Apple's stock price surged today. The "Hi, Speed!" event is coming. How do we benefit from it?
American futures inch down
On Tuesday, American futures declined by 1% because a technology rout in the previous trading marathon provoked by fears over iPhone sales affected investors' appetite for high-surge companies.
The equities of Apple Inc went down by 1.4%, making their way for their seventh dive for the last nine trading sessions, losing nearly 20% from a maximum earlier in 2018, which valued it at over $1 trillion.
Indications of decelerating demand for the company's flagship iPhones definitely have wide-ranging implications for Internet and tech firms at a time when investors are worrying over soaring corporate earnings surge, soaring borrowing costs, to say nothing of a global economy suppressed by trade clashes.
As for the FANG group of high-growth technology-focused equities, they kept losing steam.
In addition to this, Amazon, Facebook Inc, and Netflix Inc all dived 1.5%-2.01%.
Besides this, chipmakers Advanced Micro Devices Inc as well as Micron Technology Inc both declined over 3%. Nvidia Corp and Intel Corp dipped by respectively 2.3% and 0.5%.
With all three key indices staying below their 100- as well as 200-days moving averages and also all the FAANG stocks in bear territory, a solid shift in fundamentals is required to regain confidence.
The Dow e-minis 1YMc1 headed south by 0.5%. Moreover, the S&P 500 e-minis slumped by 0.55%, while Nasdaq 100 e-minis decreased by 0.95%.
Remarks by New York Federal Reserve President John Williams that the Federal Reserve is currently pushing ahead with gradual rate-lift plans in December as it’s trying to stick with a more normal monetary policy.
In addition to this, Target Corp sank by 5.9% having reported lower than anticipated third-quarter revenue. Furthermore, the equities of home improvement chain Lowe's slipped by 5% after it uncovered more restructuring plans against the backdrop of worse than anticipated comparable sales outcomes.
Canada’s retail sales will be out on October 21 at 15:30 MT time. Get ready with us for this event!
The market is resilient ahead of the speeches of Fed’s Powell and ECB President Lagarde, but there are still interesting movements.
The uncertainty over US fiscal stimulus and Brexit, and also rising new virus cases deteriorated the market mood. That’s why we can expect the further rally of the US dollar and the fall of riskier assets today.