- The Opening Print
- Posts
- The Negatives Are Piling Up While AAPL Gets Hammered
The Negatives Are Piling Up While AAPL Gets Hammered
Can we get one of our favorite trading rules to pan out?
Danny Riley
September 07, 2023
Follow @MrTopStep on Twitter and please share if you find our work valuable!
Our View
I'm surprised the markets held up as well as they did yesterday. Nvidia and Apple struggled and both closed lower by more than 3%. In fact, all of FAANG — along with MSFT, AMD and TSLA — closed lower on the day.
Banks, real estate (REITs) and manufacturing weakness all seemed to overwhelm the markets. For the first time in a while, Tuesday's weak close actually led to a selloff on Globex and continued into yesterday's day session.
It didn’t help that the US dollar hit its highest level since March, while 10-year yields have sprung back to life. A strong dollar and higher yields is enough to give equities a headache, but then you throw in oil prices — which refuse to back down — and it’s just “one more thing” for the S&P to deal with.