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US Major indices close lower but it could’ve been worse

  
Analysis, PODCAST, US Market
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No new records today

The major US stock indices all closed lower, snapping the record close string at five.

  • Dow has its worst performance since August 4
  • S&P has its largest decline in nearly a month
  • NASDAQ posts a two day declinne
  • S&P and Dow snap a five day win streak/5 days of record closes
  • The Dow was down over 500 ppoints at it’s lows
  • Consumer Discretionary -2.31%
  • Industrials –1.06%
  • Communication services -0..99%
  • Energy -0.92%
  • Technology fell -0.87%
  • Healthcare rose 1.12%
  • Consumer staples rose 0.34%
The final numbers are showing:
  • S&P index -31.46 points or -0.70% at 4448.25. The index at its low was down -1.39% or -62.14 points
  • NASDAQ felt -137.58 points or -0.93% at 14656.18. The index was down -242.9 points or -1.64% at it’s lows
  • Dow fell -282.122 points for -0.79% at 35343.28. It’s low price was down  -505.009 points or -1.42%
  • Russelll 2000 fell -26.24 points or -1.19% at 2177.17

Apple: Water-resistant iPhones? Not so much

  
  Analysis
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From MacRumors’ “Italy Fines Apple $12 Million for Misleading iPhone Water Resistance Claims” posted Monday:

Apple has been slapped with a 10 million euro ($12 million) fine by Italy’s antitrust watchdog for unfair commercial practices related to its iPhone marketing in the country.

Specifically, Apple is being charged for misleading claims in promotional messages about how deep and how long iPhones can be submerged in water without being damaged…

However, according to the country’s competition regulator, the messages did not clarify that the claims are only true under specific conditions, for example during controlled laboratory tests with the use of static and pure water, and not in the normal conditions of use by consumers.

The regulator also took issue with Apple’s warranty terms, which do not cover damage caused by liquids. The authority considered it inappropriate to push an “aggressive” commercial practice highlighting water resistance as a feature, while at the same time refusing to provide post-sales warranty assistance if the ‌iPhone‌ models in question suffer water damage.

My take: I expect Apple’s warranties to err on the user’s side.

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