What is pulling the stocks down?

What is pulling the stocks down?

The earnings season has come to an end, but that does not stop the news, which moves the stock market. Indeed, coronavirus fears continue to determine the risk sentiment in the markets. The outcome of the quarantine measures is already visible from the recent researches and the fresh announcement by Apple. Below we outlined the main disappointments for the stock market right now.

Disappointment number one: Apple

The big news from Apple seemed to affect everything. The European stock market fell lower with the gap down of DAX 30, the S&P 500 is targeting the levels on the downside, too. The safe-haven currency pairs got stronger and the oil prices fell.  The risk trading is held on the pause and soon we will see how the American stocks reacted to that report as well. What is so special about the revenue update by Apple that drives the markets crazy? Of course, it is the figures. Before the outbreak of coronavirus, Apple set the target revenue in the range between $63 billion and $67 billion. Now, according to the guidance by the gadget producer, the company does not expect to meet its revenue target due to the slowdown and lower smartphone demand. The thing is, Apple has great exposure to the Chinese market and has production facilities there. That is why it is not a surprise that the long-lasting Chinese New year “holidays” affect the company’s performance. At the same time, the sales outside China have been quite strong, according to the report.

After the American market’s opening, the stock of Apple gapped down to the $309 support but immediately regained strength towards the $325 level.

APPLEDaily.png

Disappointment number two: Walmart

The US retail corporation showed weaker earnings data this quarter. EPS missed estimates with $1.38 (vs. the expected $1.43) and the revenue also disappointed the markets with $141.67 billion (vs. $142.4 billion forecast).

At the moment, on the daily chart of Walmart, the key levels for bears lie at $117 and $115.7, while the upside momentum may be limited by the $119.4 and $120.7 levels.

WALMARTDaily.png

Disappointment number three: General Motors

The company is reportedly leaving the markets of Australia, New Zealand, and Thailand in order to focus on more productive markets. Among GM’s plans is the selling of the Rayong factory in Thailand and withdraw the Chevrolet brand from there by the end of 2021.

The price of GM opened much lower on the daily chart but managed to recover towards the $35 level.

GMDaily.png

TRADE NOW

Similar

Latest news

Deposit with your local payment systems

Learn more

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in 00:30:00

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera