Apples Stocks Weigh on Wall Street

Apples stocks weighed on Wall St on Thursday as shares of Apple plummeted 1.3 percent ahead of their product launch of the iPhone 8 and iPhone 8 Plus, Apple Watch Series 3, and Apple TV 4K became available to the general public, affecting all three major indexes.

Chances of a Fed Hike in December

News that the Federal Reserve may raise interest rates for a third time in 2017 and their intention to start reducing the monetary stimulus of $4.2 trillion also weighed on investor sentiments. There is a 70 percent chance of a December interest rate hike according to interest rate futures.

According to investment strategist at BMO Global Asset Management, Michael Dowdall, who says that the Fed is sensitive and want to stay in front of any inflation curve as they do not have the answers on the low inflation weakness for 2017.

The Dow Jones Industrial Average slipped 29.2 points or 0.13 percent.

The S&P fell 3.42 points or 0.13 percent at 2,504.83.

The Nasdaq Composite fell 0.31 percent or 19.91 points at 6,436.14.

Out of the 11 major S&P sectors five were lower, the Consumer Staples Index was the leader in the decliners falling 0.74 percent.

Optimism that US President Donald Trump will cut taxes and the strong corporate profits has seen the S&P with US stocks gain 12 percent so far this year.

On the NYSE declining issues outnumbered advancers by 1,402 to 1,365.

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