U.S Dow Jones 30 index inched lower on Tuesday with only five out of 30 issues trading higher.
Chevron topped the market, up 1.36% to $106.17 per share after having been upgraded to overweight from equal weight by Morgan Stanley. The bank expected that growing cash flow will support Chevron’s dividend, not to mention the fact that Chevron is the most highly leveraged company among oil majors to recovering crude prices.
On the other side, Apple Inc. shares turned sharply lower on Tuesday, leading decliners on the Dow Jones index. Apple’s shares look set to suffer a fifth straight loss after the technology giant reported disappointing quarterly results. According to market sources, demand for Apple’s iPhone 7 and iPhone 7 Plus was strong in the U.S. However, there were signs of softness in China with lower interest in the 7 model than for the iPhone 6 and iPhone 6s models.
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