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 head south as Donald Trump lifts duties on Turkey
On Friday, Wall Street declined because geopolitical tensions between Turkey and the United States generated worries in global markets.
The S&P 500 went down by 0.50% trading at 2,839.23. The Dow dipped by 0.65% reaching 25,343.40, while the Nasdaq Composite inched down by 0.50% showing 7,852.47.
On Friday, American leader announced that he would double duties on aluminum and steel imports from Turkey because the two countries clash on the diplomatic front.
Meanwhile, Turkish leader Tayyip Erdogan urged Turks to sell American dollars and gold for the national currency following a meeting between American and Turkish officials that ended up with no solution over the detention of an American pastor in Turkey. As a matter of fact, the Turkish lira dived to an all-time minimum.
Technology equities headed south after the morning bell. Apple dipped by 0.14%, Snap lost 1.22%, while Facebook sank by 0.80%. As for Dropbox, its equities dived by 9.32% following news that Dennis Woodside, their chief operating officer is retiring.
Additionally, Overstock.com managed to ascend by 23.06% having uncovered that private equity company GSR Capital is on the verge of investing about $374.55 million in both the company as well as its blockchain subsidiary tZero.
Additionally, American inflation was intact in July, reducing the pressure on the key US bank to speed up its tempo of interest rate lifts.
In the European Union, equities mainly tumbled. The DAX headed south by 1.82% in Germany. Moreover, the CAC 40 lost nearly 1.43% in France. The FTSE 100 dipped by about 0.68% in Great Britain. As for the Euro Stoxx 50, it declined by 1.73%. In Spain, the IBEX 35 went down by 1.71%.
Gold futures managed to tack on by 0.20% hitting $1,222.30 a troy ounce.
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 US Bureau of Economic Analysis will publish Core Personal Consumption Expenditures (PCE) on May 27 at 15:30 GMT+3.
The United States will publish the Preliminary GDP on Thursday, May 26, at 15:30 GMT+3.
The Reserve Bank of New Zealand will publish a monetary policy report and make an update on the interest rate on May 25, at 05:00 GMT+3.