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US stocks rose in early trading as falling oil prices and funds flowed into technology stocks. However, Apple was dragged down by financial forecasts and cost pressures, and the Dow Jones fell. The market is also focused on the US midterm elections.
As falling oil prices relieved some of the pressure on the market, investors poured money into technology stocks that had recently been under pressure. In early trading on the third day, the S&P 500 index rose 0.3%, the Nasdaq Composite index rose 0.8%, the fee halving rose 3.5%, and TSMC ADRs climbed 2.2%.Dow Jones The industrial index was dragged down by component Apple, with a decline of 255 points or 0.5%.
Apple shares fell 2.6%. The company had previously forecast that gross profit margins would decline this quarter, service revenue growth would slow, and iPad sales last quarter also fell short of market expectations.
apple ceoturner WARNING: The current memory chip market situation is “unprecedented” and quotations have increased to “unprecedented” levels. Memory prices are expected to rise this quarter and continue to rise next year, further increasing Apple’s costs.
Palantir, a major American AI software service company, announced on the 3rd that its last quarter’s revenue and full-year financial forecast were both impressive. CEO Alex Karp described the performance as explosive growth, but performance fell short of market expectations. share price fellUS stocks It fell by more than 4% in early trade.
Among other stocks, Tesla fell 0.5%, Huida rose 3%, Intel rose 3.8%, and Micron rose 4%. Disney, which earlier said it may lay off thousands of workers, fell 0.9%.
Investors are focusing their attention on the US midterm elections to be held on the 3rd. Forecast market traders believe the Democratic Party has about a 75% chance of taking control of the Senate.
Ryan Detrick, chief market strategist at Carson Group, said once the election is over, the market may calm down. “There is some anxiety in the market ahead of the elections. Once it is over, there will be relief and the market will generally perform well.”
Summary FAQ
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The main reason is that the decline in oil prices has eased the market pressure, and funds have been transferred to technology and chip stocks that were under pressure recently, leading to a rise in the S&P 500, Nasdaq and the Fed; However, Apple’s weakness has dragged the Dow Jones down, causing a clear divergence.
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Apple fell 2.6% this quarter on the back of an estimated decline in gross profit margin, slower services revenue growth and lower-than-expected iPad sales. The company also warned that memory chip prices will continue to rise, which could lead to further cost reductions.
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The chip group performed best, with Huida up 3%, Intel up 3.8%, Micron up 4% and TSMC ADR up 2.2%. Although Palantir’s financial forecast was bright, it fell short of market expectations and fell more than 4%. Disney also fell due to layoff rumors.
