So much for a quiet day before the US midterms
SPY•Asian shares fell as technology hardware suppliers declined, while S&P 500 futures edged down 0.1%. Apple shares fell 2.8% after the company forecast lower holiday-quarter gross margins and weaker-than-expected services revenue growth.
1. Technology shares weigh
Technology hardware suppliers sank in Asian trading, pushing MSCI’s broadest index of regional shares outside Japan down 1.4% to its lowest level in a week and a half. South Korean shares fell as much as 4.1%, while Taiwanese shares dropped 3.6% and extended losses to 13.3% from an early-October record high. S&P 500 futures were down 0.1% for a fourth consecutive day, and European futures also fell.
2. Other market moves
Apple shares fell 2.8% in after-hours trading after the company forecast lower gross margins for the holiday quarter, citing rising memory-chip costs, and projected services revenue growth below Wall Street expectations. Australia’s central bank raised its cash rate by 25 basis points to 4.85% in a six-to-three vote; Australian shares rose 0.3%. Oil prices steadied, with Brent crude up 0.4% at $105.19, as investors weighed US-Iran peace talks. US midterm voting was due to begin later Tuesday.
