NEW YORK: Apple became the first US company to top $1 trillion in market value on Thursday, leading a rebound in technology stocks that helped Wall Street pare losses and turned the Nasdaq positive.
Market sentiment was also lifted by Commerce Secretary Wilbur Ross’s comment, who said the tariffs that United States is threatening to impose on Chinese goods would not be disastrous for the Asian nation.
“It’s not something that’s going to be cataclysmic,” he said in an interview with Fox Business Network, explaining that a 25 percent tariff on $200 billion worth of goods would equal to less than 1 percent of China’s economy.
Technology stocks, which were trading lower earlier in the session, rose 0.4 percent.
Apple hit a record high of $207.05, crowning a decade-long rise fueled by its ubiquitous iPhone that transformed it from a niche player in personal computers into a global powerhouse spanning entertainment and communications.
“There’s a dichotomy on whether the tech run is going to continue,” said Cliff Hodge, director of investments for Cornerstone Wealth in Charlotte, North Carolina.
“The tariffs are not enough to derail the US economy that is firing on all cylinders.”
The trade-sensitive industrial sector fell 0.38 percent. Caterpillar, Boeing and 3M fell more than 1 percent and weighed on the bluechip Dow Jones Industrial Average.
Financials fell 0.5 percent, the biggest drag on the S&P 500, as 10-year US Treasury yields eased.
The Federal Reserve kept interest rates unchanged on Wednesday, but characterized the economy as strong, keeping the central bank on track to increase borrowing costs in September.
At 11:23 a.m. EDT the Dow Jones Industrial Average was down 120.33 points, or 0.47 percent, at 25,213.49, the S&P 500 was down 1.84 points, or 0.07 percent, at 2,811.52 and the Nasdaq Composite was up 23.95 points, or 0.31 percent, at 7,731.24.
The materials group fell 1.2 percent as prices of copper and other base metals slipped. Eight of the 11 major S&P sectors were lower.
Tesla jumped 9.5 percent after the electric car maker convinced investors that it was able to produce positive cash flow and turn a profit.
DowDuPont fell 3.1 percent after the chemical producer said it expects higher raw material costs to hit all its units for the rest of the year.
Shares of TripAdviser and Cognizant slipped 14.4 percent and 6.8 percent after their earnings failed to impress investors.
Declining issues outnumbered advancers for a 1.01-to-1 ratio on the NYSE. Advancing issues outnumbered decliners for a 1.07-to-1 ratio on the Nasdaq.
The S&P index recorded 10 new 52-week highs and five new lows, while the Nasdaq recorded 59 new highs and 65 new lows.
Apple hits $1 trillion mark, turns Nasdaq positive
Apple hits $1 trillion mark, turns Nasdaq positive
- Apple hits record high of $207.05 – crowning decade-long rise fueled by its ubiquitous iPhone
- Apple led rebound in tech stocks helping Wall Street pare losses and turning Nasdaq positive
Closing Bell: Saudi main index closes in red at 10,947
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Thursday, losing 208.20 points, or 1.87 percent, to close at 10,947.25.
The total trading turnover of the benchmark index was SR4.80 billion ($1.28 billion), as 14 of the listed stocks advanced, while 253 retreated.
The MSCI Tadawul Index decreased, down 25.35 points, or 1.69 percent, to close at 1,477.71.
The Kingdom’s parallel market Nomu lost 217.90 points, or 0.92 percent, to close at 23,404.75. This came as 24 of the listed stocks advanced, while 43 retreated.
The best-performing stock was Musharaka REIT Fund, with its share price up 2.12 percent to SR4.34.
Other top performers included Al Hassan Ghazi Ibrahim Shaker Co., which saw its share price rise by 1.18 percent to SR17.20, and Saudi Industrial Export Co., which saw a 0.8 percent increase to SR2.51.
On the downside, Abdullah Saad Mohammed Abo Moati for Bookstores Co. was among the day’s biggest decliners, with its share price falling 9.3 percent to SR39.
National Medical Care Co. fell 8.98 percent to SR128.80, while National Co. for Learning and Education declined 6.35 percent to SR116.50.
On the announcements front, Red Sea International said its subsidiary, the Fundamental Installation for Electric Work Co., has entered into a framework agreement with King Salman International Airport Development Co.
In a Tadawul statement, the company noted that the agreement establishes the general terms and conditions for the execution of enabling works at the King Salman International Airport project in Riyadh.
Under the 48-month contract, the scope of work includes the supply, installation, testing, and commissioning of all mechanical, electrical, and plumbing systems.
Utilizing a re-measurement model, specific work orders will be issued on a call-off basis, with the final contract value to be determined upon the completion and measurement of actual quantities executed.
The financial impact of this collaboration is expected to begin reflecting on the company’s statements starting in the first quarter of 2026, the statement said.
The company’s share price reached SR23.05, marking a 2.45 percent decrease on the main market.
