Premarket: Apple is red

From CNBC's "Dow futures fall more than 150 points fall as Treasury yields tick higher" posted early Thursday:

U.S. stock futures dipped Thursday, as a massive rally to start the month eased, with rates ticking higher once again...

Wall Street started the week on a high note, with the S&P 500 staging its biggest two-day rally since 2020. Stocks fought to keep the winning streak going Wednesday but ultimately fell short. The Dow closed about 42 points lower, or 0.14%. The S&P 500 and the Nasdaq Composite slid 0.20% and 0.25%, respectively.

“Few are convinced that the recent move is more than a bear market rally, with skepticism over the durability,” said Mark Hackett, chief of investment research at Nationwide. “Confidence remains weak, ranging from CEOs, small businesses, consumers, and investors. Universal pessimism is bullish from a contrarian perspective, though timing of the pendulum swing is difficult to predict.”

Charts: Yahoo!Finance sees a neutral gap up pattern. Max pain moves up $1 to $145 with a call mountain at $142.50 (down $7.50) and a put peak at $140 (up $5).

3 Comments

  1. Michael Goldfeder said:
    @Joseph: The current rumor is that as a result of the move by OPEC, the administration is seeking to ease restrictions on Venezuela to allow them to pump some oil. Not certain if they can even pump any oil given that their only supermarket in the country was the zoo in Caracas. They haven’t restocked for years. The “Free World” is truly quite an interesting place and changes are contemplated rather quickly.

    Not certain if Apple sells anything in Venezuela, but with their economy in shambles my guess is that they don’t much there, if at all.

    1
    October 6, 2022
    • Bart Yee said:
      Last I had heard, much of the oil pumping and refining infrastructure in Venezuela was in a shambles because of brain drain as workers fled the country with the political and economic turmoil of the last 3-5 years. Not sure Maduro and his government can recruit or pay any oil workers domestic or foreign to do maintenance and run the facilities from field to pumps to pipelines to export ports.

      Sad really because the people of Venezuela deserve so much more than a starving, mismanaged industrial or oil based economy that can’t even care for its own citizens at a basic level. That government has no clue how to run itself, understand basic economics, or set aside ideology for domestic revenue.

      Personally, if they are part of OPEC+, they sure aren’t reaping any benefits from it unless the President, ahem, government is being paid under the table to keep production at minimal levels.

      1
      October 6, 2022

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