Every year in early autumn Apple holds its event where it presents new iPhones, Apple Watches, and iPads. This year wasn’t an exclusion. But yesterday’s presentation didn’t result in Apple stock growth, and here’s why.
American equities jump
On Monday, American equities managed to rally, backed by the consumer discretionary sector and expectations for a fresh round of tax trim overshadowed worries of an escalation in the China-US trade conflict.
By the way, Republicans in the American House of Representatives are on the verge of disclosing another round of tax reductions this week. The given move is expected to draw a steep contrast between Republicans and Democrats ahead of the highly anticipated November 6 congressional elections.
Known as "Tax Reform 2.0", the given package is believed to augment US leader’s 2017 tax overhaul that added up to $1.5 trillion to the federal deficit via permanent tax trims for American businesses.
All of the 11 primary S&P sectors managed to rally, backing the consumer discretionary sector that jumped by 0.51% underpinned by profits in the equities of Nike. Additionally, the energy stocks SPNY came up with a 0.83% ascend due to the fact crude prices rallied after American drilling stalled and market participants foresaw lower supply once fresh American sanctions against Iran's oil exports come true from November.
As for the trade-sensitive industrial sector SPLRCI, it jumped by 0.74%.
ET the Dow Jones Industrial Average rallied by 0.32% hitting 25,999.16. Besides this, the S&P 500 jumped by 0.42% reaching 2,883.83, while the Nasdaq Composite added 0.19% ending up with 7,917.90.
On Friday, US leader told that he was all geared up towards slapping extra taxes on literally all Chinese products, threatening tariffs on $267 billion of products over and above planned levies on $200 billion of China’s products. In return, China told that it’s going to respond if the US government takes any new hawkish steps on trade.
Apple went down by 1.4%. On Friday, the stock had gone down right after the company told that a wide array of products would be impacted by the proposed levies, although it didn’t have the iPhone mentioned.
Richard Branson offloaded nearly 10 million shares, which equals about 4% of the Virgin Galactic stock, leaving him with an 18% stake.
Today at 00:00 GMT+3 SPCE will present the second quarter 2021 financial results. We will get to know everything about the company's financial condition and plans.
As Europe moves into recession, next week may provide us with some amazing trading opportunities. Here they are!
Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.