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 starts higher
On Tuesday, Wall Street managed to rally due to the fact that market participants neglected news that China is going to respond to another pack of American levies.
As a matter of fact, the S&P 500 added 0.34% being worth 2,898.68. The Dow jumped by 0.30% trading at 26,140.10, while the tech-heavy Nasdaq Composite gained 0.56% coming up with an outcome of 7,939.77.
China told that it would slap fresh levies on American products worth $60 billion. Apparently, the fresh duties are in response to American levies on Monday of 10% on about $200 billion in China’s products that will rally to 25% at the end of 2018.
Donald Trump wrote on Twitter that the US would immediately respond if China dared to affect US ranchers, farmers or industrial employees. Earlier he told that America would slap duties on another $267 billion of extra imports if China fought back. US leader generally dislikes the fact China has been take advantage of his country on trade for a long time.
Apple managed to decline by 0.13% after the US government spared a category of high-tech goods from levies that Apple employs for its AirPods and Watch.
Avon went up by 6.25% in the face of news that Brazil’s Natura Cosmeticos has approached the cosmetics firm about a takeover. Additionally, Amazon.com gained 0.87%. Tesla surged by 1.68%, while medical marijuana company Tilray added 12.75%.
In addition to this, Oracle went down by 2.91% right after its profit for cloud services turned out to be less than anticipated. Besides this, Chinese e-commerce company Alibaba lost 1.25%.
As for European equities, they generally stood still. The DAX added 0.01% in Germany. The CAC 40 rallied by 0.01% in France. Aside from that the FTSE 100 headed south by about 0.04% in the United Kingdom.
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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