Yesterday (Thursday), the Dow Jones Industrial Average suffered its steepest drop since July 31st, with tech stocks leading the plunge.
The dive was fueled by a sharp downturn in shares of Apple Inc. (Nasdaq: AAPL), which fell for the second consecutive day. AAPL stock dropped 3.8%, falling below $100 per share. Concerns about software glitches in its iOS platform and structural problems in the iPhone 6 Plus are heavily weighing on the stock.
Can the Dow Jones recover Friday? Here are the top stories facing U.S. markets:
- American Surge: This morning the U.S. Commerce Department reported that the economy improved by 4.6% in the second quarter, revising its previous estimate. The report, which covers April, May, and June is a strong revision of the previous estimate, signaling economic recovery across the country.
- Apple Revival: Tech giant Apple Inc. released a new iOS update this morning in hopes to alleviate the software problems that caused a public relations nightmare for the firm this week. AAPL stock was up a little over 1% at market open.
- Time to Report: Shares of Canadian tech firm BlackBerry Ltd. (Nasdaq: BBRY) jumped more than 2% following its quarterly earnings announcement this morning. Wall Street analysts projected a loss of 16 cents per share, which calculates to sales of $949.6 million. The company reported adjusted earnings of 2 cents per share. On Wednesday, the company launched its first smartphone in more than two years, as it attempts to resurrect its image. The new Passport smartphone is its latest push into tech relevance. The company maintains less than 1% of market share in the smartphone sector.
- Top Banana: Shares of Chiquita Brands International (NYSE: CQB) were flat this morning on merger news. A revised transaction agreement increased CQB shareholders' ownership of the merger with Irish banana producer Fyffes (OTC: FYFFF) from 50.7% to 59.6%. Fyffes is attempting to prevent its Brazilian rival Grupo Cutrale and Safra Group from purchasing the Chiquita brand.
- Merger Mania: According to The Wall Street Journal, American chipmaker Intel Corporation (Nasdaq: INTC) announced plans to purchase 20% of China's Tsinghua Unigroup. The state-owned tech firm is the parent of China's second- and third-largest chip manufacturers, Spreadtrum Communications and RDA Microelectronics. This is the latest venture in China for Intel, which includes a recent partnership with Chinese chipmaker Fuzhou Rockchip Electronic.
- Today's Economic Calendar: Today's schedule features an update to second-quarter GDP and consumer sentiment.
Full U.S. Economic Calendar September 26, 2014 (NYSE: all times EDT)
- An update on Second-Quarter GDP at 8:30 a.m.
- Corporate Profits at 8:30 a.m.
- Consumer Sentiment at 9:55 a.m.
We're entering a rising interest rate environment for the first time in 33 years. That's why we've detailed for readers the three best investments you can make now to protect yourself and profit from rising rates...Tags: AAPL, AAPL Stock, BBRY, BBRY stock, DJIA, dow, Dow Jones, Dow Jones Industrial Average, dow jones today, INTC, intc stock, Nasdaq: AAPL, Nasdaq: BBRY, Nasdaq: INTC, NYSE: CQB, tech stocks, U.S. markets