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 stand still
On Tuesday, a three-day leap in American shares stalled because a dismal estimate from drugstore chain Walgreens Boots affected the pharma sector, while economic data did little to soothe surge worries.
The Dow Jones Industrial Average was suppressed by a 12.2% dive in Walgreens Boots Alliance Inc right after the company reduced its 2019 profit surge estimate and posted a quarterly gain, which missed experts’ forecasts.
Moreover, the S&P consumer staples index dived by 0.7%, leading dives among 9 of the 11 key S&P sectors, which tumbled. CVS Health Corp decreased by 3%, while stocks of several drug wholesalers took a hit as well.
Data disclosed fresh orders for major American capital goods decreased in February, while shipments stood still.
Eventually, core capital goods orders decreased by 0.1%.
The data showed up on the heels of a poll disclosing a sudden rebound in China's manufacturing activity as well as better-than-anticipated American numbers that push the S&P 500 to six-month peaks on Monday.
ET, the Dow headed south by 0.41% being worth 26,151.50, while the S&P 500 decreased by 0.12% hitting 2,863.72.
Furthermore, the Nasdaq Composite rallied by 0.06% ending up with 7,833.80, backed by a 2.8% leap in Facebook Inc.
Notwithstanding coming under pressure, the S&P 500 is 2.4% away from a record closing maximum in late September, restrained by trade uncertainties, the Fed’s plans to conclude monetary policy tightening, the UK’s chaotic departure from the European bloc as well as fears about corporate profit surge.
Dow Inc managed to ascend by 4.7% in its stock market debut after the spin-off from DowDuPont.
Additionally, the S&P index demonstrated 31 fresh 52-week peaks and two new lows, while the Nasdaq came up with 44 new maximums as well as 33 new lows.
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.