Premarket: Market is red, Apple was green, now red

apple premarket green 6-30From TheStreet’s “Dow Futures Slip Lower, Capping Strongest Quarter Since 2009” posted early Tuesday:

U.S. equity futures slipped lower Tuesday, following on from a mixed session for global stocks on the final trading day of the second quarter, with markets still concerned that a near-term recovery could be put at risk by the recent surge in coronavirus infections around the world.

Federal Reserve Chairman Jerome Powell is likely to focus on both of those issues during testimony later today to the House Financial Services Committee, during which he and Treasury Secretary Steven Mnuchin will take questions on the efficacy of spending and rescue plans that have seen more than $3 trillion pumped into the world’s biggest economy.

Contracts tied to the Dow Jones Industrial Average, which is sitting on a quarter-to-date gain of 16.8%, are priced for a 122 point opening bell decline while those linked to the S&P 500, which has gained more than 18% over the April to June period, are pricing in a 7.5 point pullback.

The Nasdaq Composite, a standout second quarter performer with a gain of 28.2%, is set to gain 15 points at the start of trading.

My take: Apple is up 33% since April Fools Day.

apple premarket green 6-30UPDATE: By 7:20 a.m. Apple had followed the broader market and turned red.

3 Comments

  1. Kirk DeBernardi said:
    Wisdom of the battle-worn, Sacto Joe. I raise my glass.

    1
    June 30, 2020

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