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.
Geopolitical risks put pressure on US stock indices
On Wednesday, American stock indices dived due to a new round of geopolitical as well as foreign trade risks. Indicators 9 of the 11 major industry groups of the S&P 500 index tumbled during the auctions, most significantly. These were the group of industrial and also raw materials companies.
The Dow Jones Industrial Average index sank by 0.27% and accounted for 24768.49.
Standard & Poor's 500 went down by 0.2% reaching 2718.99.
Nasdaq Composite declined 0.13% and amounted to about 7369.09.
President of the United States Donald Trump told yesterday that his highly anticipated meeting with the leader of the DPRK Kim Jong-no can be delayed to a later date.
Traders also paid attention to the minutes of the gathering of the Federal Open Market Committee from May 1-2 that will be made public soon.
In addition, market participants paid attention to budget stimulation. The day before, Trump told that his administration is preparing an extra tax cut that will be uncovered before November this year.
Statistics, published on Wednesday, pointed to a more considerable than expected slump in sales of new buildings in the United States the previous month.
In April, sales of new homes in the United States went down by 1.5% compared to the previous month and accounted for 662 thousand houses in annual terms, as the Ministry of Trade of the country informed. The March indicator was updated down to 672 thousand from 694 thousand houses. Additionally, Wall Street analysts on average expected a dive in sales of new buildings in April to 682 thousand homes.
Caterpillar and 3M appeared to be among the leaders of the dive on Wednesday, losing respectively 0.2% and 0.6%.
Comcast's share price went down by 1.7%.
Walt Disney headed south by 1.4%, Fox rallied by 1%.
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.
Oil prices are rising and Russia banned the export of its petrol. What's happening in the markets?
Today's main event for the markets is the FOMC Interest Rate Decision, where the US regulator is widely expected to keep the interest rate at the same level of 5.5%.
In today's market insights, we delve into Citibank's oil price predictions, the evolving competition between Huawei and Apple, the Saudi Arabia-Tesla partnership, and the upcoming rate decisions from the world's major central banks.