Day Traders Diary
The major averages closed near the highs of the day lifted by Apple following their Event Day where they introduced a number of new products. The Dow Jones Industrial Averages finished up 73 points closing in on 27,000 once again. The S&P 500 closed modestly higher while the Nasdaq closed in the red once again hurt by the big cap techs excluding Apple.
Tuesday's moves come as value stocks outperformed their growth counterparts for the second straight session. The iShares Edge MSCI USA Momentum Factor ETF (MTUM) dropped 1.6%. The iShares Edge MSCI USA Value Factor ETF (VLUE) rose 0.8%
Apple was a shining stock in a dull market, rising over 1% to new recent highs. Apple introduced new iphones, new ipads, a new watch and a new TV service this afternoon. Competitors took a hit including Netflix, Roku, Fitbit and Disney. Other techs like Facebook and Amazon fell 1.1% and 0.6%, respectively on concerns of new government scrutiny and regulations.
Outside the tech space, Ford Motor fell 2.9% after Moody's downgraded the auto maker's credit rating to junk status, citing below-expectations profit margins and cash flow.
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