The markets today, and a look at metals, which shined bright in today's session. With CNBC's Brian Sullivan and the Fast Money traders, Tim Seymour, Brian Kelly, Karen Finerman and Guy Adami. The Dow Jones Industrial Average fell for a third consecutive day on Tuesday as investors weighed a stark warning from tech giant Apple.
The 30-stock average closed down 165.89 points, or 0.6%, at 29,232.19. The S&P 500 dipped 0.3% to end the day at 3,370.29. The Nasdaq Composite, however, eked out a small gain to post a record closing high at 9,732.74.
Netflix rose 1.9% and reached a its highest level since July 2018 while Alphabet gained 0.1%. Tesla contributed to the Nasdaq’s gains as well, rising more than 7%.
Apple cautioned it does not expect to meet its quarterly revenue forecast, citing slowed production and weakened demand in China as a result of the coronavirus outbreak. The most valuable company in the U.S. initially said it expected to report net sales between $63 billion to $67 billion in its fiscal second quarter. Apple also finished the session well off its lows of the day, closing 1.8% lower.
“While this is disappointing, by now we don’t believe it’s surprising, and we still expect the issues to be transitory,” said Chris Caso, an analyst at Raymond James, in a note. “We think almost all of the production and most of the demand is likely to be recaptured once Apple’s manufacturing partners are able to return to full production, and once retail facilities in China return to normal.”
The company has not provided an updated forecast for its fiscal second-quarter.
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