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.
Wall Street is braced for flat start
On Monday, American stock index futures stood still, having reached a closing maximum in the previous trading session due to the fact that market participants awaited a fresh pack of earnings reports and sentiment was backed by positive consumer spending data.
According to a Commerce Department report, in March, domestic consumer spending ascended by the most for over 9-1/2 years, although price pressures were still muted.
Without energy and food, the core personal consumption expenditures price index was intact, sticking with 0.1% last month.
The Federal Open Market Committee is going to uncover its interest rate verdict at the end of a two-day gathering, which will start on Tuesday.
Moreover, up to 160 S&P 500 businesses, including Apple and Alphabet are expected to post their quarterly outcomes.
Experts currently expect gains of S&P 500 companies to slump by 0.3%, which appears to be an abrupt improvement from a 2% dive estimated at the beginning of April.
As trade negotiations enter their last leg, American negotiators make their way to China on Tuesday to negotiate details to conclude the protracted tariff clash between the two leading economies.
Expectations for a trade resolution as well as a dovish Fed stance has sparked a soar in shares from a dive late last year, bringing the S&P 500 index 0.04% down of its all-time maximum of 2,940.91 points reached in September.
ET, Dow e-minis rallied by 0.03%. Additionally, S&P 500 e-minis were intact, while Nasdaq 100 e-minis tumbled by 0.02%.
Among shares, Walt Disney managed to ascend by 1.5%.
Besides this, Boeing slumped by 0.9%, while Alphabet Inc ascended by 0.2%.
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.