Premarket: Apple is red. Update: Closes green.

apple premarket red 6-1From Barron’s “Global Stocks Rally After Trump Didn’t Escalate China Tensions as U.S. Futures Ease” posted early Monday:

U.S. stock futures slipped on Monday while most global markets advanced, with a report that China was pausing agricultural product purchases calling into question the apparent easing in tensions between the U.S. and China.

Stocks in Asia rallied in their first chance to react to President Donald Trump’s Friday news conference on China, in which he took no new steps to punish the world’s second-largest economy over its new national security law for Hong Kong.

Those gains came ahead of a Bloomberg News report saying soybean and pork products orders were canceled by state-run companies.

That news sent U.S. stock futures lower and moved European stocks off their highest levels of the day.

My take: Going every which way this morning.

UPDATE: Apple ended the day at $321.85, its highest closing price since Feb. 12.

apple premarket red 6/1/20From Business Insider’s “US stocks climb as economic-reopening hopes overshadow protests, China tensions” posted after the markets closed Monday:

US equities climbed on Monday as investors’ hopes for a swift economic rebound offset nationwide protests and escalating tensions between the US and China.

Major indexes initially slumped after Chinese government officials ordered companies to halt imports of US farm products. The purchases were a key component in the two countries’ phase-one trade deal. The import pause fueled new worries that the economic powers could resume their tit-for-tat trade conflict after a months-long hiatus.

Stocks turned positive later in the morning as investors continued to bet on a smooth reopening. US manufacturing data from the Institute of Supply Management showed the industry stabilizing after a four-month plunge.

apple premarket red 6-1

Click to enlarge.

4 Comments

  1. Jerry Doyle said:
    The markets are due for a pullback. If we do not get it soon, then we are setting ourselves up for a steeper pullback later. Name me one positive economic factor that is keeping the markets levitating beyond the FED’s backstop. It can’t be the reopening of the states’ economies because they all are struggling to do so, and the urban riots now are denting that process more. It can’t be the relationship with the second largest economy as tensions with China continue to ramp-up. The pandemic still is a paramount issue and no vaccine in sight and not expected to be in sight until next year. It has to be the Central Banks of the world resolve to unleash huge amounts of liquidity, but for how long?

    There is one positive for Apple. The pandemic has accelerated the shift toward digital and working from home in the developed economies of the world. More CEOs are voicing this fact. This should be a plus for Apple as we learned during the imposed quarantine.

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    June 1, 2020

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