Dow Steadies Ahead of Apple Event

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The Dow Jones Industrial Average turned higher in morning trading, though the index wasn’t down by much to start.

The Dow was up 43 points, or 0.1%, shortly after 10 a.m. ET. The S&P 500 was down 0.1%. The Nasdaq Composite was down 0.3%.

Within the Dow, more than half the stocks were trading higher. Home Depot, Walmart, Boeing, and Honeywell were all up more than 1%. Apple and Visa were the biggest laggards with declines of 1% and 1.3%, respectively.

Apple will be a key stock to watch for all three indexes. Its Worldwide Developers Conference kicks off today, and analysts expect a major update on artificial intelligence tools. Mizuho analyst Jordan Klein notes that investors expect some kind of enhancements to Siri with AI. He doesn’t expect such features will convince institutional investors that the next iPhone will feature a major uptick in demand.

“I can tell you with confidence that an updated Siri is NOT going to do the trick and excite much of anyone,” Klein writes. “My guess is WWDC is much more a retail investor event vs institutional investor focus.”