Apple down after record high
Wall Street in interest rate stress again
06/05/2023, 10:50 p.m
The recent euphoria on the US stock exchanges about the end of the US debt drama has given way to normality again. Investors are also pulling back on Wall Street because of disappointing economic data. There will be tension as to whether the Fed will pause interest rates.
Because of the unclear outlook for US monetary policy, investors are reluctant to make further purchases on Wall Street. The US Standard Value Index Dow Jones closed 0.6 percent lower at 33,562 points in the evening. The tech-heavy one Nasdaq fell 0.1 percent to 13,229 points. The broad one S&P 500 lost 0.2 percent to 4273 points.
The individual values were the shares of Apple in focus, which ended trading down almost one percent. At the start of the WWDC developer conference, Apple titles had risen by up to 2.1 percent to a record high of $184.80. The stock market value of the electronics group thus approached the three trillion dollar mark. No company in the world is more valuable. Apple introduced its long-awaited smart glasses at the conference, the first new product category in nine years. The areas of application should include work, video conferencing, media consumption and games. The US group also presented new Mac models and software updates. The shares of intel fell 4.6 percent. Apple has switched from Intel processors to self-designed CPUs.
Marketers are also waiting for more economic data to deduce whether the US Federal Reserve will raise interest rates again at its meeting next week or take a break, said Thomas Hayes, manager at wealth manager Great Hill. “A three in front of the decimal point for inflation would give the Fed an argument not to raise interest rates any further.” If this trend continues, the key rate could remain flat through year-end.
Rising unemployment rate, many new jobs
The US inflation numbers for May will be released on June 13, one day ahead of the Fed meeting published. Analysts are expecting a slight month-on-month decline to 0.3 percent. The well-received US labor market data from Friday had not provided any clear impetus. A surprising number of new jobs were created outside of US agriculture in May. This allayed fears of a recession in the world’s largest economy. At the same time, the unemployment rate unexpectedly rose to 3.7 percent.
The titles of AMC, which rose by 1.8 percent. The strong debut weekend of the film “Spider Man: Across the Spider-Verse” gave the cinema chain a tailwind. In the US alone, the strip grossed a good 120 million dollars within a few days. This is more than expected and the best theatrical release of a Spider-Man film ever, praised analyst Eric Handler from the investment bank Roth.