US stocks looked like they were going to finish on a high note, but the morning bounce was short-lived as selling pressure returned. Wall Street was grasping for reasons to be optimistic. Many traders’ minds were not on trading as America remembers the September 11 attacks. The 20th anniversary falls on Saturday, which will be filled with prayers, ceremonies, and solemn gestures around the world.
The S&P 500 index initially rallied on optimism Wall Street could see some constructive steps amongst the world’s two largest economies after Chinese President Xi and US President Biden spoke for the first time since February. Chinese tech stocks benefited the most as investors viewed dialogue between the two presidents as supportive for the global economic recovery and possibly some calm over the recent string of crackdowns from Beijing.
Apple
The focus quickly shifted from Biden/Xi to Apple’s defeat against Fortnite creator, Epic Games’ antitrust lawsuit. US District Judge Yvonne Gonzalez Rogers ruled that Apple has engaged in anticompetitive conduct that hurts consumers. The ruling was not a complete loss for Apple as the court did not find them as an antitrust monopolist in the submarket for mobile gaming transactions.
If this is the beginning of further lawsuits for Apple, this could unravel some investors, as Apple’s margins seem at risk. Despite the potential hit to Apple’s service revenues, investors will likely salivate if share prices produce a decent pullback.
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Ed Moya
His particular expertise lies across a wide range of asset classes including FX, commodities, fixed income, stocks and cryptocurrencies.
Over the course of his career, Ed has worked with some of the leading forex brokerages, research teams and news departments on Wall Street including Global Forex Trading, FX Solutions and Trading Advantage. Prior to OANDA he worked with TradeTheNews.com, where he provided market analysis on economic data and corporate news.
Based in New York, Ed is a regular guest on several major financial television networks including CNBC, Bloomberg TV, Yahoo! Finance Live, Fox Business, cheddar news, and CoinDesk TV. His views are trusted by the world’s most respected global newswires including Reuters, Bloomberg and the Associated Press, and he is regularly quoted in leading publications such as MSN, MarketWatch, Forbes, Seeking Alpha, The New York Times and The Wall Street Journal.
Ed holds a BA in Economics from Rutgers University.
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