ETFs Flat, Apple Falls From Tree

Print This!

U.S. index ETFs were mostly flat on Monday as Apple Computer fell hard and dragged major markets down with it.

 ETFs Flat, Apple Falls From TreeApple Computer (Nasdaq:AAPL) is a major player in U.S. stock indexes and ETFs since it’s the largest company in the world and often plays the roll of “tail wagging the dog.”

Read “Bad Day For Apple Drags Down Entire U.S. Stock Market”

Read “Apple Price Target: $50 Stock By 2016″

Apple (Nasdaq:AAPL) makes up 10% of the Nasdaq Composite, more than Google and Microsoft combined, 4% of the entire S&P 500 (NYSEARCA:SPY) and 20% of PowerShares QQQ, (NYSEARCA:QQQ) the leading Nasdaq tech ETF.

Apple’s problems spring from declining iPhone sales and from technical weakness since the company’s stock recently formed a “death cross” pattern, which is a widely respected “sell” signal.

For the day, major indexes and their related ETFs finished mixed.  The Dow Jones Industrial Average (NYSEARCA:DIA) gained 0.14%, the S&P 500 (NYSEARCA:SPY) slipped 0.09%, the Nasdaq 100 (NYSEARCA:QQQ) dropped 0.46% and the Russell 2000 (NYSEARCA:IWM) lost 0.08%.

In addition to Apple’s (Nasdaq:AAPL) problems, things continue to be grim in Europe with 16 of 27 nations reporting yearly declines in industrial production.  Read “Another Warning On European Industrial Production”

The other big news of the day came from Washington where the White House and Congress traded opening salvos over the upcoming debt ceiling debate.  President Obama said he wasn’t going to negotiate over raising the debt ceiling while Senator Mitch McConnell and Speaker of the House Boehner seem intent on sticking with their plan to link every dollar in debt ceiling increase to one dollar in spending cuts.

Pages: Next

Be kind & share...Share on Facebook0Tweet about this on Twitter0Share on LinkedIn0Pin on Pinterest0Share on Google+0Digg this
.

Disclaimer: The content included herein is for educational and informational purposes only, and readers agree to Wall Street Sector Selector's Disclaimer, Terms of Use, and Privacy Policy before accessing or using this or any other publication by Wall Street Sector Selector or Ridgeline Media Group, LLC.

Go to Wall Street Sector Selector Home or Check our Special Wall Street News Section

Visit Us On TwitterVisit Us On FacebookVisit Us On YoutubeVisit Us On Linkedin
Make sure you create your redirects.txt file and that it's readable by the redirect script.