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 inch down
On Thursday, American equities decreased in volatile trade because optimism provoked by progress in US-China trade negotiations faded away, with market participants preferring defensive sectors, including utilities and real estate.
Wall Street started up after a Chinese commerce ministry spokesman told that China and America were in close contact over trade, and any trade delegation of the United States would be welcome. The given remark contributed to the optimism over trade progress between the two world’s leaders.
However, trading has been extremely choppy and the key stock indexes' firm starting profits have petered out toward the end of the trading marathon for the last two days.
On Thursday, the defensive utilities along with real estate headed north by over 1%, while consumer staples ascended by 0.7%.
The financial markets have also been suppressed by a number of headlines, including a potential American government shutdown, US interest rates as well as uncertainty around Brexit.
Fears over decelerating global surge in 2019 have rattled market participants too.
Driving worries, a Reuters survey disclosed that the American Treasury yield curve is going to invert in 2019, probably within the next six months, which is much earlier than predicted three months ago, with an economic downtime to follow a year after that.
The Dow Jones Industrial Average declined by 0.05% hitting 24,515.18. Moreover, the S&P 500 slipped by 0.29% hitting 2,643.50. As for the Nasdaq Composite, it decreased by 0.63% showing 7,053.24.
Retail stocks went down, with Under Armour losing 4.92% right after the sportswear maker predicted 2019 revenue surge and profit below Wall Street forecasts. As for the S&P retail index, it declined by nearly 0.97%, snapping a three-day leap.
In addition to this, Procter & Gamble Co managed to surge by 2.24% after Bank of America Merrill Lynch had the consumer goods maker's stock upgraded from “neutral” to "buy."
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