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 lower start on trade jitters
On Tuesday, Wall Street was braced for starting lower because renewed fears over a prolonged trade conflict China and America put pressure on investor sentiment.
China’s Vice Premier Liu He is going to visit America this week for trade negotiations, Beijing informed on Tuesday, thus playing down an expected escalation in tensions after American leader vowed to slap new levies.
On Sunday, American President told that the higher levies would come into effect on Friday if his country fails to make a deal with China that provoked a global sell-off in stocks and sparked worries of a deceleration in global surge.
As a matter of fact, tariff-sensitive Boeing Co headed south by about 1.2%, while CaterpillarInc inched down by 1.1%. Additionally, Boeing stocks were also suppressed by the news that Barclays was downgraded to "equal weight".
Trade tensions also sent crude prices down and stopped a recent leap that powered the S&P 500 as well as the Nasdaq to record maximums. Apparently, the benchmark index is about 1% away from its all-time maximum of 2,954.13.
Contributing to the downbeat sentiment, the European Commission told Italy's enormous debt is anticipated to keep soaring in 2019 and also next year as the country's surge is still sluggish.
ET, Dow e-minis slumped by 0.6%. As for S&P 500 e-minis, they decreased by 0.65%, while Nasdaq 100 e-minis headed south by 0.79%.
Besides this, crude majors Exxon Mobil Corp inched down by 0.5%, while Chevron Corp headed south by 0.3%.
American International Group Inc headed north by 4.8% after the insurer posted a quarterly gain that blew past hopes and also reported its first underwriting revenue since the financial downtime.
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 dollar is heading to close the seventh day in the red as it remains under selling pressure. The US data at 15:30 GMT+3 (jobless claims and Philly Fed Manufacturing Index) may support the greenback if it's strong.
Canada will publish the Retail Sales and Core Retail Sales on October 22, at 15:30 MT time (GMT+3).
The United States will release the weekly Unemployment Claims on October 21, at 15:30 MT time (GMT+3).