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Tech Down But Strong Apple Earnings Limit Losses — Tech Roundup

The technology sector fell, but losses were limited by better-than-expected earnings reports from Apple and Facebook.

Shares of Apple rose by 2% after the tech giant reported that revenue rose 1.8% in the September quarter to $64.04 billion, driven by rising sales of devices other than its iPhone and iPad and services such as apps, streaming-music subscriptions and mobile payments. Apple's good fortunes did not lift the shares of suppliers and peers as often happens.

"The drivers for the market today are the same as they have been -- economic news, Fed policy and trade," said Oliver Pursche, chief market strategist at broker-dealer Bruderman Brothers.

The tech sector had already risen in advance of the surprisingly strong earnings reports, with the tech sector of the Standard & Poor's 500 logging gains of about 4% for October.

"So I think there were some built-in expectations," said Mr. Pursche. "Right now, the market is being driven by global macro forces."

Lyft shares fell despite the ride-sharing company's report of better-than-expected quarterly profit. Shares of online craft store Etsy slumped after its quarterly profit lagged some investors' expectations.

Write to Rob Curran at rob.curran@dowjones.com

 

(END) Dow Jones Newswires

October 31, 2019 17:13 ET (21:13 GMT)

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