.53%) Gets fast track designation for brain tumor drug candidate

(+) APTO (+29.78%) Gets orphan drug designation for leukemia treatment candidate

DOWNSIDE MOVERS

(-) LTEA (-20.13%) Enters into convertible debt facility to fund change in business focus

(-) PTLA (-10.68%) FDA to extend review of AndexXa biologic by 90 days to May 2018

(-) FLWS (-3.96%) Downgraded at Northcoast to neutral from buy

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