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Downwardly revised guidance from Apple (AAPL) is likely to weigh on Wall Street, with the tech giant moving sharply lower in pre-market trading.
In a letter to investors, Apple CEO Tim Cook said the company now expects fiscal first quarter revenue of approximately $84 billion compared to its previous forecast for revenue of $89 to $93 billion.
Cook attributed the lower guidance to a significantly greater than expected impact from economic weakness in some emerging markets.
?While we anticipated some challenges in key emerging markets, we did not foresee the magnitude of the economic deceleration, particularly in Greater China,? Cook wrote.
He added, ?In fact, most of our revenue shortfall to our guidance, and over 100 percent of our year-over-year worldwide revenue decline, occurred in Greater China across iPhone, Mac and iPad.?
However, the negative sentiment may be partly offset by a report from payroll processor ADP showing much stronger than expected U.S. private sector job growth in the month of December.
After recovering from an initial move to the downside, stocks fluctuated over the course of the first trading day of 2019 on Wednesday. The major averages spent the afternoon bouncing back and forth across the unchanged line.
Eventually, the major averages ended the day in positive territory. The Dow edged up 18.78 points or 0.1 percent to 23,346.24, the Nasdaq climbed 30.66 points or 0.5 percent to 6,665.94 and the S&P 500 inched up 3.18 points or 0.1 percent to 2,510.03.
The initial sell-off on Wall Street came amid lingering concerns about the outlook for to the global economy following the release of a report showing a contraction in Chinese manufacturing activity in the month of December.
The report said the Caixin/Markit manufacturing purchasing managers' index edged down to 49.7 in December from 50.2 in November. The reading below 50 indicated the first contraction in nineteen months.
Iris Pang, Greater China Economist at ING, noted the disappointing manufacturing data comes on the heels of reports showing an annual drop in industrial profits and softer retail sales growth.
"We believe that the data reflect that not only has the trade war damaged growth in the export sector. It has also hurt export-related supply chain companies and in turn, domestic demand," Pang said.
"If domestic demand is not supported by fiscal stimulus quickly, then further weakening will pose a risk to job security," she added. "That could create a vicious downwards cycle."
Selling pressure waned shortly after the start of trading, however, inspiring some traders to pick up stocks at reduced levels following the steep losses posted last year.
Energy stocks showed a substantial move to the upside over the course of the session, benefiting from a significant rebound by the price of crude oil.
Reflecting the strength in the energy sector, the NYSE Arca Natural Gas Index spiked by 2.9 percent, while the Philadelphia Oil Service Index and the NYSE Arca Oil Index surged up by 2.2 percent and 1.9 percent, respectively.
Considerable strength also emerged among banking stocks, as reflected by the 1.8 percent jump by the KBW Bank Index. The index continued to recover after ending Christmas Eve at its lowest closing level in two years.
On the other hand, notable weakness remained visible among interest rate-sensitive commercial real estate and utilities stocks, dragging the Dow Jones Real Estate Index and the Dow Jones Utility Average down by 2.1 percent and 1.7 percent, respectively.
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Partly reflecting favorable weather, payroll processor ADP released a report showing much stronger than expected U.S. private sector job growth in the month of December.
ADP said private sector employment surged up by 271,000 jobs in December after climbing by a downwardly revised 157,000 jobs in November.
Economists had expected an increase of about 178,000 jobs compared to the addition of 179,000 jobs originally reported for the previous month.
Meanwhile, a separate report from the Labor Department showed initial jobless claims rose by more than expected in the week ended December 29th.
The report said initial jobless claims climbed to 231,000, an increase of 10,000 from the previous week?s upwardly revised level of 221,000.
Economists had expected jobless claims to edge up to 220,000 from the 216,000 originally reported for the previous month.
At 10 am ET, the Institute for Supply Management is scheduled to release its report on manufacturing activity in the month of December.
The ISM?s purchasing managers index is expected to drop to 57.9 in December after rising to 59.3 in November, although a reading above 50 would still indicate growth in manufacturing activity.
The Treasury Department is due to announce the details of next week?s auctions of three-year and ten-year notes and thirty-year bonds at 11 am ET.
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Shares of Bristol-Myers Squibb (BMY) are moving sharply lower in pre-market trading after the pharmaceutical giant agreed to acquire cancer drug maker Celgene (CELG) in a cash and stock deal valued at $74 billion.
Apple suppliers Skyworks Solutions (SWKS) and Broadcom (AVGO) are also seeing significant pre-market weakness after the iPhone and iPad maker lowered its fiscal first quarter guidance.
On the other hand, shares of Celgene are likely to see initial strength after the biopharmaceutical company agreed to be acquired by Bristol-Myers Squibb. | | | | | Become a Shareholder in High Times The Original Voice of Cannabis. Join our investor community and help shape the emerging cannabis industry.
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European stocks have fallen on Thursday to extend losses from the previous session as uncertainty about U.S. trade policy and political wrangling in Washington over federal government funding for a border wall fueled concerns about a global economic slowdown.
Brexit-related worries and Apple's lower guidance due a weakening economy in China and lower-than-expected iPhone sales have also spooked markets.
While the U.K.?s FTSE 100 Index has edged down by 0.1 percent, the French CAC 40 Index is down by 0.8 percent and the German DAX Index is down by 1 percent.
Chipmakers have been among the worst hit, with AMS, STMicroelectronics and Dialog Semiconductor posting steep losses. Resource stocks have also moved broadly lower.
Drug giant Sanofi is moving lower in Paris after it decided not to extend its collaboration with MyoKardia beyond the initial research term, which ended on December 31, 2018.
On the other hand, fashion retailer Next has jumped. The company cut its full-year profit guidance but posted strong sales in the three weeks prior to Christmas.
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Asian stocks ended mostly lower on Thursday as Apple's lower guidance and political instability in Washington added to global growth concerns. Australian markets bucked the downtrend as a "flash crash" in the local currency bolstered resource stocks. The Japanese markets remained closed for a public holiday.
China's Shanghai Composite Index finished marginally lower at 2,464.36, while Hong Kong's Hang Seng Index dropped 0.3 percent to 25,064.36.
Seoul stocks hit a two-month low as Apple's iPhone warning added to investor concerns over slowing global growth. The benchmark Kospi shed 0.8 percent to finish at 1,993.70, the lowest closing level since October 30th. Shares of tech heavyweights Samsung Electronics and SK Hynix fell 3.0 percent and 4.8 percent, respectively.
South Korean manufacturing activity decreased at a slower rate in December, as inflationary pressures eased and business confidence improved, data from IHS Markit showed. The headline IHS Markit manufacturing PMI rose to 49.8 from 48.6 in November.
Meanwhile, Australian shares rose the most in a week as the Aussie dollar hit a 10-year low, helping lift resource stocks. The benchmark S&P/ASX 200 Index surged up 1.4 percent to 5,633.40 after ending down 1.6 percent the previous day in reaction to weak Chinese data. The broader All Ordinaries Index rallied 1.2 percent to 5,694.60.
Gold miners Newcrest and Evolution Mining jumped 4-5 percent after gold prices hit over six-month highs overnight. Lithium producer Pilbara Minerals soared 16 percent after it secured funding for an expansion of its Pilgangoora lithium mine.
The big four banks rose 1-2 percent. Insurance Australia Group advanced 1.5 percent after the company increased its 2019 reinsurance program for catastrophes by A$1 billion to A$9 billion.
Energy stocks such as Oil Search, Origin Energy, Woodside Petroleum and Santos rallied 2-4 percent after crude oil prices rose more than 2 percent overnight.
Healthcare firm Healius Ltd, formerly known as Primary Health Care, spiked 7.8 percent after it received takeover offer from a top shareholder.
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Crude oil futures are climbing $0.71 to $47.25 a barrel after jumping $1.13 to $46.54 a barrel on Wednesday. Meanwhile, an ounce of gold is trading at $1,291.50, up $7.40 compared to the previous session?s close of $1,284.10. On Wednesday, gold rose $2.80.
On the currency front, the U.S. dollar is trading at 107.71 yen compared to the 108.88 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.1357 compared to yesterday?s $1.1344.
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