Apple gains on product launches as US stocks end flat

Apple gains on product launches as US stocks end flat

Wall Street on Sep 10
Traders work on the floor of the New York Stock Exchange. (AP Photo/Richard Drew, File)

NEW YORK: Wall Street stocks finished a choppy session little changed on Tuesday (Sep 10), with Apple advancing as it unveiled new products and outlined a launch date for its streaming service.

Stocks spent much of the session in negative territory as investors pointed to somewhat better sentiment on trade talks that was offset by lower optimism on the economy.

But stocks finished the session on a strong note, with the Dow ending up 73.92 points (0.28 per cent) at 26,909.43.

The broad-based S&P 500 edged up 0.96 points (0.03 per cent) to 2,979.39, while the tech-rich Nasdaq Composite Index slipped 3.28 points (0.04 per cent) to 8,084.16.

Apple gained 1.2 per cent as it unveiled new iPhones, including a lower-priced offering of US$699, part of a bid to spur new upgrades in a slumping global smartphone market.

The tech giant also set launch dates on Tuesday for its original video offering, Apple TV+, and its game subscription service. The streaming announcement weighed on Netflix, which shed 2.2 per cent.

With the new devices and services, "I think there are more reasons to stay with Apple than to defect from Apple," added Patrick Moorhead, analyst at Moor Insights & Strategy.

Ford fell 1.4 per cent, a day after Moody's downgraded the credit rating of the auto company, citing a weak financial outlook as it embarks on ambitious restructuring.

Leading banks rose for a second straight day after JPMorgan Chase chief executive Jamie Dimon said the US consumer economy remains solid, even as business investment has slowed.

Dimon on Tuesday cut the bank's projections for net interest income due to Federal Reserve interest rate cuts. JPMorgan shares gained 1.2 per cent.

This week's calendar includes reports on consumer prices and retail sales for August. The European Central Bank is also expected to announce new stimulus measures.

Source: AFP/de