The US markets ended mostly lower on Tuesday, following the long holiday weekend, after Apple warned of weaker than previously forecast second quarter revenue. Apple said it expects to miss its forecast for second quarter revenue of $63 billion to $67 billion due to lower iPhone production and weak Chinese demand as a result of the coronavirus (COVID-19) outbreak. The COVID-19 epidemic has sickened more than 73,000 people and claimed nearly 1,900 lives thus far. Further, disappointing earnings report from Walmart (WMT) also weighed on the markets after the retail giant reported weaker than expected fourth quarter results and provided disappointing guidance.
On the economic data front, the Federal Reserve Bank of New York released a report showing growth in New York manufacturing activity saw a notable acceleration in the month of February. The New York Fed said its general business conditions index climbed to 12.9 in February from 4.8 in January, with a positive reading indicating growth in regional manufacturing activity. Street had expected the index to inch up to 5.0. The bigger than expected increase by the headline index came as the new orders index shot up 16 points to 22.1 and the shipments index climbed to 18.9.
S&P 500 fell 9.87 points or 0.29 percent to 3,370.29 and Dow Jones Industrial Average dropped 165.89 or 0.56 percent points to 29,232.19, while Nasdaq was up by 1.57 points or 0.02 percent to 9,732.74.
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