Wall Street decline – Apple rise – E24

Wall Street decline – Apple rise – E24

The US interest rate and inflation numbers meeting is approaching. Apple shares are recovering after yesterday's AI news.

Published:

The status is updated throughout the trading day.

The US stock market has been declining since the beginning of Tuesday. Tech giant Apple is going against the grain, helping to push the Nasdaq technology index into a positive direction.

This is what the situation looks like on Wall Street 17.05 Tuesday:

  • The S&P 500 collective index fell 0.21%.
  • The Nasdaq technology index rose 0.12 percent
  • The Dow Jones fell 0.50 percent

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-We have two major events coming up mid-week: Wednesday's CPI numbers and the Fed's meeting on Wednesday evening. We're kind of waiting a little bit ahead of them,” says Zachary Hill, head of portfolio management at Horizon Investments. CNBC.

Apple is significantly higher

The week started with a weak rally on Wall Street yesterday, while Apple shares fell by about two percent after introducing new artificial intelligence features.

Apple's share is making up what it lost, and it did so on Tuesday, up 5.3 percent at the time of writing.

The price of $203.3 is much higher than it was at the beginning of the week, before the presentation at the company's developer conference.

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The tech giant yesterday launched new artificial intelligence functions for the iPhone and other Apple products that have been collectively named “Apple Intelligence.” It has also become clear that they have entered into a collaboration with OpenAI which means that ChatGPT will be integrated into the iPhone through Siri functionality.

Apple stock also performs better than other major technology companies, which are often either slightly higher or slightly lower.

Apple CEO Tim Cook during the opening of the company's developers conference yesterday.

The meeting of interest rates and inflation

Investors are awaiting tomorrow's interest rate decision in the United States. No interest rate cuts are expected this time, but the US central bank, the Federal Reserve, is issuing new forecasts for the economy and future interest rates.

Some of the tension lies in whether Fed members' interest rate forecasts, called dotplot, will show smaller rate cuts this year than the three Feds forecast in March. The two-day interest rate meeting begins today, while expectations and decision will be released on Wednesday evening.

“We expect Fed Chairman Jerome Powell and company to maintain a hold that potential rate cuts remain dependent on the committee seeing further progress in lowering price pressure,” Ameriprise's Anthony Saglimbini tells Bloomberg.

Dane Sikhoff, chief strategist at Nordea Markets, also told E24 over the weekend that “it will likely be difficult for Powell to say much new” when he holds a press conference after the interest rate decision.

There will also be May inflation numbers before Wall Street opens on Wednesday. US inflation has more or less stopped cooling since last fall, remaining at above 3%.

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May figures are expected to show inflation stabilizing at 3.4 percent, and core inflation falling slightly to 3.5 percent year-on-year.

Hanisi Anenih

Hanisi Anenih

"Web specialist. Lifelong zombie maven. Coffee ninja. Hipster-friendly analyst."

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