Premarket: Apple is red

apple premarket red 7-16-21From the Wall Street Journal’s “Stock Futures Tick Up Ahead of Retail Sales Data” posted Friday morning:

U.S. stock futures edged up ahead of retail sales data that are expected to provide fresh insight into the strength of the American consumer.

Futures tied to the S&P 500 added 0.2%, with the broad-market index on track for its worst weekly performance in a month. Nasdaq-100 futures also advanced 0.2%, pointing to muted gains in technology stocks after the opening bell.

Shares of Intel rose 0.6% in after hours trading when The Wall Street Journal reported that the semiconductor giant was exploring a deal to acquire chip maker GlobalFoundries for around $30 billion.

U.S.-listed Chinese ride-hailing firm Didi Global tumbled 7% in premarket trading after state security and police officials were sent to the company’s offices Friday as part of a cybersecurity investigation…

Stocks traded choppily this week as investors digested a higher-than-expected inflation reading Tuesday. This was followed by Federal Reserve Chairman Jerome Powell seeking to reassure markets that the central bank sees the rise in prices as uncomfortable but transitory and isn’t in a hurry to adjust its supportive policies.

“The Fed is still being pretty patient, Powell has made it clear that they will remain pretty accommodative for some time,” said Salman Baig, a multiasset investment manager at Unigestion. “That’s a relatively good environment for risk taking—good growth, bond yields being relatively stable, investors will be OK with taking on more risk.”

My take: Red without much conviction.

2 Comments

  1. Gregg Thurman said:
    AAPL is down until it goes up.
    AAPL is up until it goes down.

    Ordinarily when AAPL I’d down in the pre-market it stays down, and vice versa. But for the past several weeks AAPL has vacillated from down to up and back again, and vice versa. Getting up early (it’s 4 AM on the west coast at the moment) to check on pre-market activity has become a waste of time. The damning thing about it is breaking a multi-decade habit.

    0
    July 16, 2021
  2. Bart Yee said:
    So will there be Max Pain-inspired directed effort to keep AAPL below $150 through the close? Will there be a breakout or dump during the day? And will volume remain above average? Could Apple be buying back here in accordance with its preplanned purchasing for July??

    Stay tuned to this bat-channel!!

    PS: AAPL has turned green in premarket as of 8:43am EDT.

    1
    July 16, 2021

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