Wednesday, 13 October 2021: US equity markets closed in the red for a third straight session

Oct 12, 2021 · 7m 59s
Wednesday, 13 October 2021:  US equity markets closed in the red for a third straight session
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US equity markets closed in the red for a third straight session, with selling again picking up into the close and with investors eying some key economic and corporate earnings...

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US equity markets closed in the red for a third straight session, with selling again picking up into the close and with investors eying some key economic and corporate earnings releases tonight AEST - Dow down -143-points or -0.42%. Boeing Co (down -1.27%) reported that airplane deliveries rose to 35 in September following an uptick in domestic travel, albeit its 787 programme remains hobbled by structural defects. The broader S&P500 lost -0.37%, with Communications Services (down -1.05%) and Information Technology (-0.51%) leading six of the eleven primary sectors lower. American Airlines Group Inc rose +0.79% after forecasting a smaller-than-expected adjusted net loss for the third quarter. Real Estate was the best performing primary sector overnight with a +1.34% rise. The Nasdaq dipped -0.05%. Apple Inc declined in extended trading following a Bloomberg News report that the company will likely cut iPhone 13 production by up to 10M phones in 2021, following the company’s forecast of making 90M earlier in the year, because of the ongoing global chip shortage. Broadcom Inc (down -1.43%) and Texas Instruments Inc (-2.53%) also fell in the extended session after an unidentified source told Bloomberg that both companies are having trouble delivering enough components to Apple. However, Qualcomm Inc rose over >1% in extended trading after the mobile chip maker announced plans for a US$10B stock buyback. The company noted the total is in addition to $900 million in repurchase authority from a July 2018 program. The small capitalisation Russell 2000 rose +0.61%.
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Author Morgans Financial Limited
Organization Morgans Financial Limited
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