Premarket: Apple is green

From Business Insider’s “Global stocks and cryptocurrencies rally after the Fed provides clarity on tapering, while Evergrande fears subside for now” posted early Thursday:

Asian stocks advanced overnight as worries receded about risks to the wider financial system from an Evergrande debt default. China’s CSI 300 index of Shanghai and Shenzhen-listed stocks rose 0.65%, while Hong Kong’s Hang Sengclimbed…

Stocks climbed after the US Federal Reserve, the world’s most powerful central bank, on Wednesday heavily suggested that it would start cutting back on its bond purchases from November, and finish the job by the middle of 2022. Some Fed policymakers also said they’d like to see interest rates start rising as soon as next year.

Analysts said markets were reassured that Fed Chair Jerome Powell left the door open to maintaining stimulus if the US economy needs it, and by his cautious approach to movement on interest rates.

Jim O’Sullivan, chief US macro strategist at TD Securities, said Powell gave an “unambiguous” signal that the Fed would start tapering bond purchases in November. O’Sullivan said he doesn’t expect it to start hiking interest rates until 2023.

My take: Apple’s bump comes as much from macroeconomic forces as any iPhone preorder numbers.

APOLOGY: A backup Mac came back to life overnight and began republishing the day’s blogs. Sorry for wasting even a few seconds of your time.

4 Comments

  1. Jerry Doyle said:
    Heads-up! Supply chain issue? Am suppose to receive my new iPhone 13 Pro model Friday, September 24. However, when I click on my order number it says the phone remains in status: “preparing to ship.” The route always is from Shenzhen to Anchorage and then on down to the lower 48 distribution centers. My phone has been in this status for several days. There is little chance the phone is going to arrive Friday based on my experience. Are others of you seeing similar interruptions in your delivery dates? If so, then supply chain issues may be affecting timely deliveries of ordered phones.

    0
    September 23, 2021
    • Jerry Doyle said:
      Heads-up! Phone on its way. Just received the below notice. UPS, not FedX. Memphis is FedX distribution center for SE

      09/23/2021
      8:10 A.M. On the Way
      Louisville, KY, United States
      09/18/2021
      5:15 P.M. Shipped
      ZhengZhou, China
      09/18/2021
      1:49 P.M. Label Created
      China

      1
      September 23, 2021
  2. Jerry Doyle said:
    Apple is up +1.48 (1.01%) as I write to $147.33.

    “…. My take: Apple’s bump comes as much from macroeconomic forces than any iPhone preorder numbers.”

    Agree with PED’s observation. Then again, Apple is a “global” powerhouse company. Will be interesting to observe the traditional political party stand-off domestically in the US over extending the national debt ceiling. Has to be done by midnight September 30, or nonessential federal employees told to stay home. A paid vacation, not at the employees’ desire, of course. Federal workers rather have continuity in their work lives. Think though, of the stupidity of our politicians. They will let that complete disruption occur sending havoc through the nation knowing that eventually they must extend the debt ceiling and will do so. But not before they allow the chaos to happen. Fortunately, this domestic issue will have little to no adverse effect on Apple stock price. To my knowledge it never has in the past shutdowns.

    1
    September 23, 2021

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