Dow Gives Up Gains and Turns Negative – Apple Slips

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The Dow loses steam in late day trading. In tech, Apple slides into the red zone.

The Dow Jones Industrial Average gave up gains and traded lower and Apple  (AAPL) – Get Report took a downward turn.

The Dow was down 32 points, or 0.12%, to 27,951, the S&P 500 gained 0.27%, rising for a third day, and the Nasdaq was up 0.82%.

Stocks closed broadly higher Monday after several big corporate deals lifted investor sentiment. 

“Wall Street appears to have recovered some of its mojo,” said Mizuho Bank in a report. “The question to ask, though, is whether we are dealing with optimism or there is just optimism about deals.”

Apple  (AAPL) – Get Report was down nearly 1% to $114.24 after the tech giant’s  Time Flies event kicked off Tuesday with the focus on hardware, but not a new iPhone.

Apple’s all-virtual showcase, which is open to the public, is expected to precede another iPhone unveiling later in the fall.

The Time Flies event is a reference to the Apple Watch, according to reports. Apple is preparing new low-end and high-end watches, as well as a new iPad Air, all of which will launch this fall.

Nvidia  (NVDA) – Get Report was slipping to $513.74, after agreeing to acquire U.K. chip designer Arm Holdings from SoftBank.

Nvidia Share-Price Target at Needham Is Wall Street High

China’s official statistics office said Tuesday that industrial production in the world’s second-largest economy surged 5.6% in August. That’s the strongest reading of the country’s most important sector since the global coronavirus pandemic began there in early January. Retail sales in China in August rose for the first time this year.

Stocks in Shanghai closed Tuesday with a gain of 0.51%.

The Federal Reserve on Tuesday begins a two-day meeting, with a decision on interest rates expected Wednesday afternoon. The central bank is expected to hold rates near zero and affirm its new, more relaxed stance on inflation.