Apple gains on product launches as US stocks end flat

Agence France-Presse

Posted at Sep 11 2019 07:01 AM

Kaiann Drance presents the new iPhone 11 at an Apple event at their headquarters in Cupertino, California, US September 10, 2019. Stephen Lam, Reuters

NEW YORK - Wall Street stocks finished a choppy session little changed on Tuesday, with Apple advancing as it unveiled new products and outlined a launch date for its streaming service.

Stocks spent much of the session in negative territory as investors pointed to somewhat better sentiment on trade talks that was offset by lower optimism on the economy.

But stocks finished the session on a strong note, with the Dow ending up 0.3 percent at 26,909.43.

The broad-based S&P 500 edged up less than 0.1 percent to 2,979.39, while the tech-rich Nasdaq Composite Index slipped less than 0.1 percent to 8,084.16.

Apple gained 1.2 percent as it unveiled new iPhones, including a lower-priced offering of $699, part of a bid to spur new upgrades in a slumping global smartphone market.

The tech giant also set launch dates on Tuesday for its original video offering, Apple TV+, and its game subscription service. The streaming announcement weighed on Netflix, which shed 2.2 percent.

With the new devices and services, "I think there are more reasons to stay with Apple than to defect from Apple," added Patrick Moorhead, analyst at Moor Insights & Strategy.

Ford fell 1.4 percent, a day after Moody's downgraded the credit rating of the auto company, citing a weak financial outlook as it embarks on ambitious restructuring.

Leading banks rose for a second straight day after JPMorgan Chase chief executive Jamie Dimon said the US consumer economy remains solid, even as business investment has slowed.

Dimon on Tuesday cut the bank's projections for net interest income due to Federal Reserve interest rate cuts. JPMorgan shares gained 1.2 percent.

This week's calendar includes reports on consumer prices and retail sales for August. The European Central Bank is also expected to announce new stimulus measures.

 
© Agence France-Presse