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 stand still on trade clashes
On Monday, American equities were nearly intact because market participants closely watched an intensifying trade conflict between China and America as well as a mixed pack of corporate outcomes.
China proposed a bunch of differentiated duties on $60 billion worth of American products the previous week, thus responding to the current US presidential administration's plans of 25% duties on $200 billion worth of China’s products.
On Monday, China’s state media launched a powerful attack on US leader’s outrageous trade policies, telling that his trade stance wouldn’t work with the world’s number two economy.
The months-long clash has affected financial markets throughout the world, although the American markets have been mostly underpinned by a firm profits season so far.
As a matter of fact, Berkshire Hathaway Inc tacked on by 3.6% right after the Warren Buffett-led conglomerate posted a 67% leap in its quarterly operating revenue.
Newell Brands went down by 7% after the Sharpie pen manufacture posted quarterly sales below investors’ forecasts on Monday and downgraded its full-year estimate.
The Dow Jones Industrial Average headed south by 0.22% hitting 25,406.6. As for the S&P 500, it managed to tack on by 0.02% being worth 2,841.04. Additionally, the Nasdaq Composite rallied by 0.06% hitting 7,816.86.
Besides this, 6 of the 11 key S&P sectors slumped, led by a 0.4% sink in the S&P materials index.
Additionally, Praxair slumped by 5.2% following its $86 billion merger with Germany’s industrial gases group Linde generated mistrust by more demands from American antitrust watchdogs.
Intel turned out to be the biggest drag on the key indexes, losing 1.8% after Barclays had the stock downgraded to “equal weight.”
PepsiCo tacked on by 1.3%.
The S&P index demonstrated 11 fresh 52-week maximums and no fresh minimums. As for the Nasdaq, it came up with 30 new minimums and 35 fresh maximums.
Richard Branson offloaded nearly 10 million shares, which equals about 4% of the Virgin Galactic stock, leaving him with an 18% stake.
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