From Investor’s Business Daily’s “Dow Jones Futures Whipsaw Higher After Trump Adviser Peter Navarro’s China Trade Deal Statements” posted early Tuesday:
Dow Jones futures rose early Tuesday, along with S&P 500 futures and Nasdaq futures, the White House clarified that the China trade deal is on. DJIA futures dived Monday eveningafter White House trade official Peter Navarro said the China trade deal is “over.” But DJIA futures erased losses in whipsaw action as Navarro said he wasn’t saying that the U.S. would break off the phase-one trade accord. President Donald Trump said the China deal is “fully intact.”…
The stock market rally had powered higher despite soaring new coronavirus cases in the U.S. and worldwide. Apple and AAPL stock were in focus Monday, as the Dow Jones tech giant kicked off its World Wide Developers event. As expected, Apple said it will move toward using in-house chips for its Mac computers, replacing Intel (INTC) processors.
My take: Neither COVID nor Navarro could hold Apple down.