U.S. stocks dipped lower on Thursday, with the Nasdaq breaking a four-day streak of gains, after Apple stock fell by its biggest daily percentage decline since June 24th. Bobbi Rebell reports.
Markets moving modestly to the downside on Thursday with Apple shares falling a day after unveiling a new iPhone and Apple Watch. That news not impressing Wall Street. Limiting losses: gains in energy shares. Russell Investments Stephen Wood: (SOUNDBITE) STEPHEN WOOD, CHEIF MARKET STRATEGIST, RUSSELL INVESTMENTS (ENGLISH) SAYING: "We don't think it is a recession in the U.S. Things don't look terrible. But valuations are getting kind of stretched and throughout the first, second, and this quarter inching upwards. So, we are just thinking from a U.S perspective time to maybe sell into the rallies pull back a little of that exposure." Barnes and Noble stock dropping after first quarter sales fell almost seven percent, and the company issued a cautious outlook for the fall. Sales at the bookseller's brick-and-mortar stores have been hurt badly by stiff competition from Amazon as shoppers continue to spend more online. Alphabet's Google, aiming to boost its cloud business, is acquiring software developer Apigee in a deal valued at about $625 million. In Europe, the major country indexes were mostly lower after the European Central Bank held interest rates steady, as expected.