SCOREBOARD: Overcooked Apple

There was a whiff of 'Summer slowdown' as equities took a beating on the back of soft earnings and an oversupply of Apple products.

Equities and commodities were smashed overnight – again. It was a sea of red, sparked by disappointing earnings and news of an inventory glut at an Apple supplier. That stock was off some 6 per cent on the news, and that hit tech stocks more broadly which was one of the key underperforming sectors last night (Nasdaq off 1.9 per cent). Financials were the other one, down almost 2 per cent on disappointing earnings from Bank of America – stock down almost 5 per cent, while energy stocks were off 2 per cent or so also as the price of crude fell 2.2 per cent ($86.73).

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