US stocks close mixed
Jerome Powell nominated by Trump as new Fed chair
Apple shares rise after hours after results
Wall Street shares had a mixed close but the Dow Jones raced ahead 81.25 point to close at 23,516 as tech giant Apple (NASDAQ:AAPL) rolled into focus after the bell.
The Nasdaq index was down 1.59 at 6,714, while the broader based S&P 500 added 0.49 to 2,579.
Apple shares zipped up 2.76% to US$172.75 as its quarterly earnings breezed past expectations.
EPS in the fourth quarter was US$2.07 against US$1.87 expected on the street, while revenue was US$52,6bn versus US$50.7 predicted.
The group sold a few more iPhones than Wall Street expected and reckons it will not slow down. Revenue guidance for the next quarter was also on the high end of estimates.
In Toronto, the TSX shed over 14 points at 16,014.
MID-SESSION
US stocks were mixed at mid-session as a new Fed chair nominee was revealed.
He is Jerome Powell, who President Trump says has earned the respect of his colleagues at the Fed and will replace the current chair in February.
The president says Powell can guide the economy through any challenges. Trump says he hopes the Senate will swiftly confirm him ahead of the
Trump called current chair Janet Yellen "wonderful woman"
The Dow Jones is up 40 at 23,475, the Nasdaq lost over nine at 6,706, while the S&P 500 lost 4.19 at 2,575.
Waiting for POTUS to name FED chair. Powell has the inside track. pic.twitter.com/pICnX4GJgr
— Brian J. Karem (@BrianKarem) 2 November 2017
OPEN
US stocks came off recent highs and headed lower in early deals.
Traders don't want to commit to risk ahead of two closely watched potential catalysts later - President Trump’s choice of Federal Reserve chairman.
Also in focus, is the unveiling of a House Republican tax bill.
The Dow Jones is down 0.51 at 23,433. The S&P 500 is down 5.55 at 2,573.
The Nasdaq is down 7.64 at 6,709.
In the oil markets, US crude is flat at US$54.30 a barrel.
In Toronto, the TSX is down 24 at 16,004.
In stocks, Ansys Inc (NYSE:ANSS) is a big riser, adding over 11% to US$150.57.
Facebook Inc (NASDAQ:FB) shares lost 2.16% to US$178.75 as it published third quarter results, which didn’t appear to please the market.
Third quarter revenue rose 48% year-on-year to US$10.33bn from US$7bn the year before, which was ahead of expectations of US$9.85bn.
Total advertising revenue rose 49% to US$10.14bn, with almost nine-tenths of that coming from mobile ads.
The basic point of this post is that Janet Yellen is an awesome Fed chair and it's kinda stupid to replace her. https://t.co/lB7xSIHcXh
— Daniel W. Drezner (@dandrezner) 2 November 2017
Analysts had expected advertising revenues of around US$9.71bn.