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 jumps on US-China trade upbeat mood
On Friday, Wall Street's key indexes were braced for reporting their biggest weekly profits for a month because traders were quite optimistic about the everlasting trade negotiations to tackle a bruising tariff clash between China and America.
Donald Trump told that negotiations with China are going well and his country is very close to making a good deal with the Asian partner. Next week, talks between the world’s two leading economies will resume in the USA.
Expectations for a trade pact ahead of a March 1 deadline has assisted the trade-sensitive industrials to earn about 17% this year, thus making it the best S&P sector in terms of performance.
The group went up by 1.13% backed by bellwethers Boeing Co as well as Caterpillar Inc.
The markets generally neglected US leader declaring a national emergency in an attempt to finance his announced wall at the US-Mexico border without congressional approval.
Notwithstanding the threat of a national emergency, all 11 key S&P sectors managed to ascend, with financials soaring by 1.89%, becoming the top-notch performer.
The banking sector ascended by 2.62% backed by key American lenders. As a matter of fact, Wells Fargo, Bank of America Corp, and JPMorgan Chase & Co tacked on 1.7%-3% right after Warren Buffett's Berkshire Hathaway ramped up its stake in the companies.
ET the Dow Jones Industrial Average headed north by 1.36% being worth 25,785.36. As for the S&P 500, it jumped by 0.82% hitting 2,768.25, while the Nasdaq Composite rallied by 0.38% reaching 7,455.49.
The S&P jumped over 10%, powered by a dovish Federal Reserve, progress on trade as well as a mostly positive fourth-quarter earnings reports.
Nvidia Corp headed north by 2.5%, while Newell Brands Inc lost 20.4%.
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 Bureau of Economic Analysis will publish Core Personal Consumption Expenditures (PCE) on May 27 at 15:30 GMT+3.
The United States will publish the Preliminary GDP on Thursday, May 26, at 15:30 GMT+3.
The Reserve Bank of New Zealand will publish a monetary policy report and make an update on the interest rate on May 25, at 05:00 GMT+3.