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 keep diving
On Friday, American shares kept diving for the fifth day after dismal British jobs data in February contributed to fears over decelerating global surge, which was driven by a steep dive in China's exports as well as a prolonged deceleration in the eurozone.
Meanwhile, last month, the American economy generated no more than 20,000 in contrast with hopes that nonfarm payrolls would surge by 180,000. The given data managed to overshadow unemployment rate that dived back below 4% along with the best annual wage surge since 2009.
A common gauge of the health of the American economy, the Dow Jones Transports index headed south by 1.60%, which is its steepest outcome for the last 11 losing marathons.
Fears about global surge escalated after exports in China, the world's number two economy, demonstrated the most impressive dive for three years last month that generated rumors of a trade meltdown.
It shows up on the heels of the ECB downgrading surge estimates and disclosing another round of stimulus.
The technology sector headed south by 0.88% and appeared to be the greatest drag on the S&P 500. As for Facebook, Apple, Netflix, and Amazon, they sank 0.7%-2.5%.
ET, the Dow Jones Industrial Average headed south by 0.75% demonstrating 25,281.34. As for the S&P 500, it slipped by 0.93% hitting 2,723.25. The Nasdaq Composite decreased by approximately 0.90% ending up with 7,354.61.
The energy sector went down by about 2.44% because crude prices went down by 2%.
Aside from that, ExxonMobil inched down by 2%, while Chevron Corp sank by 1%.
In addition to this, Costco Wholesale Corp rallied by 4.56%, which is the most impressive outcome on the S&P.
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.
Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.
Every week we expect many interesting events that can shake the market.