Stocks Opened Lower as Apple Tanked

U.S.stocks opened solidly lower on Thursday after Apple (AAPL) lowered its outlook for fiscal first quarter 2019 revenue. The Dow Jones Industrial Average lately declined 325.53 points, or 1.39%, to 23,020.71. The S&P 500 fell 30.89 points, or 1.23%, to 2,479.14. The Nasdaq Composite dropped 116.32 points, or 1.74%, to 6,549.62.

Oil prices rose on Thursday, as optimism for reduced supplies offset freshened demand worries linked to stock-market weakness. West Texas Intermediate crude for February delivery climbed 86 cents, or 1.9%, at $47.40 a barrel. March Brent crude added $1.20, or 2.1%, to $56.11 a barrel.

Apple shocked investors after market close Wednesday by pre-announcing it was lowering its revenue expectations for the fiscal first quarter 2019, which encapsulates they key holiday season.

U.S. private payrolls increased by the most in nearly two years in December, suggesting sustained strength in the labor market despite ongoing financial market volatility. The ADP National Employment Report showed private payrolls rose by 271,000 jobs last month after a downwardly revised 157,000 increase in November.

The number of Americans who applied for unemployment benefits in the final week of 2018 rose to the highest level since Thanksgiving. Initial jobless claims climbed by 10,000 to a seasonally adjusted 231,000 in the seven days ended Dec. 29,2018.

Grains trader Cargill Inc on Thursday reported a 20 percent drop in its fiscal second-quarter 2019 net earnings, amid global trade tensions, challenges in the Chinese hog sector and a struggling U.S. dairy sector. Its net earnings on a U.S. GAAP basis for the quarter ended Nov. 30, 2018, were $741 million, a 20 percent decline from $924 million for the same period a year earlier.

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