Major equity indexes in the U.S. started the day under heavy selling pressure on Thursday as risk-aversion continues to dominate the markets following Apple’s dismal Q1 sales outlook that was announced yesterday after the closing bell. As of writing, the Dow Jones Industrial Average was down 1.4% on the day while the S&P 500 and the Nasdaq Composite were losing 1.05% and 1.65%, respectively.
With Apple shares falling nearly 10% from yesterday’s closing level, the S&P 500 Technology Index drops more than 3% in the early trade. On the other hand, the S&P 500 defensive sectors, utilities and real estate, are both up around 0.8% on the day to limit the losses of the major indexes. Meanwhile, the CBOE Volatility Index, Wall Street’s fear gauge, is up more than 7% on the day to reflect the weak appetite for risk.
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