US stocks finished mixed on Monday, with tech heavyweights Apple Inc (NASDAQ:AAPL) and Amazon.com Inc (NASDAQ:AMZN) dragging the Nasdaq lower.
Apple reportedly told Taiwanese suppliers Foxconn and Pegatron to halt plans for additional production of the iPhone XR, according to a report in the Japanese business publication Nikkei.
The Dow Jones Industrial Average rose 190 points or by 0.75% to end at 25,461.
The Nasdaq lost 0.38% to settle at 7,328.
The S&P 500 was up 0.56% to close at 2,738.
The Russell 2000 small cap index dipped 0.14% to conclude at 1,546.
In Canada, the TSX was up about 95 points or by 0.63% to trade around 15,214.
1:05 PM: Apple and Amazon weigh down the Nasdaq in afternoon trading
The US benchmarks were mixed this afternoon as Apple Inc (NASDAQ:AAPL) and Amazon.com Inc (NASDAQ:AMZN) dragged the Nasdaq lower while the Dow jumped nearly 100 points.
The Dow Jones Industrial Average was up about 80 points with Apple as the top decliner on the index.
The tech giant reportedly told Taiwanese suppliers Foxconn and Pegatron to halt plans for additional production of the iPhone XR, according to a Nikkei report.
The S&P 500 was up less than 5 points by midday.
Food distribution company Sysco Corporation (NYSE:SYY) dipped nearly 10% after disappointing fiscal first-quarter results.
The Nasdaq dipped nearly 80 points in afternoon trading.
Activision Blizzard Inc (NASDAQ:ATVI) was a top decliner on the index ahead of its earnings report later this week.
The Russell 2000 was down 0.7% this afternoon. Del Frisco’s Restaurant Group (NASDAQ:DRG) was one of the worst-performing stocks on the small-cap index after postponing the reporting of its third-quarter results to November 13.
Up north, the TSX was up about 40 points as rising oil prices boosted energy stocks.
10:00 AM: US stocks trade mixed ahead of US mid-term elections on Tuesday
US stocks were mixed in early trade on Monday as investors awaited news of the midterm elections and gains from energy and financial stocks boosted market sentiment.
Americans are set to vote on Tuesday in elections for open congressional and senate seats as well as for governors. Democrats are set to take control of the House of Representatives while Republicans are predicted to keep hold of a small majority in the US Senate.
Early in the session, the Dow Jones Industrial Average picked up 88 points to hit 25,359, lifted by Chevron, Travelers, International Business Machines, American Express and Coca-Cola.
The S&P 500 also headed higher to climb 10 points, pushed up by gains from EQT Corp and Cabot Oil & Gas Corp. The index also benefited from a 3.9% jump from Berkshire Hathaway after the conglomerate smashed third-quarter earnings due to stronger insurance results, lower taxes and solid gains from its massive investment portfolio.
The S&P’s basket of financial stocks was trading 1.2% higher while the S&P’s energy sector jumped 1.4% in early trade.
Elsewhere, the tech-laden Nasdaq broke with the pack and drifted into negative territory, shedding 52 points to hit 7,304, dragged back by losses from Activision Blizzard, Align Technology, and Skywork Solutions.
Amazon.com shares (NASDAQ:AMZN) were also trading 2.5% lower after the retailer dropped its $25 minimum for free shipping through the holiday season. Similarly, Apple shares (NASDAQ:AAPL) were down nearly 3% after the iPhone maker drew a second downgrade from a Wall Street analyst (Rosenblatt Securities) following its quarterly earnings report from last week.
Up in Canada, Toronto’s TSX gained 72 points to hit 15,191, lifted by the upward movement of energy and healthcare stocks while the Russell 2000 index of small-cap stocks nudged up by 6.5 points to reach 1,554.
7:16 AM: Wall Street stocks seen mixed as investors seek direction; mid-term elections and US/ Sino trade deal in focus
After finishing Friday in the red, Wall Street shares are mixed Monday, as optimism over a potential US/ China trade deal eased and ahead of mid-term elections tomorrow (Tuesday).
In Europe, major indices are ahead as it's another big week for Brexit negotiations and UK Prime Minister May's exit strategy.
On Wall Street, the Dow Jones Industrial index closed Friday down nearly 110 points at 25,270, while the S&P 500 shed around 17 at 2,723. The tech-heavy Nasdaq shed over 77 points at 7,356 as Apple's (NASDAQ:AAPL) mixed fourth quarter provided a drag.
In futures trade at the time of writing, the Dow Jones is down nearly 80 points; the S&P 500 is ahead by just 0.45 and the tech heavy Nasdaq exchange is up nearly ten points.
"I think we’ve entered wait and see mode which, given the volatility of recent weeks, isn’t the worst thing,” said market analyst Craig Erlam at Forex group Oanda, giving every impression of a person grateful for a quiet start to the week after an exacting weekend.
"The US mid-term elections in Tuesday seem to be encouraging investors to sit on their hands.
He added: "The midterms may generate more volatility in the middle of the week as we see the knee-jerk reactions to the result but at this stage it’s tough to judge how markets would respond."
In Asia overnight, the Nikkei 225 index plunged over 344 points, while the Shanghai Composite Index in China is down around 11 points at 2,665.
In London, FTSE 100 is ahead by around 16 at 7,100, the German DAX is up just over 15 and the French CAC 40 is up around five points.