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    AAPL   US0378331005

APPLE INC.

(AAPL)
  Report
Real-time Estimate Cboe BZX  -  07:35:46 2023-01-30 am EST
144.49 USD   -0.99%
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S&P posts 4th straight decline as recession talk weighs on Wall Street

12/06/2022 | 04:38pm EST

(For a Reuters live blog on U.S., UK and European stock markets, click or type LIVE/ in a news window)

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Meta falls on report of EU concern over targeted ads

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Energy stocks drop as crude trades at lowest level since Jan

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Indexes down: Dow 1.03%, S&P 1.44%, Nasdaq 2%

Dec 6 (Reuters) - Wall Street ended lower on Tuesday, with the S&P 500 extending its losing streak to four sessions, as skittish investors fretted over Federal Reserve rate hikes and further talk of a looming recession.

Meta Platforms Inc dragged down markets, with its shares sliding 6.8% following reports that European Union regulators have ruled the company should not require users to agree to personalized ads based on their digital activity.

However, technology names generally suffered as investors applied caution toward high-growth companies whose performance would be sluggish in a challenging economy. Apple Inc, Amazon.com Inc and Alphabet Inc fell between 2.5% and 3%, while the tech-heavy Nasdaq was pulled lower for a third straight session.

Most of the 11 major S&P sectors declined, with energy and communications services joining technology as leading laggards. Utilities, a defensive sector often preferred during times of economic uncertainty, was the only exception, gaining 0.7%.

Future economic growth prospects were in focus on Tuesday following comments from financial titans pointing toward uncertain times ahead.

Bank of America Corp's chief executive predicted three quarters of mild negative growth next year, while JPMorgan Chase and Co's CEO Jamie Dimon said inflation will erode consumer spending power and that a mild to more pronounced recession was likely ahead.

Their comments came on the heels of recent views from BlackRock and others that believe the U.S. Federal Reserve's aggressive monetary tightening to combat stubbornly high price rises could induce an economic downturn in 2023.

"The market is very reactive right now," said David Sadkin, president at Bel Air Investment Advisors.

He noted that, while markets traditionally reflect the future, right now they are moving up and down based on the latest headlines.

Fears about economic growth come amid a re-evaluation by traders of what path future interest rate hikes will take, following strong data on jobs and the services sector in recent days.

Money market bets are pointing to a 91% chance that the U.S. central bank might raise rates by 50 basis points at its Dec. 13-14 policy meeting, with rates expected to peak at 4.98% in May 2023, up from 4.92% estimated on Monday before service-sector data was released.

The S&P 500 rallied 13.8% in October and November on hopes of smaller rate hikes and better-than-expected earnings, although such Fed expectations could be undermined by further data releases, including producer prices due out on Friday.

"The market got ahead of itself at the end of November, but then we got some good economic data, so people are re-evaluating what the Fed is going to do next week," said Bel Air's Sadkin.

The Dow Jones Industrial Average fell 350.76 points, or 1.03%, to close at 33,596.34, the S&P 500 lost 57.58 points, or 1.44%, to finish at 3,941.26 and the Nasdaq Composite dropped 225.05 points, or 2%, to end on 11,014.89.

Jitters on the direction of global growth have also weighed on oil prices, with U.S. crude slipping to levels last seen in January, before Russia's invasion of Ukraine disrupted supply markets. The energy sector fell 2.7% on Tuesday.

Banks are among the most sensitive stocks to an economic downturn, as they potentially face negative effects from bad loans or slowing loan growth. The S&P banks index slipped 1.4% to its lowest close since Oct. 21.

Volume on U.S. exchanges was 11.01 billion shares, in line with the average for the full session over the last 20 trading days.

The S&P 500 posted three new 52-week highs and nine new lows; the Nasdaq Composite recorded 52 new highs and 262 new lows. (Reporting by Devik Jain, Ankika Biswas and Johann M Cherian in Bengaluru and David French in New York; Editing by Vinay Dwivedi, Shounak Dasgupta and Lisa Shumaker)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. 1.90% 99.37 Delayed Quote.12.63%
AMAZON.COM, INC. 3.04% 102.24 Delayed Quote.21.71%
APPLE INC. 1.37% 145.93 Delayed Quote.12.31%
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) -0.39% 0.708 Delayed Quote.4.32%
BANK OF AMERICA CORPORATION 0.31% 35.45 Delayed Quote.7.04%
BLACKROCK, INC. 0.04% 759.18 Delayed Quote.7.13%
BRENT OIL -0.77% 86.4 Delayed Quote.0.12%
BRITISH POUND / US DOLLAR (GBP/USD) -0.07% 1.23919 Delayed Quote.2.50%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.11% 0.75024 Delayed Quote.1.72%
DOW JONES INDUSTRIAL 0.08% 33978.08 Real-time Quote.2.51%
EURO / US DOLLAR (EUR/USD) 0.25% 1.08969 Delayed Quote.1.57%
INDIAN RUPEE / US DOLLAR (INR/USD) 0.06% 0.012278 Delayed Quote.1.48%
META PLATFORMS, INC. 3.01% 151.74 Delayed Quote.26.09%
NASDAQ COMPOSITE 0.95% 11621.71 Real-time Quote.11.04%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 0.01% 0.64933 Delayed Quote.2.27%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 0.14% 69.75 Delayed Quote.-1.91%
WTI -0.67% 79.764 Delayed Quote.-1.29%
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Analyst Recommendations on APPLE INC.
More recommendations
Financials (USD)
Sales 2023 404 B - -
Net income 2023 96 655 M - -
Net cash 2023 56 936 M - -
P/E ratio 2023 23,7x
Yield 2023 0,67%
Capitalization 2 311 B 2 311 B -
EV / Sales 2023 5,59x
EV / Sales 2024 5,25x
Nbr of Employees 164 000
Free-Float 0,10%
Chart APPLE INC.
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Apple Inc. Technical Analysis Chart | MarketScreener
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Technical analysis trends APPLE INC.
Short TermMid-TermLong Term
TrendsBullishNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 44
Last Close Price 145,93 $
Average target price 168,09 $
Spread / Average Target 15,2%
EPS Revisions
Managers and Directors
Timothy Donald Cook Chief Executive Officer & Director
Luca Maestri Chief Financial Officer & Senior Vice President
Arthur D. Levinson Independent Chairman
Kevin M. Lynch Vice President-Technology
Jeffrey E. Williams Chief Operating Officer
Sector and Competitors
1st jan.Capi. (M$)
APPLE INC.12.31%2 310 979
XIAOMI CORPORATION23.03%42 876
WINGTECH TECHNOLOGY CO.,LTD13.18%10 934
SHENZHEN TRANSSION HOLDINGS CO., LTD.7.94%10 172
DZS INC.-2.29%382
RTX A/S23.60%174