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Apple Cracks, Tech Sector, GE Hit by Weak Forecasts, Trump Blames Democrats

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Published : November 12th, 2018
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FOLLOW : Apple Trump
Category : Opinions and Analysis

Apple and tech stocks started a decline with earnings weakness. The Dow went along for the ride. Trump blames Democrats.

The Dow Jones Industrial Average tumbled more than 400 points Monday as anxiety over the health of technology behemoths sparked a broad retreat from the stock market.

The blue-chip index of 30 stocks lost 406 points, or 1.6%, to 25583 after posting its biggest one-week gain since March. The S&P 500 lost 1.5% and the Nasdaq Composite dropped 2.7%.

Monday’s selling began in the technology sector, then morphed into a broad rout that dragged lower everything from oil conglomerates to manufacturers to entertainment firms. It was the latest setback for the stock market, which has struggled to break out to new highs since the S&P 500 capped off its worst month in more than seven years.

Apple fell 4.4% after one of its suppliers, Lumentum, cut its earnings and revenue outlook—triggering fresh worries about demand for the company’s iPhone line.

Goldman Sachs tumbled 6.4%, wiping out nearly 100 points from the Dow industrials, as concerns grew over the bank’s interaction with a financier charged with stealing billions of dollars from the 1Malaysia Development Bhd. investment fund. General Electric dropped 5% and headed for its fourth consecutive daily decline after comments from the firm’s chief executive on CNBC failed to assuage investors’ worries about the future of the industrial conglomerate.

Apple Daily Chart

Apple is down 16%. It's barely a start.

Apple Monthly Chart

Nasdaq 100 - QQQ

The Nasdaq 100 could drop 50% and it would not be cheap. Valuations are absurd.

Shiller PE

On a Cyclically Adjusted PE basis (CAPE) stock are ridiculously valued.

Silly Comment of the Day

The WSJ said "Investors were left scrambling for explanations."

Wow

What about absurd valuations.

 

Source : moneymaven.io
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Mish 13 abonnés
Mike Shedlock / Mish is a registered investment advisor representative for SitkaPacific Capital Management. He writes a global economics blog which has commentary 5-7 times a week. He also writes for the Daily Reckoning, Whiskey & Gunpowder, and has over 80 magazine and book cover credits. Visit http://www.sitkapacific.com
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