Premarket: Apple is red

apple premarket red 8-17-21From Business Insider's "Global stocks pull back as wary investors monitor the spread of COVID-19 and unrest in Afghanistan" posted early Friday:

Global stocks traded lower on Tuesday as investors weighed the impact of the fast-spreading Delta variant, China's escalating regulatory crackdown, and the crisis in Afghanistan.

Excluding Apple, mega-cap tech stocks were among the biggest losers Monday, with the FANG+ index down almost 3% at one point. Tesla shares saw the biggest decline, falling nearly 5% after the US opened an investigation into the electric car-maker's autopilot system.

Weaker-than-expected Chinese economic data has contributed to the downbeat tone in markets, as has the persistent spread of the Delta coronavirus variant. Eight consecutive weeks of rising COVID-19 cases has raised the risk of a deterioration in economic outlook, Deutsche Bank strategists said...

Boston Fed President Eric Rosengren added fuel to the debate over when the Federal Reserve will begin tapering late Monday, when he said that continued job gains could give the central bank reason to cut its monthly asset purchases.

"If we get another strong labor market report, I think that I would be supportive of announcing in September that we are ready to start the taper program," the Fed policymaker told CNBC.

My take: Note the Apple reference in the second paragraph.

See also: Apple soars to all-time high close of $151.12

4 Comments

  1. FAANG is rapidly becoming toothless as way of referring to big tech. Again Apple bucked the trend, Dan Ives gave a fine summary of the reasons while facing that goofball on CNBC Squawk Box. Services, 5G, ecosystem stickiness and a massive upgrade cycle.
    I’ve been paying attention to people around me and see many iPhone 6 & 7 devices still in-use, by people who can afford an upgrade. Plus they’re asking me for help with a slow app or freeing up space, knowing I recently worked for Ma Bell as a tech for almost 6 years.

    1
    August 17, 2021
  2. Gregg Thurman said:
    9:42 AM EST AAPL just went green. It’s trajectory since the Open has been sharply upward.

    0
    August 17, 2021
    • Bart Yee said:
      It’s gonna be a see-saw day, the general downdraft of the market vs the buoyancy of AAPL. So far minor ups and downs to the tune of <0.20% while my tracking portfolio is decidedly down 0.5% or more. The Afghanistan situation IMO has cast a pall and distraction to the market for now and it is a humanitarian nightmare. And as the newscycle turns, in a week we will get the first Apple Product invites and attention will shift back to domestic issues within 10-14 days, especially if Covid numbers do not begin to flatten.

      0
      August 17, 2021
    • John Konopka said:
      Apple closed down a bit today but it did close above $150. Is that the new floor?

      1
      August 17, 2021

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