Stocks End Lower; Apple Announcement, Rate Hikes Eyed By Morningstar Investment Research

Stocks were lower today as global markets continue to weigh the possibility of Scottish independence, higher interest rates Apple’s announcement of a new iPhone and wearable device.

The British pound recovered somewhat today after falling to an 11-month low against the dollar. The sell-off was caused by a poll released this weekend showing support for Scottish independence rising over 50% for the first time. Currency markets were also reacted to Bank of England head Mark Carney’s statement that the central bank expects to raise interest rates in the spring.

Job openings were little changed in July from June levels at 4.67 million. Openings are up 22% year-over-year. There are now 2.1 job seekers for every opening, compared to 3 in June 2013.

Small business optimism rose in August according to the National Federation of Independent businesses index. The reading of 96.1 was up from 95.7 in July and above expectations of a 96.0 reading.

At market close the Dow, S&P 500 and Nasdaq were down 0.6%, 0.7% and 0.9% respectively.

Stocks on the Move

As broadly expected, Apple (AAPL) revealed two larger iPhone models, an Apple Watch and a new payment service. Shares rose to close to record highs before pulling back to end the day down 0.4%

Shares of McDonald's (MCD) were down 1.5% after the firm reported a 3.7% decline in August same-store sales. Sales were off 2.8$& in the U.S., 0.7% in Europe and 14.5% in Asia/Pacific, Middle East and Africa as issues with a Chinese poultry supplier continued to weigh on results.