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.
Techs push Wall Street up on trade optimism
On Wednesday, American equities rallied, backed by the technology sector due to the fact that signs that China would ease its "Made in China 2025" industrial policy contributed to optimism driven by US leader’s positive remarks on trade.
In an interview with Reuters, American leader told that trade negotiations were already underway and China was purchasing a great amount" of American soybeans.
Trump also added that he’s on the verge of intervening in the case against a top executive at Huawei Technologies on the condition it helps to secure a trade agreement.
The S&P technology sector SPLRCT managed to rally by 2.17%, thus providing the greatest boost to the market.
Meanwhile, industrials SPLRCI surged by 1.61% following the strength in Boeing Co and Caterpillar Inc.
For the last two days trading has been choppy against the backdrop of topics ranging from trade to the UK’s planned departure from the EU and an American government shutdown.
A potential source of fears is the outcomes of a no-confidence vote against UK Prime Minister Theresa May, although a soaring number of Conservative lawmakers have demonstrated support.
The Dow Jones Industrial Average managed to surge by 1.31% hitting 24,689.81. As for the S&P 500, it surged by 1.43% being worth 2,674.47. The Nasdaq Composite soared by 2.03% hitting 7,174.38.
The other great boost showed up from a more than 2-% leap in energy stocks, backed by firm crude prices as well as health shares.
China-based music streaming company Tencent Music Entertainment managed to tack on by 8.3% in its American debut.
Additionally, Verizon Communications Inc stocks dived by 2.3% after Morgan Stanley had the stock downgraded.
On the NYSE, soaring issues managed to outnumber divers by a 4.15-to-1 ratio as well as a 3.55-to-1 ratio on the Nasdaq.
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.
The Australian Bureau of Statistics will announce the updated Unemployment Rate and Employment Change data on Thursday, May 19, at 04:30 MT.
The UK Office for National Statistics will publish Consumer Price Index (CPI) data on Wednesday, May 18, at 09:00 MT.
The US Census Bureau will announce Core Retail Sales and Retail Sales on Tuesday, May 17 at 15:30 MT.