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.
US equities are backed by tech rebound
On Tuesday, the S&P 500 as well as the Nasdaq managed to head north, underpinned by a rebound in technology equities, although profits, including the blue-chip Dow Jones Industrial Average, were tamed by fears over decelerating global surge.
As a matter of fact, the International Monetary Fund had its global economic surge estimates for the United States and China for this year and 2019 downgraded, telling that the two countries would face most of the impact of their trade feud in 2019.
It definitely suppressed the trade-sensitive industrials sector – it slumped by nearly 0.62%. Boeing declined by about 1%, while Caterpillar dived more than 2%.
Besides this, the heavyweight technology sector SPLRCT managed to inch up by up to 0.36%, with revenue in Microsoft as well as other software businesses more than compensating a sink in chip manufacturers, who actually count Chinese firms among their primary customers.
As for the communication services group SPLRCL, they rallied by 0.26%. Facebook added 1.8%, thus assisting to compensate an approximately 1% sink in Alphabet.
Aside from that the Dow Jones Industrial Average lost 0.08% ending up with 26,465.98. As for the S&P 500, it tacked on by 0.10% reaching 2,887.21, while the Nasdaq Composite soared by 0.39% showing 7,766.03.
Besides this, the materials index went down by 1.66%, suppressed by a sink in chemical firms after PPG's outcomes as well as paper packaging businesses after BMO's downbeat remarks on capacity and stock valuations.
Besides this, PPG Industries lost 7.8%, which is the most impressive dive on the S&P. It happened because the specialty chemicals producer told that its current-quarter revenue would be affected by higher raw material costs.
Energy equities soared by 0.34% because crude prices headed north on soaring evidence of slumping Iranian crude exports.
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.
As Europe moves into recession, next week may provide us with some amazing trading opportunities. Here they are!
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.