3 months ago
23
Apple’s stock soared by 7.3 per cent, pushing the Nasdaq and S&P 500 to record highs. The surge followed the unveiling of new AI features at Apple’s WWDC a day before. The S&P 500 rose 0.3 per cent, while the Nasdaq Composite Index gained 0.9 per cent. Investors also await crucial consumer price data and a Federal Reserve policy announcement read more
 "Apple shares propel Nasdaq, S&P 500 to record highs, but Dow Jones dips")
Apple shares rose 7.3 per cent, pushing the Nasdaq and S&P 500 indices to record highs. File image
The US stock market recorded a mixed close on Tuesday, albeit with the Nasdaq and S&P 500 rallying to fresh records, driven by Apple shares.
The S&P 500 finished at an all-time high, rising 0.3 per cent to 5,375.32, while the Dow Jones Industrial Average dipped 0.3 per cent to 38,747.42. The tech-heavy Nasdaq Composite Index closed at 17,343.55, up 0.9 per cent, marking a second consecutive record close.
The S&P 500 technology index experienced a significant surge.
Momentum stocks
Apple shares soared to a record, providing the largest boost to both the S&P 500 and Nasdaq after declining in the previous session. The iPhone manufacturer’s stock surged by 7.3 per cent a day after its Worldwide Developers Conference (WWDC) concluded.
At the annual developer event, Apple had unveiled new artificial intelligence (AI) features designed to enhance its devices’ appeal, including an improved Siri virtual assistant capable of answering a broader range of queries and performing more complex tasks than before.
Elsewhere on Tuesday, General Motors’ shares rose 1.3 per cent after the automaker announced that its board approved a $6 billion stock buyback. Calavo Growers stocks jumped 8.2 per cent after the avocado grower’s latest quarterly report exceeded analysts’ forecasts.
Banks weighed Wall Street down heavily. Fifth Third Bancorp fell 1 per cent after lowering its revenue growth forecast. JPMorgan dropped 2.6 per cent, and Citigroup fell 3.7 per cent.
Affirm Holdings climbed 11 per cent on news that the buy now, pay later company will be integrated into Apple Pay.
Paramount Global, the media company owning Paramount movie studio, CBS, and several cable networks, dropped 7.8 per cent following reports that merger talks with Skydance Media had collapsed.
Investors await CPI data, Fed decision
Markets in the US are awaiting the consumer price inflation data and the Federal Reserve’s decision on a rate cut, both expected on Wednesday (local time).
The central bank is anticipated to leave interest rates unchanged but will release updated economic projections and the “dot plot,” indicating policymakers’ expectations for interest rates this year and beyond.
While the Fed is expected to maintain current interest rates, US Treasury yields fell Tuesday in a flight to American bonds following weekend elections in Europe that stirred concerns about the eurozone.
With inputs from agencies
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
English (US) ·