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 inch down due to fears of trade and acceleration of inflation
On Tuesday, Wall Street headed south. It took place due to the fact that investor concerns over the lack of progress in China-US trade talks as well as soaring profits of American government bonds after data on retail sales pointed to a potential acceleration of inflation in the United States.
The United States and China are still extremely far apart in tackling a trade dispute, as some financial analysts told before the highly anticipated second round of negotiations on trade in Washington.
As a matter of fact, retail sales in the United States tacked on up to 0.3% in April having soared approximately 0.8% in March. That’s what the Commerce Department told on Tuesday.
At the same time, the jump in basic retail sales pointed to a probable acceleration in consumer spending surge after a steep slowdown in the first quarter.
After the publication of economic data, the revenue of indicative 10-year US state bonds tacked on to an outcome of 3.058%. It appears to be the highest result since July 2011.
As for eleven major S&P sectors, all of them were caught going down.
Home Depot Inc went down 1.4% after the largest American chain of stores for the sale of tools for repair as well as building materials reported on comparable sales, which didn’t manage to reach the reading many market participants had hoped for.
In addition to this, the shares of the company's smaller competitor, Lowe's, went down by up to 0.6%.
The Dow Jones index headed south about 0.74% coming up with a reading of 24,715.17. Besides this, the S&P 500 index inched down 0.66% ending up with 2.712.02. As for the Nasdaq Composite index, the given index decreased 0.83% reaching about 7.349.45.
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 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).
The United States will release the weekly Unemployment Claims on October 21, at 15:30 MT time (GMT+3).