Mixed U.S. stocks with Apple offsetting Oil Weakness

It seems like the technology giant is at the receiving end of good reviews for its latest iPhone model. The demand for iPhone 7 is quite strong and Apple’s (NASDAQ: AAPL) shares have risen by nearly 4.7% to $US113.03.

Oil prices have fallen globally and put the energy sector under immense pressure. On the whole, the main stock indices in the U.S. experienced a modest downfall while Nasdaq, the tech-centred index, went higher up owing to Apple’s performance.

On Wednesday, Nasdaq reported that stocks were trading relatively higher owing to the technology sector gains which offset losses suffered by the energy sector. Bargain-hunting following Tuesday’s sell-off along with stabilization of the bond market helped in giving comfort to concerned investors. The outperforming Nasdaq Composite balanced out the energy sector losses because of a rally in component stock Apple and bio-techs.

The tech company’s shares are at a nine-month high after RBC Capital endorsed the stock by saying that Apple would be among the winners that will continue to experience gains in market share owing to its smartphones and tablets.

Among the key European markets, London seemed to do quite well. The FTSE 100 went up by 0.1 percent. In the meanwhile, the Euro Stoxx index was relatively lower. The ASX SPI 200 futures fell by 0.4 percent indicating a weak start for the local market.

According to ANZ’s analysts, the current market behaviour is quite unusual as both shares and bonds are being sold off simultaneously and investors don’t have anywhere to go.

As far as economic news is concerned, there was a drop in the import prices after a long time by 0.2 percent. Besides fuel though, there were no changes in the import prices. Meanwhile, there was a 0.8 percent decline in export prices and there was a significant fall in farm exports. The Wall Street had estimated a 0.1 percent drop in export prices.

There was a drop in crude oil to $43.94 per barrel and natural gas experienced a $0.03 decline, reaching $2.96 per one million BTU. There was an increase in gold prices reaching $1,325.90 an ounce while white silver prices went up by $0.14 to reach $19.11 an ounce. Also, copper prices witnessed an increase of $0.05 and were reported at $2.16 per pound. The Market Vectors Gold Miners ETF, a precious-metal fund, increased by 0.15 percent.

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