American gadget maker, Apple’s results dragged down U.S. stock prices on Wednesday, October 26 after the technology giant posted its first annual revenue decline since 2001, while oil and gold prices slipped, Reuters reports.
Apple, the world’s largest company by market capitalisation, dipped 2.2 percent after it acknowledged strong demand for its iPhone 7 Plus caught the company off-guard and it was struggling to keep up with demand.
The technology giant pulled down the S&P 500 stock index and Nasdaq, but gains in Boeing bouyed the price-weighted Dow Industrials.
Boeing shares were trading at their highest level this year, after the world’s largest planemaker reported a jump in quarterly profit despite slower sales.
The Dow Jones industrial average rose 30.06 points, or 0.17 percent, to 18,199.33, the S&P 500 lost 3.73 points, or 0.17 percent, to 2,139.43 and the Nasdaq Composite dropped 33.13 points, or 0.63 percent, to 5,250.27.
Disappointing results and forecasts from some other major U.S. companies weighed on European and Asian stocks.
Mixed results from Europe’s banking sector and declines in mining and energy shares helped push the pan-European STOXX 600 index down 0.38 percent.
Gold prices fell as investor appetite for riskier assets recovered slightly, denting demand for safe-haven bullion. Spot gold fell 0.63 percent to $1,265.86 an ounce by 4:00 p.m. ET.
