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The strong momentum from the end of last week has failed to carry through into trading today, with the major US stock indices crawling sideways for the most part.
The Dow was down just 0.1% with under an hour of trading to the close on Wall Street, moving in tandem with the S&P 500. The NASDAQ 100 was well off its highs for the day, but managed to stay in positive territory, helped by a 2.7% jump in the share price of Apple, the stock with the heaviest weighting in the index.
Apple’s rating was raised from a ‘hold’ to a ‘buy’ by SocGen ahead of tomorrow’s launch event being held by Apple in San Francisco. Newer versions of Apple’s iPad and mini iPad are widely expected to be unveiled at the event. Sales of iPads made up around 18% of Apple’s revenue in the quarter for which it most recently reported.
Netflix and Texas Instruments report after the market closes tonight and tomorrow we have the delayed jobs report from September. 185,000 jobs are expected to have been added to non-farm payrolls in September, while the unemployment rate is expected to remain at 7.3%.