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15-Nov2018

US markets end Wednesday's trading session in red territory

The US markets ended Wednesday's volatile trading session in red territory, with major indices losing around a percent, amid lingering worries about slowing global growth coupled with declines in financial and technology stocks. A continued decline by shares of Apple (AAPL) weighed on stocks on Wall Street, with the tech giant slumping by 2.8 percent to a four-month closing low. Apple extended a recent downtrend after Guggenheim Partners downgraded its rating on the company's stock to Neutral from Buy amid expectations of a 5 percent drop in iPhone units sold in 2019. Traders also turned cautious with comments by Congresswoman Maxine Waters, D-Calif., who is expected to take over the powerful House Financial Services Committee in the next Congress. Ahead of testimony by Federal Reserve Vice Chairman for Supervision Randal Quarles, Waters suggested she would halt President Donald Trump's efforts to roll back banking regulations.

However, traders shrugged off a report from the Labor Department showing consumer prices increased in line with traders' estimates in the month of October. The Labor Department said its consumer price index rose by 0.3 percent in October after inching up by 0.1 percent in September. Street had expected prices to climb by 0.3 percent. Excluding food and energy prices, core consumer prices edged up by 0.2 percent in October after creeping up by 0.1 percent in September. The uptick in core prices also matched expectations. The annual rate of consumer price growth accelerated to 2.5 percent in October from 2.3 percent in September, while the annual rate of core consumer price growth slowed to 2.1 percent from 2.2 percent.

Dow Jones Industrial Average slipped 205.99 points or 0.81 percent to 25,080.50, Nasdaq declined 64.48 points or 0.90 percent to 7,136.39 and S&P 500 was down by 20.60 points or 0.76 percent to 2,701.58.


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