Here Are 3 Hot Things to Know About Stocks Right Now
- Apple Inc. (AAPL) declined 1.2% as the tech giant announced its latest iPhones.
- Micron Technology Inc. (MU) fell 4.3% after Goldman Sachs lowered its rating on the chipmaker.
- The Producer Price Index, which measures inflation at the wholesale level, declined 0.1% in August, the first drop since February 2017.
Wall Street Overview
Stocks traded mixed on Wednesday, Sept. 12, as investors were having a hard time seeing any meaningful conclusion to the U.S.-China trade war, and chipmakers stumbled following a downgrade of shares of Micron Technology Inc. (MU) .
The Dow Jones Industrial Average rose 28 points, or 0.11%, to 25,999, the S&P 500 was up 0.04%, and the Nasdaq fell 0.23%.
The Wall Street Journal, citing people briefed on the matter, reported Wednesday that the White House reached out to China for a new round of trade talks, in an effort to give Beijing another opportunity to address trade issues before the Trump administration implements additional tariffs on Chinese-made goods.
Micron fell 4.3% to $41.74 after Goldman Sachs analysts lowered their rating on the chipmaker and slashed their price target to $50 a share just days before the company’s fourth-quarter earnings.
Apple Inc. (AAPL) fell 1.2% after the company’s annual product event on Wednesday at its campus in Cupertino, Calif.
Apple’s big event on Wednesday included the introduction of new iPhones with fresh options in screen size, colors and one device at a lower-price point that could open up the product to more consumers.
Snap Inc. (SNAP) fell 7% to $9.20 following a triple set of price target reductions from analysts that followed the departure of the messaging app maker’s chief strategy officer.
Citigroup and Jefferies, as well as BTIG Reserach, all issued new reports on Snap on Wednesday, with BTIG’s Richard Greenfield cutting his outlook on the stock to sell with a price target of $5 a share.
The Federal Communications Commission paused its review of T-Mobile US Inc.’s (TMUS) proposed $26.5 billion takeover of Sprint Corp. (S) , saying it needed more time to examine information provided by the telecom giants.
T-Mobile rose 3%, while Sprint was up 4%.
Verizon Communications Inc. (VZ) will begin offering 5G broadband internet service in four U.S. cities beginning on Oct. 1.
Verizon has dubbed the service “5G Home.” Verizon’s wireless subscribers in Houston, Indianapolis, Los Angeles, and Sacramento, Calif. will pay $50 a month for the 5G internet and TV service. Online ordering begins Thursday, Sept. 13. Verizon shares rose 0.4%.