Virgin Galactic’s Branson flew to space, but the stock of Virgin Galactic (SPCE) dropped. Why?
S&P concludes down, tech equities dive
On Monday, the S&P 500 seesawed to a negative settlement due to the fact that a dive in technology equities led by Apple put pressure on market sentiment.
As a matter of fact, the Dow Jones Industrial Average headed south by nearly 0.35%. Besides this, the S&P 500 went down by nearly 0.61%. In addition to this, the Nasdaq Composite inched down by approximately 0.52%.
Besides this, the broader averages struggled for direction because Apple demonstrated a 1% dive. Goldman Sachs told that decelerating consumer demand in China could suppress Apple's revenue. However, the financial institution stopped short of lowering its prediction on iPhone shipments, repeating its December-quarter prediction for shipments to hit up to 80 million.
Although the vast majority of the smartphone weakness stayed in the mid and also lower range, it’s hard to believe that the given environment will help Apple unless things get better late in 2018, as financial analysts pointed out.
The equities of Alphabet, Microsoft, and Netflix concluded down.
Diving energy equities also restricted upside momentum notwithstanding a soar in crude prices in the wake of strengthening tensions between Saudi Arabia and the Western world over the disappearance of a prominent Saudi reporter.
Demonstrating indications of risk-aversion, the market’s defensive corners were generally in favor due to the fact that consumer staples managed to ascend by 1%. As a matter of fact, Walgreen's Boots Alliance as well as Campbell Soup concluded 2% up.
As for financials, they concluded down because Bank of America was pressured notwithstanding its revenue, which exceeded Wall Street forecasts.
Besides this, Bank of America posted profits of about of $22.78 billion. The given outcome managed to outperform Wall Street forecasts for profits of about $0.62 a stock on revenue of up to $22.63 billion.
This week Apple, Microsoft, Google, Facebook, Pfizer, and other large US companies will deliver earnings reports…
The overall market sentiment is risk-on. The S&P 500 index (US 500) is getting close to the all-time high. Oil is recovering quickly from its recent losses.
What will happen? The FOMC statement will be published at 21:00 MT (GMT+3) on Wednesday, July 28…