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03-Nov2018

US markets end lower on Friday

The US markets ended lower on Friday, after moving notably higher over the past few sessions, amid confusion over prospects for a near-term resolution to the protracted US-China trade spat. Further, the downturn on markets was led by Apple (AAPL), with the tech giant tumbling by 6.6% to a nearly three-month closing low. The steep drop by Apple came after the company reported fiscal fourth quarter earnings and revenues that exceeded estimates but weaker than expected iPhone shipments. Apple also forecast fiscal first quarter revenues of $89 to $93 billion, with the midpoint below the consensus estimate of $93 billion.

On the economic front, according to a report released by the Commerce Department, new orders for US manufactured goods increased by more than expected in the month of September. The Commerce Department said factory orders climbed by 0.7% in September after spiking by an upwardly revised 2.6% in August. Street had expected factory orders to rise by 0.5% compared to the 2.3% jump originally reported for the previous month. Besides, with the value of imports rising by more than the value of exports, the Commerce Department released a report showing the US trade deficit widened more than expected in the month of September. The report said the trade deficit widened to $54.0 billion in September from a revised $53.3 billion in August. Street had expected the trade deficit to widen to $53.6 billion.

Meanwhile, a closely watched report released by the Labor Department showed employment in the US jumped by much more than anticipated in the month of October. The Labor Department said non-farm payroll employment surged up by 250,000 jobs in October after rising by a downwardly revised 118,000 jobs in September. Street had expected an increase of about 190,000 jobs compared to the addition of 134,000 jobs originally reported for the previous month.

Dow Jones Industrial Average dropped 109.91 points or 0.43 percent to 25270.83, Nasdaq declined 77.06 points or 1.04 percent to 7356.99 and S&P 500 was down by 17.31 points or 0.63 percent to 2723.06.


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