Ford falls as stock market waffles ahead of Apple event
U.S. stocks were modestly lower on Tuesday as investors await Apple's big unveil later today. The tech giant is expected to roll out a new suite of iPhones among other potential product tweaks.
CEO Tim Cook is expected to take the stage around 1 PM ET shares were slightly lower at the open.
The dip in Apple pressured the Nasdaq Composite which paced the declines for the broader market.
In other stock news, Ford shares tumbled after Moody's downgraded the automaker's debt citing "considerable operating and market challenges facing Ford," adding that weak earnings and cash generation are likely while Ford carries out it restructuring plan. Wendy's also tumbled after disclosing that future profits would be lower than expected as the restaurant rolls out breakfast nationwide.
On the hiring front, Target said it will hire 130,000 seasonal workers becoming the latest retailer to roll out a holiday hiring push.
Investors are also taking a wait-and-see approach to equities ahead of what could be a fresh round of global rate cuts. The European Central Bank meets Thursday, followed by the Federal Reserve meeting the following week.
In overseas trading, China's Shanghai Composite ended the session off 0.1 percent, following China's producer price index falling 0.8 percent in August year-on-year. Slowing demand has forced some businesses to cut prices.
Japan's Nikkei ended the day up 0.35 percent, Hong Kong's Hang Seng closed unchanged.
Investors are taking a shine to smaller company stocks in hopes that they'll be better shielded from the fallout of the costly trade war between the U.S. and China than large multinationals.
The broader market has bounced back the past two weeks following volatility brought on by the trade war as Washington and Beijing imposed new tariffs on more of each other's imported goods. Investors worry the escalation of tariffs may be dampening global economic growth and threatening to nudge the United States into a recession.
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The Associated Press and FOX Business' Ken Martin contributed to this article
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