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 stock futures stand still
On Tuesday, American stock index futures were quite muted, just a day after the S&P 500 as well as Nasdaq set intraday peaks, with traders going through the latest pack of earnings and also dismal data from China.
On Monday, the S&P 500 topped its intraday maximum of 2,940.91 reached on September 21, soaring to a session peak of 2,949.52. For the year, the benchmark index has rallied by 17.4%.
Expectations for a resolution to the US-China trade conflict, positive earnings along with a dovish Federal Reserve have driven the leap in shares in 2019, from an abrupt sell-off in late 2018.
Market participants will also pay much attention to another rounds of US-China trade talks. American Treasury Secretary Steven Mnuchin told that he hopes to make decent progress with Chinese negotiators.
Additionally, American futures as well as global stocks were under pressure after official and also private business polls suggested slower Chinese factory surge this month, thus confounding expectations for a steady outcome or even faster expansion.
ET, Dow e-minis jumped by 0.06%. Additionally, S&P 500 e-minis slumped by 0.01%, while Nasdaq 100 e-minis decreased by 0.1%.
Moreover, with earnings in full swing, experts expect gains at S&P 500 businesses to dive by 0.2% in the first quarter, which appears to be a steep improvement from a 2% decrease estimated at the beginning of April.
Among the high-growth FAANG shares, Alphabet headed south by 7.8% in pre-market trading right after the company reported its slowest gain leap for three years.
Apple Inc stocks went down 0.6%, ahead of outcomes later in the day.
Besides this, General Electric headed north by 6.6%.
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.
The United States will release the weekly Unemployment Claims on October 21, at 15:30 MT time (GMT+3).
Great Britain will publish the Inflation Rate on October 20, at 09:00 MT time (GMT+3).
The bullish movement in the stock market is gaining speed, and Bitcoin ETFs are closer than they might seem. What do we need to know for the next trading week?