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Category: Business, Economics and Finance / Markets / Stockmarket

Wall Street lower as investors eye interest rate hike, Apple jumps

Tuesday, 24 May 2016 05:49:47 | Thuy Ong

Traders crowd the floor of the New York Stock Exchange ahead of theTwitter Inc. IPO in New York November 7, 2013. (REUTERS: Lucas Jackson)

Wall Street has finished lower, after a jump in Apple shares failed to offset investor concerns over how soon the US Federal Reserve will raise interest rates.

Traders have boosted the probability of a rate hike next month to 30 per cent, according to Bloomberg.

The Dow Jones finished 0.1 per cent lower at 17,493.

Shares in Apple jumped 1.3 per cent to one-month highs of $96.43 after a Taiwan news outlet reported Apple has asked suppliers to build more of its next-generation iPhones than previously expected, according to Reuters.

The Nasdaq slipped 0.1 per cent to 4,766, while the S&P 500 dipped 0.2 per cent to 2,048.

Overnight European shares lost ground. In London, the FTSE 100 fell 0.3 per cent to 6,136, the German DAX lost 0.7 per cent to 9,842, while in Paris, the CAC 40 also dropped 0.7 per cent to 4,325.

Locally, shares are set for a muted open, with the ASX SPI 200 flat at 5,335.

Meanwhile, the US dollar has strengthened to near an almost two-month high on speculation of a hike in interest rates.

The Australian dollar is mostly flat against the greenback, it's buying 72.2 US cents.

Against other currencies, the Australian dollar is buying 78.8 Japanese yen, 49.9 British pence, 64.4 euro cents and $1.07 New Zealand.

Iron ore slumps on China, Japan worries

On commodities markets, Asian industrial commodities including steel and iron ore slumped on concerns about the economic health of China and Japan.

Chinese steel and iron ore futures sank to the lowest since March with iron ore falling $US3 to $US52.70 a tonne.

"Further falls in iron ore and rebar futures can't be ruled out as the trend is firmly lower and generally Chinese traders will act on the underlying trend in the market," wrote IG chief market strategist Chris Weston in a note.

"The fact total stockpiles at ports have pushed back above 100 million tons has been a key reason behind the moves, although the inventory levels at small and medium-sized mills actually fell last week."

Spot gold was flat at $US1,249 an ounce.

West Texas crude dipped 0.6 per cent to $US47.48 a barrel.

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