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 intact
On Tuesday, American shares struggled for direction because a lack of fresh prompts on US-China trade talks tamed investor appetite notwithstanding positive profit estimates from retailers.
US Secretary of State Mike Pompeo told that American leader is going to reject any deal, which wasn’t good enough and added that his country will proceed with its work on a trade agreement.
This year the S&P 500 has tacked on by nearly 11% and it’s currently nearly 5% away from its September 20 record closing maximum, backed by a dovish stance from the major US financial institution and on expectations that China and America would soon come up with a long-awaited trade solution.
Target Corp went up by about 4.93%, Kohl's Corp surged by 7.01% right after the retailers predicted annual earnings above expectations.
Their positive outcomes pushed the consumer discretionary 0.27% up, which turns out to be the most impressive outcome among S&P sectors. As for the retailing index, it headed north by 0.33%.
Besides this, ET the Dow Jones Industrial Average slumped by 0.01% concluding the trading session 25,817.32. As for the S&P 500, it decreased by 0.09% showing 2,790.37. Additionally, the Nasdaq Composite rallied by 0.04% showing 7,580.24.
Experts actually expect first-quarter earnings to head south by 1.3% year-over-year, in contrast with previous hopes for 5.3% leap in the beginning of the year. It’s going to be the first dive in quarterly earnings surge since 2016.
Seven of the eleven key S&P sectors headed south, with the financial sector's 0.52% dived becoming the top loser.
The sector was suppressed by losses in Wall Street's big financial institutions, with Wells Fargo diving by 0.9% and Citigroup Inc losing by 1.6%.
Meanwhile, Align Technology slumped by 5.97%.
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.
As Europe moves into recession, next week may provide us with some amazing trading opportunities. Here they are!
Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.