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Wednesday, April 17, 2024
HomeLatest NewsApple drops 1.71% on Wall Street after presenting the new iPhone 15

Apple drops 1.71% on Wall Street after presenting the new iPhone 15

Date: April 17, 2024 Time: 20:47:29

All the market focuses were pointing towards Apple and the presentation of its new products. The American giant has presented the long-awaited iPhone 15 to the world at its annual marketing event. In this quote, the company has confirmed that it will increase the prices of its high-end iPhone for the first time since the model’s introduction, which will likely raise the average price paid for an iPhone above $1,000 for the first time. After this, the firm’s shares have fallen 1.71% on Wall Street.

“Welcome to my annual day of being seduced into buying a new iPhone that I don’t really need but desperately want,” said Jim Reid, a strategist at Deutsche Bank. “Apple launches its new suite of products today, which could actually be a macroeconomic factor,” he says in a statement reported by Bloomberg.

“There are certainly questions about a slowdown in its upgrade cycle, as after the transition to 5G and high-resolution cameras, a growing number of consumers are not motivated to replace their phones for incremental improvements in processing speed. , battery life, even better cameras, etc.,” according to Louis Navellier, president and founder of Navellier & Associates.

Beyond Apple, investors are also eagerly awaiting the widely anticipated August inflation reading from the Consumer Price Index, which will be released on Wednesday. Most of the 11 sectors in the S&P 500 index traded lower on Tuesday, with information technology recording the biggest drop, about 1.8%.

A “good” CPI report would show that core inflation, which excludes energy and food prices, rose 0.2% or less in August, according to Essaye. Economists surveyed by the Wall Street Journal forecast that the core CPI rose 0.2% last month and 4.3% year over year. Core inflation had risen 4.7% in the 12 months through July, according to the consumer price index.

Full of falls over the park

At the close of trading on the New York Stock Exchange, its main index, the Dow Jones, closed practically flat after losing a slight 0.05%. For its part, the selective S&P 500 falls further to 0.57% and the technological Nasdaq takes the worst part after losing 1.11%.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.
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