Apple drags down tech shares as oil rises past $59

epa01337020 An employee of 'Tanishq', the Indian jewellery retailer from Titan Industries, sorts gold into biscuits, blocks and strips on a table at Tanishq's manufacturing unit at Hosur, in Tamil Nadu, situated about 70 kms from the South Indian city of Bangalore, 7 May 2008. The ultra-modern, large-scale manufacturing unit in Hosur, Tamil Nadu was set up at a cost of 600 million Rupees (about 9 million Euros) in 1994. The unit has facilities like refining, alloying and stone casting and a dust-extraction system that kept gold losses down to 2 per cent of the raw material while local jewellers typically lost 8-10 per cent. Hindus celebrate 8th May as Akshaya Tritiya day, south India's biggest gold buying festival, and jewellers are expecting a 35-40 per cent growth in sales over last year's all India sales of close to 780 tonnes. Industry experts attribute it to increasing popularity of the festival among the people and rising disposable incomes.  EPA/MANJUNATH KIRAN

Bloomberg

US technology shares slipped on speculation Apple Inc.’s phone sales will fall short of estimates, with trading volumes thin on the day after Christmas. Oil jumped after reports of a pipeline explosion in Libya.
The Nasdaq Composite Index fell while the S&P 500 edged lower, with Apple and some of its suppliers among the worst performers. Energy shares rallied along with crude prices. Emerging-market currencies strengthened as a Bloomberg index of commodities headed to its longest winning streak in more than a decade. The Treasury plans to sell $45 billion of three-month bills, a fresh gauge of investor confidence before the US is expected to breach its debt ceiling in late March. The major European stock exchanges were shut.
Markets overall were quiet as the stellar year for risk assets crawls to its end, with the possible exception of the cryptocurrency roller coaster.
Next year could bring more drama, with tensions simmering between the US and Russia, Italy’s parliament set to be dissolved for a risky European election, and a big decisions on the US debt ceiling kicked down the road.
Elsewhere on Tuesday, West Texas oil climbed above $59 a barrel amid the explosion at a pipeline that feeds the Es Sider terminal in Libya and after US explorers refrained from adding rigs for a second week.
Bitcoin rallied as the biggest cryptocurrency attempted to shrug off a miserable five-day run.
Japanese equity benchmarks dropped from the highest levels since the early 1990s, helping to pull the MSCI Asia Pacific Index down. The Brazilian real and South African rand were among the best performing currencies. Silver also jumped. US consumer confidence, home prices and trade data are on the schedule despite the holiday-shortened week.
Italy’s parliament is expected to be dissolved ahead of elections in 2018.
The S&P 500 Index slipped 0.1 percent as of 11:07 am in New York. The Nasdaq Composite fell 0.5 percent The MSCI All-Country World Index slipped less than 0.1 percent. The MSCI Emerging Market Index dropped 0.2 percent.
The euro was little changed at $1.1868. The Bloomberg Dollar Spot Index decreased 0.1 percent. The British pound was little changed at $1.3366. South Africa’s rand jumped 0.7 percent to 12.5372 per dollar, the strongest in nine months.
The yield on 10-year Treasuries fell 2 basis points to 2.46 percent.
The Bloomberg Commodities Index rose 0.8 percent for its ninth consecutive gain, the longest winning streak since 2005. Gold increased 0.6 percent to $1,282.26 an ounce. West Texas Intermediate crude climbed 1.7 percent to $59.49 a barrel. Silver gained 1.1 percent to $16.51 per ounce.

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