Traders were jittery in the holiday shortened futures equity trading session as the Shanghai Composite took a tumble and news of Apple’s Steve Jobs taking medical leave rattled markets. Jobs has been a crucial part of creating the USA’s second largest company. Shares were trading down 6% in Germany earlier today and Nasdaq 100 futures traded down 1.22% as Apple now represents 20% of the index.
This isn’t the first time investors have been skittish about Jobs and his health. In June 2009 many investors panicked when Jobs was rumored to have health issues. Shares of Apple decline almost 10%, but quickly regained all of their ground and have nearly tripled since then.
The Apple news will have to take a backseat to a very busy investment schedule this week. In addition to much of the S&P 500 reporting earnings we also have a busy economic calendar with Empire State manufacturing on Tuesday, housing starts on Wednesday, and claims, existing home sales, leading indicators and Philly Fed on Thursday.
Mr. Roche is the Founder and Chief Investment Officer of Discipline Funds.Discipline Funds is a low fee financial advisory firm with a focus on helping people be more disciplined with their finances.
He is also the author of Pragmatic Capitalism: What Every Investor Needs to Understand About Money and Finance, Understanding the Modern Monetary System and Understanding Modern Portfolio Construction.