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.
Dow inches up
On Friday, the Dow managed to conclude the trading session up on upbeat mood after American leader told that a trade agreement with China is real.
As a matter of fact, the Dow Jones Industrial Average soared by 0.70%. As for the S&P 500, it surged by about 0.62%. The Nasdaq Composite rallied by 0.91%. Eventually, the Dow concluded up for an eighth week in a row.
In a sign that China and America were still committed to coping with their differences on trade, China’s Prime Minister extended his visit to America to proceed with negotiations with American rivals.
Tech equities rallied due to profits in Intel and Intuit.
As a matter of fact, Intuit managed to tack on by 6.8% having reported fiscal second-quarter outcomes on Thursday. They topped forecasts made by Investing.com.
As for Intel, it managed to go up by 2.1% following a positive assessment from Morgan Stanley.
Morgan Stanley had Intel's stocks upgrade from equal-weight to overweight and also ramped up its price objective from $55 to $64 on hopes that the chip producer is going to be one of the key winners when spending on cloud computing goes up.
Kraft Heinz went down by up to 27.5% having revealed on Thursday that the SEC had come up with a probe into the company's accounting practices. Moreover, the company also posted a quarterly loss of $15.4 billion.
Energy equities concluded the trading day up because American crude prices surged on expectations that a US-China trade pact would back global economic surge, thus powering oil demand.
Western Digital, DISH Network, and Intuit turned out to be amount the top-notch S&P 500 gainers for the trading session.
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.