U.S. stocks opened mostly lower Tuesday, the first trading day of the holiday-shortened week.
Apple shares fell more than 2 percent in the open following a report from Taiwan’s Economic Daily, citing unidentified sources, that Apple will cut its sales forecast for the iPhone X by 40 percent in the quarter to 30 million units.
Apple has not publicly disclosed quarterly sales targets for the iPhone X, which went on sale in November. The company did not immediately respond to a CNBC request for comment.
Energy stocks were among the top advancers in the S&P 500 as U.S. crude oil futures rose about half a percent to $58.75 a barrel. Prices edged higher after news of an explosion at a crude pipeline in Libya.
“Commodity prices in general are higher. I think that’s a good sign going into next year,” said Peter Cardillo, chief market economist at First Standard Financial.
Copper futures also climbed about 1 percent. Gold futures rose about half a percent to $1,284.90 an ounce.
The Dow Jones industrial average and S&P 500 posted five straight weeks of gains last week after President Donald Trump on Friday signed a bill that cuts the corporate tax rate to 21 percent from 35 percent. The president was able to sign the bill after Congress approved another bill to keep the federal government funded through Jan. 19.
The Dow is on pace for its first nine-month winning streak since 1959 and the S&P is on track for its first nine-month winning streak since 1983.
U.S. markets were closed Monday for the Christmas Day holiday. Major European markets remained closed Tuesday for the holiday.
In Asia, the Shanghai composite closed about three-fourths of a percent higher while Japan’s Nikkei 225 fell 0.2 percent.
The S&P CoreLogic Case-Shiller 20-City Composite Home Price Index posted a 6.4 percent year-over-year gain, up from 6.2 percent the previous month, according to a Tuesday report.
Other U.S. economic reports expected Tuesday include the Richmond Fed manufacturing index and the Dallas Fed manufacturing survey. The Treasury is set to hold a 2-year Treasury note auction in the afternoon.
— CNBC’s Fred Imbert and Reuters contributed to this report.
Source: Tech CNBC
Dow tries for gains amid oil rise; Apple falls more than 2.5%