Premarket: Apple is green

From CNBC's "Stock futures rise as Wall Street awaits Fed Chair Powell’s speech" posted early Wednesday:

Stock futures rose Wednesday as Wall Street awaits a speech from Federal Reserve Chair Jerome Powell...

Powell will give a speech at the Brookings Institution that may give insight into the central bank’s thinking on future increases. The Fed is slated to meet next week and is largely expected to deliver a smaller 0.5 percentage point rate hike after four consecutive 0.75 percentage point increases to tame high inflation. A pause in rate hikes, or a pivot would likely send markets higher.

“This is a Fed-made recession, so eventually when he does pivot, the market should move higher pretty quickly,” said Steve Grasso, CEO of Grasso Global, on CNBC’s “Fast Money.”

Charts: Yahoo!Finance sees a bearish Intermediate-term KST pattern. Max pain moves to $145 (down $2) with a call mountain at $150 (down $5) and a put peak at $135 (down $10).

10 Comments

  1. Robert Paul Leitao said:
    Apple is slightly higher in early trading as the city of Zhengzhou has lifted its recent Covid restrictions. The lifting of restrictions will allow Foxconn’s iPhone assembly facility to return to more normal production levels. At this time the shares are trading higher on the day by $.56 at $141.73. Please see the latest posts on the Apple 3.0 blog as coverage of Apple’s iPhone supply challenges continues. The market is awaiting comments today from Fed Chairman Jerome Powell at the Brookings Institution.

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    November 30, 2022
    • Robert Paul Leitao said:
      At midday in New York, Apple is treading close to its price at the opening bell, trading now at 141.54, up $.37. Please see coverage on the Apple 3.0 blog of the easing of Covid restrictions in Zhenghou which is home to Foxconn’s massive iPhone production facility. It’s good news for Apple.

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      November 30, 2022
      • Robert Paul Leitao said:
        In the final hour of trading Apple is higher by nearly 4% in response to comments from Jerome Powell the Fed may begin to reduce the size of fed funds rate increases beginning at the upcoming FOMC meeting in December. While a reduction is the size of increases in the fed funds rate from the recent 75-basis point moves has been widely expected, the market is responding positively to the Fed chair’s comments. Leading the DJIA higher at the moment is Microsoft, up over 4.5% on the news.

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        November 30, 2022
        • Robert Paul Leitao said:
          At the closing bell for today’s trading as well as the final day of trading for the month of November, the NASDAQ Composite finished up 4.41% followed by the S&P 500 closing higher by 3.09% and with the DJIA advancing by 2.18%. On the leaderboard for the DJIA were Microsoft up 6.16%, Salesforce higher by 5.65% and Apple, which outpaced the rise in all three major indexes, pushing higher by 4.86%. Obviously the remarks of Jerome Powell on the size of future interest rate increases were received well by the market. Apple finished the day and the month at $148.03.

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          November 30, 2022
  2. Bart Yee said:
    Lowell’s speech at Brookings strongly suggests rate increases will moderate to 0.5% in December.:

    From Yahoo! Finance:
    “ Federal Reserve Chair Jerome Powell set the table for a 50-basis point rate hike at the Fed’s December policy meeting, saying in a speech on Wednesday it makes sense to “moderate” rate hikes as the Fed approaches its estimated peak in benchmark interest rates.

    “It makes sense to moderate the pace of our rate increases as we approach the level of restraint that will be sufficient to bring inflation down,” Powell said in a speech at the Brookings Institution in Washington. “The time for moderating the pace of rate increases may come as soon as the December meeting.”

    Powell added: “The full effects of our rapid tightening so far are yet to be felt.” “

    finance dot yahoo dot com /news/powell-december-signals-50-basis-points-183019709.html

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    November 30, 2022
    • Bart Yee said:
      And AAPL, predictably flat till the speech, jumped to as high as +$2.34 and fluctuating there for now. We’ll see if lockdown lifting, plus Fed comments, and maybe improving news on Foxconn factory ramp back up will becomes some light tailwinds.

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      November 30, 2022

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