US stocks fell to their
lowest in a week and the greenback jumped as investors assessed the
Federal Reserve's signal that it's in no rush to raise rates even as
inflation rises to its target.
Equities tumbled in the final hour of
trading as concern mounted that the Fed may let inflation run hot as it
gradually raises borrowing costs.
Potential US restrictions on Chinese telecom companies also reinforced investor concerns about worsening trade relations between the United States and China.
Apple was the standout performer, climbing after a solid quarterly report, a forecast for strong iPhone sales and its announcement that it intends to buy back $US100 billion ($125 billion) worth of shares in response to the tax holiday for repatriated profits approved by Congress.
This led to the strongest jump in Apple's share price since February last year. On the flipside, Snap shares plunged 21.9 per cent after the Snapchat owner fell short of Wall Street forecasts for revenue and regular users.
With the tech earnings passed behind us and the Fed decision not altering US monetary policy materially, investors who are following the docket will now shift their attention back towards trade wars as the March US trade figures are due out on Thursday.
Potential US restrictions on Chinese telecom companies also reinforced investor concerns about worsening trade relations between the United States and China.
Apple was the standout performer, climbing after a solid quarterly report, a forecast for strong iPhone sales and its announcement that it intends to buy back $US100 billion ($125 billion) worth of shares in response to the tax holiday for repatriated profits approved by Congress.
This led to the strongest jump in Apple's share price since February last year. On the flipside, Snap shares plunged 21.9 per cent after the Snapchat owner fell short of Wall Street forecasts for revenue and regular users.
With the tech earnings passed behind us and the Fed decision not altering US monetary policy materially, investors who are following the docket will now shift their attention back towards trade wars as the March US trade figures are due out on Thursday.
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