Apple sales are slumping in China, report says
U.S. stocks opened lower Tuesday as investors take a breather before a rush of closely watched speeches and data later in the week that may serve up the next set of market catalysts.
What’s driving markets A cautious mood enveloped risk assets early Tuesday, with investors of a more technical bent wary of the previous session’s action, when the S&P 500 rose to a fresh high but then finished in the red at the close. There’s also pressure coming from indications Apple’s shares AAPL, -2.80% will fall after news that iPhone sales in China fell 24% during the first six weeks of the year.
“China’s highly anticipated NPC fell short of altering economic or policy trajectories, leaving some disappointed, particularly those hoping for a larger fiscal deficit-to-GDP target. The unchanged target of 3% fell below expectations and signaled a cautious approach to fiscal policy,” said Stephen Innes, managing partner at SPI Asset Management.
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