S&P 500 closes lower after hitting another record, Apple market cap tops $2 trillion
Stocks closed lower on Wednesday as a grim outlook on the economy from the Federal Reserve thwarted the enthusiasm around a record valuation for Apple.
The S&P 500 fell 0.4% to 3,374.85. The Dow Jones Industrial Average slid 85.19 points, or 0.3%, to close at 27,692.88. The Nasdaq Composite lagged, falling 0.6% to 11,146.46.
In the minutes from its July meeting, the Fed said “the ongoing public health crisis would weigh heavily on economic activity, employment, and inflation in the near term and was posing considerable risks to the economic outlook over the medium term.” The Fed kept rates unchanged last month, noting the economy was still in need of monetary support.
Earlier in the day, the major averages rose as Apple became the first U.S. company to reach a market cap of $2 trillion. With that milestone, Apple officially doubled its valuation in just over two years. In 2020 alone, Apple has surged nearly 60% and was one of the stocks leading the market off its coronavirus lows. The stock closed well off its highs, eking out a gain of just 0.1%.
Stock futures tick lower after the Fed highlights economic uncertainty
Futures contracts tied to the major U.S. stock indexes ticked lower during extended trading Wednesday evening.
Dow Jones futures shed 17 points and pointed to a slightly lower open when regular trading resumes Thursday morning. S&P 500 and Nasdaq-100 futures pointed to similar slips.
Reference: CNBC
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