Premarket: Apple is red

From TheStreet’s “Dow Futures Slide As Trump Renews China Pressure; Global Coronavirus Infections Top 5 Million” posted early Thursday:

Apple premarket red 5-21U.S. equity futures turned lower Thursday, although oil prices and improving economic data offered some downside support, amid a worrying increase in global coronavirus infections in developing economies and a fresh round of China criticism from President Donald Trump…

Trump’s most recent attack was followed by data from the World Health Organization, which indicated the biggest single-day increase — of 106,000 — in coronavirus infections since the outbreak was first identified earlier this year, as the pandemic begins to take hold in Africa and spreads deeper into South America.

Here in the U.S., weekly jobless claims, as well as data estimating economic activity around the mid-Atlantic region, which are due at 8:30 am Eastern time, could signal a similar ‘bottoming out’ of the coronavirus downturn, while retail earnings from Best Buy  (BBY) – Get Report and TJX Companies (TJX) – Get Report are also expected before the opening bell.

Contracts tied to the Dow Jones Industrial Average suggest a 165 point pullback, following yesterday’s solid 370 point rally, while those linked to the S&P 500, which is only down 8% for the year, are indicating a 21 point retreat.

My take: Apple is moving with the market.

One Comment

  1. Gregg Thurman said:
    Down, but still about $5 higher than required for the May 22 $310/$312.50 Call Spreads I bought on Tuesday at $1.90, to generate max profit.

    Had I a little more confidence the day prior, in this volatile period, I’d have bought the May 22 $307.50/$310 Call Spreads at $1.75.

    Oh, well, confidence takes time and history.

    May 21, 2020

Leave a Reply