- US stocks reversed lower Monday after Bloomberg reported Apple will slow hiring and spending.
- A housing market gauge showed builder confidence slowed to a pandemic-era low.
- Cryptocurrencies bounced back from recent turmoil to regain a $1 trillion market capitalization.
US stocks reversed sharply lower Monday after Bloomberg reported Apple plans to slow hiring and spending next year in some businesses to prepare for a possible economic downturn.
The planned changes won’t cover all teams at Apple, and the iPhone maker still plans an expanded product launch next year that includes a so-called mixed-reality headset, sources told Bloomberg.
The news soured early morning sentiments on the heels of a strong earnings report from Goldman Sachs. Wall Street will also see earnings from Tesla, Johnson & Johnson, Netflix, United Airlines and Verizon this week.
Here’s where US indexes stood after the 4 p.m closing bell on Monday
Meanwhile, a key gauge of the US housing market showed signs of concern Monday, as the National Association of Home Builders said builder confidence fell 12 points to 55 in July to pandemic-era lows.
A note from Stifel’s chief equity strategist said to expect a strong rally in stocks this summer, as the bear market could show signs of easing and the S&P 500 could climb 9%.
And the Paris-based International Energy Agency Executive Director Faith Birol said in a note Monday that swift and aggressive steps must be taken to ensure Europe has enough natural gas this winter as Russia’s war on Ukraine continues to batter energy markets.
Russia will send more of its gas to China through Mongolia, as plans for a new pipeline to break ground in two years brings the countries closer amid a European pivot away from Moscow’s flows.
Crude oil was higher, with West Texas Intermediate rising 4.71% to $102.25 a barrel. Brent crude climbed 4.7% to $105.87.
Gold was little changed at just above $1,700 per ounce.
Bitcoin rose 2.7% to $21,526 while cryptocurrencies overall regained their $1 trillion market capitalization.