Stocks Drop as Apple Weighs After Streaming Event

Apple unveiled a number of new services today, including a credit card

by Karee Venema

Published on Mar 25, 2019 at 4:27 PM

It was a volatile start to the final trading week of the first quarter, with stocks reacting to news out of D.C., namely President Donald Trump's tweets of "Total EXONERATION" following Attorney General William Barr's summary of Special Counsel Robert Mueller's report. The latest round of U.S.-China trade talks were also in focus, while last week's yield curve inversion stayed fresh on traders' minds. While the Dow explored a 231-point trading range, the S&P 500 continued to dance around 2,800. The former managed to muscle higher at the close, while the latter joined the Nasdaq in the red, as overbought Apple (AAPL) stock sold off after the tech giant detailed its new streaming services at today's big event.

Continue reading for more on today's market, including:

The Dow Jones Industrial Average (DJI - 25,516.83) eked out a 14.5-point, or 0.06% win. Boeing (BA) outpaced 12 Dow advancers with its 2.3% gain, while Apple (AAPL), DowDuPont (DWDP), and Walgreens Boots Alliance (WBA) led the 18 decliners, sinking 1.2% apiece.

The S&P 500 Index (SPX - 2,798.36) shed 2.4 points, or 0.08%, while the Nasdaq Composite (IXIC - 7,637.54) slipped 5.1 points, or 0.07%.

The Cboe Volatility Index (VIX - 16.33) fell 0.1 point, or 0.9%.

Closing Indexes Summary March 25

NYSE and Nasdaq Stats March 25

5 Items on our Radar Today

  1. In addition to the details surrounding its video and news streaming services -- to be called AppleTV+ and Apple News+, respectively -- Apple unveiled a credit card, the Apple Card, which is backed by Goldman Sachs and MasterCard, as well as updates to Apple Pay. Plus, the tech titan revealed a new gaming subscription service, Apple Arcade. (Reuters)
  2. New Jersey State Senate President Steve Sweeney delayed a vote over the legalization of recreational marijuana, after the Democratic leader failed to garner enough support to pass the measure. Currently 10 U.S. states and the District of Columbia have legalized recreational weed. (CNBC)
  3. Citigroup stock brought its daily losing streak to five.
  4. Deutsche Bank set a Street-low price target for Akamai Technologies.
  5. Cantor Fitzgerald thinks this biopharma is "underappreciated."

There were no major earnings reports today.

Unusual Options Activity March 25

Data courtesy of Trade-Alert

Gold Gains on Safe-Haven Status

Concerns over a weakening global economy weighed on oil prices today. By the close, May-dated crude was down 22 cents, or 0.4% at $58.82 per barrel.

Gold benefited from its safe-haven status today. Gold for April delivery added $10.30, or 0.8%, to settle at $1,322.60 an ounce -- its highest close since Feb. 26.


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