Premarket: Apple is red

apple premarket red 8-16-22From the Wall Street Journal’s "Stock Futures Edge Down Ahead of Retail Earnings" posted early Tuesday:

  • U.S. stock futures were little changed ahead of earnings from Walmart and Home Depot that are expected to provide some insight into the impact of inflation on corporate margins and consumer spending.
  • Oil prices extended their decline into a third trading session on concerns about global economic growth and potential higher supply if the Iran nuclear deal is revived. Global crude benchmark Brent fell 0.8% and traded at $94.39 a barrel.
  • The U.S. bond market continued to flash a recession signal, with the yield curve inverted. The 10-year bond yield was at 2.806%, while the 2-year yield reached 3.218%.

Charts: Yahoo!Finance sees a bullish triple-moving-average-crossover pattern. Max pain stays at $160 with the same call mountain and put peak at $145.

apple premarket red 8-16-22

4 Comments

  1. “China’s Sichuan province ordered all factories to shut down for six days to ease a power shortage in the region as a scorching heat wave sweeps across the country.” Just when we thought were getting over COVID-19 interruptions.

    1
    August 16, 2022
    • Bart Yee said:
      @Thomas Saw that too, could affect iPad production (as if previous chip supply and production constraints weren’t enough) at Compal and Foxconn plus disrupt lithium and other metals mining in the same region. Of course, Apple is not the only company or industry to be affected. But it does expose China’s relatively fragile and limited regional power grid.

      This is not dissimilar to the Texas power grid or refinery vulnerabilities during high demand or severe inclement weather with ripple effects across industries and consumer prices. Same may occur with shrinking Colorado River flows and water use for new Arizona chip fabs.

      1
      August 16, 2022

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