From CNBC’s “Stocks move into the red on news Apple is reclosing some stores in Florida and Arizona” posted Friday afternoon:
Stocks rolled over to trade lower on Friday after Apple said it will reclose some stores given recent spikes in coronavirus cases.
The Dow Jones Industrial Average was down 140 points, or 0.5%, after starting the session with a more than 300-point gain. The S&P 500 traded 0.5% lower while the Nasdaq Composite was down 0.3%.
The tech giant said a total of 11 stores will be closed in Florida, Arizona, South Carolina and North Carolina. Apple had previously closed all its stores around the world amid the initial coronavirus outbreak. Both Florida and Arizona — along with California and Texas — have seen record spikes in coronavirus cases recently.
My take: Apple casts an awfully big shadow these days.
UPDATE: From Wedbush analyst Daniel Ives…
[F]undamentally speaking we view these temporary closures as having a negligible demand impact near-term.