Daily Data Flow: Stocks Fall on Lowered Sentiment; Fed: Housing Led U.S. Growth; Apple Shares at Year-Worst Position
Stocks Fall on Lowered Sentiment (Reuters)
Concerns over global growth impacted investor sentiment, and partially as a result, global stocks experienced an overall decline for the day. “After Monday’s gold sell-off spooked U.S. equities, it seems as though the dip buyers are a bit less aggressive, allowing the market to fall a bit more,” said Gordon Charlop, a managing director at Rosenblatt Securities in New York.
Fed: Housing Led U.S. Growth (Bloomberg)
According to the Federal Reserve, gains in housing, as well as in housing and autos, led the way in the United States’ “moderate” economic expansion. “Most districts noted increases in manufacturing activity since the previous report,” the central bank said, based on reports from its 12 regional banks between late February and early April. “Particular strength was seen in industries tied to residential construction and automobiles.”
Apple Shares at Year-Worst Position (CNBC)
Today, shares of Apple accelerated their decline in value as investors dumped the stock, causing it to fall below $400 for the first time since the end of 2011. “Clearly, it’s been a rough six months for the stock,” wrote Edward Parker of Lazard Capital Markets. “Sentiment has gone from bad to worse as the overhang from the disappointing December quarter call has been compounded by a steady stream of negative industry supply chain checks.”