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 inch down on fears of decelerating global growth
On Friday, American futures went down because traders worry about decelerating economic surge in China and in other countries.
As a matter of fact, the S&P 500 futures shrank by 0.86% ending up with 2,622.62. Dow futures went down by 0.85% trading at 24,361. As for the tech heavy Nasdaq 100 futures, they lost 1% reaching 6,682.
In China, retail sales reported their weakest surge for 15 years, driving worries about the world’s number two economy because China is seriously affected by trade clashes with America. Besides this, the Bank of Japan’s Tankan poll published overnight disclosed that Japanese businesses expect conditions to worsen for the next three months.
In addition to this, data from the euro zone disclosed the worst business activity in the private sector for the last four years, pointing to the decelerating surge in the region.
Moreover, General Electric happened to be among the top performers in premarket trading, edging up by up to 1.5%.
Furthermore, Costco went down by 3% having posted gloomy quarterly gains. As for Starbucks, its shares inched down by 3.4% right after it uncovered a partnership with Uber Eats at up to 2,000 of its stores in America.
Aside from that, Tesla went down by 0.7%, while semiconductor company Micron decreased 2.9%, while Facebook headed south by nearly 1.7%. As for Boeing, it tumbled by nearly 2%, while Cisco declined by about 1.8%.
Retail sales are expected to be released at 8:30 AM ET. Industrial output will be available at 9:15 AM ET, while IHS Markit PMI data will be uncovered at 9:45 AM ET.
Gold futures sank by 0.3% trading at $1,242.70 a troy ounce. Crude futures lost 0.3% being worth $52.41 a barrel.
The USD index shot up by 0.4% showing 97.52.
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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The Fed is ready to start tapering in November. Since the markets were expecting this and it wasn’t a surprise, the USD slumped allowing risk-on currencies and gold to rally up.
US Retail Sales will be out on October 15 at 15:30 MetaTrader time (GMT+3).