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.
S&P extends losses after Fed statement
On Thursday, the S&P 500 managed to extend its losses a bit right after a Fed statement, while energy equities led the dives because crude sank.
The Federal Reserve told that everlasting firm job gains along with household spending were keeping the country’s economy on track.
Aside from the Fed's remark, a great number of traders told the statement appeared to be largely as anticipated and hinted that the major bank’s next rate lift would be in December. However, some market participants were expecting a change in tone.
Some folks didn’t like that statement, as they expected a more dovish tone following October’s market volatility.
As for the Dow Jones Industrial Average, it slumped by 0.13% hitting 26,147.08. Moreover, the S&P 500 decreased by 0.42% reaching 2,802.13, while the Nasdaq Composite sank by 0.73% demonstrating 7,515.61.
As for the S&P bank index SPXBK, it managed to erase its profits and became negative after the news because bank gains benefit from soaring rates.
Energy equities appeared to be the S&P's number one drag with a 2.1% slump due to the fact American crude futures CLc1 found themselves on a bear market, diving over 20% from their October 3 maximum.
In addition to this, the Wall Street Journal informed that Saudi Arabia's top government-funded think-tank is currently exploring the probable effects on crude markets of a breakup of OPEC in a story citing some sources already familiar with the matter.
By the way, on the NYSE, decreasing issues managed to outnumber increasing ones on Nasdaq by a 1.39-to-1 ratio, while a 1.24-to-1 ratio favored divers.
Apart from that, the S&P 500 posted 33 fresh 52-week maximums and two fresh minimums, while the Nasdaq Composite came up with 72 fresh maximums as well as 71 new minimums.
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.
Last week was full of surprises! Stock indices have shown significant growth…
The US dollar is heading to close the seventh day in the red as it remains under selling pressure. The US data at 15:30 GMT+3 (jobless claims and Philly Fed Manufacturing Index) may support the greenback if it's strong.
Canada will publish the Retail Sales and Core Retail Sales on October 22, at 15:30 MT time (GMT+3).