© Archyde.com. A Wall Street sign outside the New York Stock Exchange in New York City, US, in this photo from Archyde.com archive.
(Archyde.com) – US stock indexes fell in volatile trading on Wednesday, as investors weighed warnings of a looming recession from major Wall Street bankers, while Apple shares fell on analysts’ expectations of lower iPhone shipments.
The index fell for the fifth consecutive session for the fourth consecutive session, as it was pulled back by a 1.4 percent decline in Apple shares (NASDAQ:) due to Morgan Stanley (NYSE:) cutting its target size for iPhone shipments due to production outages at the Foxconn factory in China.
The markets were also affected by pessimistic comments from senior executives at Goldman Sachs Group (NYSE), JP Morgan Chase and Bank of America suggesting that a recession ranging from mild to more pronounced is on the horizon.
Recently, concerns have grown that the US Federal Reserve (Central Bank) may commit to a longer cycle to raise interest rates in the wake of strong reports on jobs and the services sector.
And at 9:54 am EST, it fell by 80.70 points, or 0.24 percent, to 33515.64, and the Standard & Poor’s 500 index fell by 12.07 points, or 0.31 percent, at 3929.19, and the Nasdaq Composite Index lost 70.86 points, or 0.64 percent, at 10944.03. a point.
(Prepared by Muhammad Aysam for the Arabic Bulletin – Edited by Ayman Saad Muslim)