U.S. stocks finished yesterday’s trading session mostly higher but weakness in the technology and internet-relate sectors limited an advance in the broader market.
Shares of Apple extended their post-earnings slide yesterday, after a report suggested iPhone XR demand might be falling short of expectations. Apple has curbed plans for additional iPhone XR production lines, while instructing assemblers to build more of the older iPhone 8 and iPhone 8 Plus models than the company had originally ordered. The company has “signaled disappointing demand for the new iPhone XR.
The home improvement retailer Lowe's said it will close 20 underperforming stores in the U.S. and 31 locations in Canada, as part of a strategic reassessment. The company said most employees at the stores closing will be offered similar jobs at a nearby store, as most of the stores being closed are within 10 miles of another store.
And the IRS said late last week that Americans will be able to contribute more in their retirement plans in 2019. Retirement plans like 401k’s, 403b’s, and IRA’s will have higher contribution maximums starting in 2019.