Stock Market Today: Dow closes just below flatline as Apple falls in tech stumble
Investing.com — The Dow closed just lower Tuesday, as Apple led a stumble in tech despite unveiling its latest iPhone, but jump in energy stocks kept losses in check a day ahead of fresh inflation data.
The Dow Jones Industrial Average fell 0.1%, 17 points, Nasdaq slumped 1%, and the S&P 500 fell 0.6%.
Apple (NASDAQ:AAPL) closed about 2% lower as the launch of its iPhone 15 and new Apple series 9 watch largely met Wall Street expectations, though some were surprised that the tech didn’t lift the price of its iPhone Pro model, keeping it at $999, unchanged from last year.
Still, the tech bulls on Wall Street continue to expect that the latest iPhone will spur many iPhone customers still hanging onto older iPhones to make the switch to the more advanced, more expensive iPhone Pro and Pro Max models.
“We expect a heavy iPhone Pro mix shift for iPhone 15 in a 75%/25% base model vs. the historical 60%/40% seen over the past few years in a major ASP tailwind for Cook & Co. especially out of China in a very heavy Pro/Max model mix,” Wedbush said in a Tuesday note.
Oracle (NYSE:ORCL) reporting fiscal first-quarter earnings that topped Wall Street estimates, but the cloud provider’s current-quarter revenue guidance fell short of Wall Street estimates, overshadowing positive remarks of AI-led demand and sending its shares more than 13% lower.
The company said it sees adjusted EPS of $1.30 to $1.34 per share and revenue of $13B the fiscal second quarter, compared with estimates for EPS of $1.33 on revenue of $13.28B, respectively.
Still, UBS believes the AI-led growth story for Oracle remains intact, saying that while the slower growth is disappointing, it isn’t “thesis-changing for most long duration investors.”
Energy stocks,
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