In a letter to investorsCEO Tim Cook blamed the disappointing outlook on China's ongoing trade war with the United States and a number of other factors, including the company offering cheaper iPhone battery replacements. Apple's announcement suggests corporate earnings estimates may be too lofty given challenges facing the global economy. Apple provided some of the starkest evidence of the negative consequences of the US-China trade war. Apple shares listed in Frankfurt plummeted 8. The news also hit companies that provide components to the US tech giant. The stock selloff in part reflects concern about a looming slowdown in economic growth.
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Investors' worries were exacerbated last week when the Federal Reserve signaled no slowdown in its plans to optiojs raising interest rates next year. The market is also reacting to the Trump administration's trade war with China. The trade war helped knock China's stock market into a bear market over the summer. Still, some market veterans argue that a panicky Wall Street is prematurely pricing in a recession that may not hit until That's what happened in after Black Monday, after the Russian debt crisis and following the American credit rating downgrade.
Holiday & Trading Hours
Stocks could roar back to new highs next year as they did this summer. Or this could be a recession warning sign tradig a signal of worse news to come. Stocks do a reversal, global stocks caught in the tumult On Thursday, some of the market's big winners the prior day lost ground. Tech, which led yesterday's rally, finished the day mixed. You should read this entire prospectus carefully, including the "Risk Factors" section, our historical consolidated financial statements and the notes thereto, and unaudited pro forma financial information, each included elsewhere in this prospectus.
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Our Company Founded inthe CBOE was the first organized marketplace for the trading of standardized, listed options on equity securities. Today, CBOE is one of the largest options exchanges in the world and the largest options exchange in the U. We are recognized globally for our leadership role in the trading of options on individual equities, market indexes and exchange-traded funds, our suite of innovative products, our liquid markets and our hybrid trading model. This model integrates both traditional open outcry methods and our electronic platform, CBOEdirect, into a single market. Duringthe volume of options contracts traded at the CBOE was 1.
CBOE's average daily trading volume was 4. The core products driving our 661st volume and leading Stcok position include: The index options we trade include some of the most widely recognized measures of the U. We also trade index options based on several benchmarks, including VIX, which has become a widely recognized measure of equity market volatility. We trade options on over exchange-traded funds, or ETFs, based on various domestic and foreign market indexes.
Following the restructuring transaction described below, based on our current assumptions, we expect a significant amount of incremental operating revenues to be generated through fees related to trading permits, which will provide Trading Permit Holders access to the Exchange. CBOE provides a marketplace for the execution of transactions in exchange-traded options, which provide investors a means for hedging, speculation and income generation while at the same time providing leverage with respect to the underlying asset. Based on World Federation of Exchanges data, 9. Despite the attractive industry dynamics, the options industry was not immune to the financial crisis that began in the fall of Most participants in the options markets, including major investment banks, hedge funds and institutional and retail investors, suffered reductions in their asset and capital bases and generally reduced their level of trading activity.
As a result, the growth in options hous in did not keep pace with historical and recent trends as total U. Despite the lower levels of growth experienced inwe believe the increased acceptance and use of options as a core 2 Table of Contents risk management tool and attractive investment vehicle will continue to drive market growth. Furthermore, we believe significant opportunities exist to continue to expand the suite of options products and trading tools available to both institutional and individual investors and for the migration of activity from the over-the-counter market to exchanges.