Stock Futures Flat as Report Says Apple Plans Slower Hiring

- Advertisement -


A report that Apple plans to slow hiring and spending sent stocks down Monday.

- Advertisement -

NYSE

- Advertisement -

US stock futures were flat Monday evening after a report about a hiring and spending slowdown at Apple sent stocks sliding in the afternoon.

The S&P 500, Dow Jones Industrial Average, and tech-heavy Nasdaq Composite dropped 0.8%, 0.7%, and 0.8%, respectively. Stocks had a strong morning, with the S&P up nearly 1% and the Nasdaq up more than 1.5%, before falling to close the session.

- Advertisement -

Bloomberg reported around 1:30 pm that Apple (ticker: AAPL ), the world’s most valuable company by market capitalization, intends to slow hiring and spending in some divisions next year. The report marked an inflection point for the indexes, as the news highlighted concerns about an economic slowdown as the Federal Reserve raises interest rates to combat inflation. Barron’s couldn’t immediately reach Apple for comment.

At 6:15 pm Eastern time, futures for the S&P 500, Dow Jones Industrial Average, and Nasdaq were relatively even. The indexes were slightly up 0.1%, 0.04%, and 0.08%, respectively.

Apple lost 2.1% Monday and was down 0.3% after hours.

IBM was the other tech ticker claiming headlines on Monday afternoon. Announcing its earnings after the close, the company’s second-quarter revenue was up 9% from a year ago and its earnings beat expectations. But it also reduced its forecast for free cash flow in 2022, sending shares down 4.4% after hours.

Other companies on the move Monday evening included Chipotle Mexican Grill ( CMG ), up 2.6%; First Solar ( FSLR ), up 2.5%; BlackRock (BLK), down 2.8%; and Altice USA ( ATUS ), down 3.9%.

On Tuesday, the US Census Bureau and the US Department of Housing and Urban Development report new housing starts for the month of June. After starts fell 14% in May compared to April, 27 economists surveyed by The Wall Street Journal anticipate a slight uptick of starts in June: 1.57 million, which would represent 1.4% growth from May.

Earnings season charges ahead this week, as 16% of earnings results across all 11 Global Industry Classification Standard sectors come out between Monday and Friday, according to a note written by Bank of America‘s
Savita Subramanian. On Tuesday, Johnson & Johnson (JNJ), Novartis (NVS), Lockheed Martin (LMT), Truist (TFC), Halliburton (HAL), Signature Bank (SBNY), Ally Financial (ALLY), and Hasbro (HAS) are among the firms reporting before the opening bell.

Netflix ( NFLX ) and JB Hunt ( JBHT ) release their latest quarterly results after Tuesday’s close.

Write to [email protected]

,

Credit: www.marketwatch.com /

- Advertisement -

Stay on top - Get the daily news in your inbox

DMCA / Correction Notice

Recent Articles

Related Stories

Stay on top - Get the daily news in your inbox