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Apple Hauls Nasdaq Lower; 2 Chip Stocks Suffer Early Hits | Stock News & Stock Market Analysis

Stocks opened lower Tuesday after the 3-day holiday weekend, with the Nasdaq leading the downside as the market’s largest technology leader was dragged lower in an early bout of selling.

X The Dow Jones industrial average traed fractionally lower, while the S&P 500 dropped 0.1% and the Nasdaq tumbled 0.4%.

Apple (AAPL) swooned nearly 3%, as some analysts reduced forecasts for first-quarter shipments of the new iPhone X, due to weaker-than-expected demand.

The move sent shares to a test of support at the stock’s 10-week moving average, below a flat base buy point at 176.34.

General Electric (GE) opened at the top of the Dow, up 0.8%, while retailers Home Depot (HD) and Wal-Mart (WMT) rose 0.5% apiece. Wal-Mart is trading 1.5% below a 100.23 buy point in a flat base.

Apple suppliers were under early pressure, with Cirrus Logic (CRUS) and Skyworks Solutions (SWKS) each down more than 3% among chip-sector stocks.

Bitcoin rose to just below $16,000, as futures rose more than 10% each on the CBOE and the CME exchanges. A quick scan showed cryptocurrency-related stocks very volatile in early action:

  • Riot Blockchain (RIOT): +16%
  • Bitcoin Investment Trust (GBTC): +24%
  • Marathon Patent Group (MARA): +7%
  • Overstock.com (OSTK): +5%

Sucampo Pharmaceuticals (SCMP) leapt 5% after announcing it was being purchased by U.K.-based Mallinckrodt (MNK) in a deal valued at roughly $1.2 billion. Mallinckrodt rose 2% in opening  trade.The Rockville, Md.-based Sucampo shares are up 80% since October on buyout speculation.

Construction aggregates supplier Vulcan Materials (VMT) climbed 0.5% at the open. The company said it had reached a deal with the Deparment of Justice, clearing a path for its acquisition of gravel and limestone quarrier Aggregates USA. Vulcan announced in May plans to buy the privately held company for $900 million. Vulcan ended Friday’s session less than 4% below a flast base buy point at 128.87.

A few things are happening in economic news during the inter-holiday week. The October Case-Shiller Home Price Index for October rose 0.7% vs. expectations for 0.6%.

Two regional manufacturing surveys are also expected, from the Richmond Federal Reserve at 10 a.m. ET, and from the Dallas Fed at 10:30 a.m. ET.

In the five trading days following the Christmas holiday, the Nasdaq and S&P 500 have advanced in three of the five past years, while the Dow and Russell 2000 gained in two of those years.

Most global markets remain closed on holiday Tuesday, with exchanges in Hong Kong, Europe and the U.K. as well as in Toronto and Australia set to restart trading on Wednesday.

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