Dow dips, but movements are slight

US share prices have toggled up and down without much purpose today, despite a steady stream of earnings reports and a resumption of government economic reports.

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%.

IGA, may distribute information/research produced by its respective foreign marketing partners within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.

This information/research prepared by IGA or IGA Group is intended for general circulation. It does not take into account the specific investment objectives, financial situation or particular needs of any particular person. You should take into account your specific investment objectives, financial situation or particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. In addition to the disclaimer above, the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.

See important Research Disclaimer.