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 struggle
On Friday, American equities were struggling to extend their leap to a third day in a row, suppressed by a tumble in the energy as well as technology sectors at the end of a week, which has seen the market swing a lot.
The trading week started off with the worst-ever Christmas Eve slip on Wall Street followed by Dow Jones Industrial Average's mind-blowing 1,000-plus point jump on Wednesday as well as a shocking reversal late on Thursday, which ensured two days of profits.
On Friday, the trend resumed because the three key indexes flitted between profits and losses. The S&P 500 surged by 0.78% before slumping by 0.64% to a session minimum.
As for technology equities SPLRCT that had driven the leap earlier in 2018 and were at the center of the recent rebound, they stood still, while energy equities SPNY went down by 0.33%.
The health and financial sectors (SPSY and SPXHC) held the market, adding nearly 0.4% each.
Another dampener was the news that disclosed that contracts to purchase previously owned houses slipped suddenly the previous month, which appears to be the latest indication of weakness in the American housing market.
The Dow Jones Industrial Average surged by 0.09% reaching 23,158.89. The S&P 500 tacked on by 0.09% being worth 2,491.16. As for the Nasdaq Composite, it managed to leap by up to 0.08% hitting 6,585.08.
Market participants head into next year with a list of concerns varying from US-China trade clashes, soaring interest rates as well as a decelerating economy to a partial American government shutdown that burst out on Saturday.
Aside from that, Tesla Inc managed to rally by 2.9% after the electric car maker named Walgreens Boots Alliance's executive Kathleen Wilson-Thompson and Oracle Corp co-founder Larry Ellison as two independent board directors.
Richard Branson offloaded nearly 10 million shares, which equals about 4% of the Virgin Galactic stock, leaving him with an 18% stake.
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