Premarket: Apple is red

apple premarket red 7-5-22From the Wall Street Journal’s "Stock Futures Fall in Choppy Trading" posted early Tuesday:

U.S. stock futures fell in choppy trading, as investors assessed the possibility of U.S. officials easing tariffs on Chinese imports.

The U.S. stock market kicked off July trading on a positive noteFriday, but investors say they are bracing for more pain ahead this year. Traders continue to remain focused on stubborn inflation that has forced central banks around the world to aggressively tighten monetary policy. Economic data showing sharp declines in metrics ranging from factory output to retail spending have exacerbated concerns that the U.S. economy could tumble into a recession.

On Tuesday, however, investors were focused on reports that President Biden is expected to roll back some tariffs on Chinese imports as the administration seeks to rein in inflation—news that initially sent stock futures rising Tuesday morning. But futures gave up gains and turned negative as trading continued.

“The market is desperate for good news,” said Florian Ielpo, head of macro at Lombard Odier Investment Managers. But, he said, it has become increasingly difficult to offset investors’ growing fears about the outlook for the U.S. economy. Even with the possibility of a rollback of tariffs on the horizon, he said, investors are asking: “How is going to solve the two key issues we have, which is mounting recession fears and strong inflation?”

Charts: Yahoo!Finance sees a bearish double-price-crosses-moving-average pattern. Max pain opens the 4-day week at $136 with a call mountain at $140 and a put peak at $130.


  1. John Konopka said:
    Almost 1:00PM and AAPL is up over $2 with very light volume.

    July 5, 2022

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