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 go down, as US-China levies kick in
On Monday, Wall Street's three main indexes slumped following another round of US-China trade levies and market participants expected an interest rate lift a day ahead of the Fed’s two-day gathering.
US equities stabilized after on Thursday the US government announced a gathering between US leader and Rosenstein, overseeing the special counsel's probe into Russia's direct role in Donald Trump's 2016 election campaign.
7 of the 11 key S&P sectors declined after American levies on some $200 billion worth of China’s products came true, along with China’s retaliatory tariffs.
ET, the Dow Jones Industrial Average went down by 0.61% being worth 26,579.17. Additionally, the S&P 500 slumped by 0.36% reaching 2,919.24, while the Nasdaq Composite lost 0.01% hitting 7,985.89.
Interest rate sensitive sectors, including Consumer Staples dipped by 1.5%, Real Estate declined by 1.9% - they were suppressed ahead of the Fed gathering.
The top performer of the S&P sectors was represented by energy (SPNY) because crude added.
The technology sector SPLRCT reduced earlier losses and stood still, backed by Apple, whose goods have been spared from fresh levies. As a result, Apple managed to ascend by 1.2%.
The communications services index, currently housing media equities besides telecom companies, started lower. However, it demonstrated a 0.2% jump by late afternoon because fresh member Netflix managed to acquire by 2%.
As for other members Twenty-First Century Fox as well as Walt Disney, they gained by respectively 1.5% and 2%, having lost an auction for Sky Plc to Comcast that went down by 6%.
In addition to this, Michael Kors Holdings Ltd jumped by 7.6% right after some sources revealed the fashion group has decided to take control of Italy's Versace. The given deal could potentially value the firm at about $2 billion.
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.