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 stocks head south
On Wednesday, American stocks inched down due to the fact that market participants stayed on the sidelines after a firm ascend in 2019, waiting for new developments on trade.
The S&P 500 has managed to surge by 11% in 2019 on hopes that China and America will soon conclude their fierce trade clash and the Fed is going to be less hawkish when it comes to lifting rates.
Wall Street began the trading week on an upbeat note after a report that the two sides would come to a compromise by the end of this month, although the optimism-powered ascend has since fizzled out.
The S&P 500 index is still unable to overleap a major resistance level - the 2,800-point mark. It had been concluding lower for five out of six trading sessions.
General Electric Co shares headed south by 6.1%, extending its losses from yesterday, after it reported a negative net income from its industrial businesses in 2019.
The energy sector inched down by 0.98%, which is the most impressive outcome among 11 key S&P sectors, suppressed by crude major Exxon Mobil Corp.
Exxon Mobil's 1.9% dive also put pressure on the blue-chip Dow index due to the fact that the company told it intended to ramp up its capital spending in 2020 for the purpose of restoring flagging crude and gas output.
ET, the Dow Jones Industrial Average slumped by 0.21% hitting 25,752.81. As for the S&P 500, it declined by 0.25% showing 2,782.54. Besides this, the Nasdaq Composite decreased by 0.40% being worth 7,545.98.
Dollar Tree Inc tacked on by 1.7% because the discount store operator posted better-than-anticipated quarterly same-store sales.
In addition to this, Plc rallied by 4.3%.
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 Reserve Bank of Australia (RBA) will make a statement and release a Cash Rate on February 7, 05:30 GMT+2. It's among the primary tools the RBA uses to communicate with investors about monetary policy.
This week may be the most important since the year started as the Fed assess the economic outlook and the US presents fresh NFP readings.
S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.