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 futures go down on US-China trade fears
On Tuesday, American equities slumped because worries of levies on nearly all China’s goods by American haunted market participants in the face of worsening trade relations between the two leading economies.
On Friday, US leader threatened to slap levies on $267 billion of products on top of planned duties on $200 billion of China’s goods. The Chinese government has vowed to adequately respond if its opponent dares to take any new hostile measures.
Another round of trade clash showed up at a time when the Chinese government has made up its mind to approach the WTO next week for the official permission to impose sanctions on America, for this country’s non-compliance with a ruling in a conflict over American dumping levies.
The equities of Caterpillar headed south by 0.7% in premarket trade. Boeing went down by 1%. The plane manufacturer ramped up its estimate for buying of new airplanes by China for the next two decades by about 6.2%.
The equities of chip manufacturer, relying on China for a key portion of their profits, slipped too. In addition to this, Micron, Nvidia, and Intel slumped 0.3%-0.9%.
American equities started this week in a better mood because on Monday the S&P 500 as well as Nasdaq bounced off just to snap a four-day losing marathon. However, a sink in Apple kept profits in check.
ET, Dow e-minis inched down by 0.44%. As for S&P 500 e-minis, these stocks dived by 0.24%, while Nasdaq 100 e-minis decreased by 0.23%.
Insurer Travelers sank by about 0.7%.
Nike managed to gain by up to 0.6% after brokerage Canaccord Genuity had the world's number one sportswear maker's equities upgraded, stressing that the company has had its footing regained.
Integrated Device Technology tacked on by up to 11.5%.
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.
Last week was full of surprises! Stock indices have shown significant growth…
The US dollar is heading to close the seventh day in the red as it remains under selling pressure. The US data at 15:30 GMT+3 (jobless claims and Philly Fed Manufacturing Index) may support the greenback if it's strong.
Canada will publish the Retail Sales and Core Retail Sales on October 22, at 15:30 MT time (GMT+3).