Premarket: Apple is red

From TheStreet’s “Dow Futures Slump As COVID Resurgence Hits Global Growth; Sour Reception For Intel, IBM Earnings” posted early Friday:

Wall Street futures retreated from record highs Friday, while the dollar held firm and oil prices slumped, as investors reacted to a series of grim readings of economic activity around the world triggered by rising coronavirus infections and stricter lockdowns.

Europe’s economy looks set for a double-dip recession following PMI data for the month of January that indicated overall activity slowed notably in the world’s biggest economic bloc as Germany, France and Italy imposed travel restrictions and business closures in order to tame the pandemic.

In the U.K., the benchmark PMI gauge slumped to 40.6 points — nearly 10 points below the mark that normally separates growth from contraction — while a similar reading from Japan showed a sharp slump in factory activity.

US readings will come at 9:45 am Eastern time, with existing home sales data for the month of December following fifteen minutes later, but traders are already using the PMI figures as a catalyst to pull some risk from the market following yesterday’s all-time highs…

Futures contracts tied to the Dow Jones Industrial Average suggest a 235 point opening bell slide, with those linked to the S&P 500 pricing in a 26 point retreat. The tech-focused Nasdaq is primed for a 75 point opening bell pullback.

My take: All-time highs have their downside.

2 Comments

  1. John Konopka said:
    AAPL up over $2 at 12:30PM PST. Just shy of a new all time high.

    0
    January 22, 2021
  2. Bart Yee said:
    We may have started down but Apple rallied to a new incremental all time closing high of 139.07, a gain of $2.20. Some say this is the typical run-up to earnings and another potential “buy the rumors, sell the news”. We will see as most agree the previous quarter was very good but eye and ears will be on what guidance Apple may offer.

    0
    January 22, 2021

Leave a Reply