Stocks Open Lower After Dow’s Record Climb Yesterday To 23,000

U.S. stock indexes opened lower on Thursday after the Dow Jones Industrial Average reached a historic record milestone yesterday and surpassed the 23,000 mark in a bull run that has rallied this year largely on the hopes of massive tax cuts.

The Dow is up 6.89 percent over the past 3 months and 17.68 percent year to date (YTD).

Shares of Apple were down over 1 percent in pre-market and are now lower by 2 percent following a Reuters report about Apple cutting their November and December orders for the iPhone 8 and iPhone 8 Plus by 50 percent after citing a story from Taiwan based Economic Daily News that quoted a supply chain official.

Apple started shipping the iPhone 8 and iPhone 8 Plus on September 22nd.

Apple’s closely watched iPhone X is Apple’s premium model at $ 999 and features a new reinforced glass design, 5.8 inch Super Retina screen, Face ID, and wireless charging on the 10 year anniversary of the iPhone.

Pre-orders for the iPhone X won’t even begin until October 27th and will ship later on November 3rd.

China’s Q3 GDP Lowers To 6.8 Percent

According to latest economic data from Beijing, China’s 3rd quarter 2017 GDP was 6.8 percent, slightly lower from 6.9 percent in the 2nd quarter.

Trump Tweets About Budget Approval

President Trump tweeted today about Republicans going for the big Budget approval today, an important step needed before politicians can pivot to tax cuts and tax reform.

President Trump tweeted that he thinks we have the votes for “massive tax cuts”, but at the end of his statement he sounds less confident and questions, who knows?”

“Republicans are going for the big Budget approval today, first step toward massive tax cuts. I think we have the votes, but who knows?”

Written and Edited By:

John Schweitzer

@SchweitzFinance

@Schweitz31

schweitz31@gmail.com

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