Stock Market Today, April 7: Apple Slides Against Muted Market Backdrop
The S&P 500 (SNPINDEX:^GSPC) edged up 0.08% to 6,616.85, the Nasdaq Composite (NASDAQINDEX:^IXIC) added 0.10% to 22,017.86, while the Dow Jones Industrial Average (DJINDICES:^DJI) slipped 0.18% to 46,584.46 as oil‑driven geopolitical anxiety capped risk appetite.
Market movers
Tech heavyweights lagged, with Apple (NASDAQ:AAPL) sliding after reports of engineering issues and possible delays for its first foldable iPhone. Bloomberg later reported that the launch is on track for September.
AI‑chip name Arm Holdings (NASDAQ:ARM) fell after Morgan Stanley downgraded the stock. Broadcom (NASDAQ:AVGO) soared following an announcement of expanded collaboration with Anthropic, the company behind Claude AI.
UnitedHealth Group (NYSE:UNH) gained alongside other insurers after positive Medicare Advantage payment news. Universal Music Group (OTC:UNVGY) jumped after activist investor Pershing Square announced a bid for the popular record label.
What this means for investors
The war in Iran continues to drive markets, particularly today, as tonight’s Iran ceasefire deadline from the U.S. government looms. Escalation fears sent stocks tumbling and oil prices soaring in intraday trading. However, the S&P 500 recovered in the final hours on news that Pakistan was pushing to extend the ceasefire deadline.
Heightened geopolitical risk has led investors to rotate towards safer assets, such as U.S. Treasuries. That said, some see the dip as an opportunity to pick up artificial intelligence (AI) stocks that have struggled in a risk-off environment. Others are in wait-and-see mode, with stock movements muted as the full economic impact of the energy spike remains unclear.
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Emma Newbery has positions in Apple. The Motley Fool has positions in and recommends Apple and is short shares of Apple. The Motley Fool recommends Broadcom and UnitedHealth Group. The Motley Fool has a disclosure policy.
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