S&P 500’s August Advance in Peril as Apple Slumps; Dollar Climbs
- Apple ordered to pay up to $14.5 billion in EU tax clampdown
- Most Asian index futures rise as Japan gains on yen weakness
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This month’s gains in U.S. stocks almost vanished as Apple Inc. slumped ahead of Friday’s jobs report. The dollar rose, while oil fell.
The S&P 500 Index dropped from near a record high as the iPhone maker was ordered to pay 13 billion euros ($14.5 billion) plus interest in a European Union tax crackdown. The gauge was still set for its sixth monthly advance, while emerging-market equities headed toward their best August since 2004. The dollar rose against most of its major peers, while Treasuries held onto gains as traders assessed U.S. interest-rate outlook. Oil dropped before a government report that’s projected to show American crude stockpiles increased.