Apple Leads Market Lower After Announcements
Stocks on both major American indices fell overnight, weighed down by a poor reaction to Apple’s headline-grabbing product launch and ongoing trade fears amidst the US Government’s intention to slap another $US267 billion of tariffs on Chinese imports.
Apple shares fell 1.4 per cent after having regained some lost ground from recent falls over the past week. The general consensus among the analyst community was that, given almost all the speculation had been right and there were no major surprises in the launches, there was nothing for the market to be excited about.
Having said that, its shares are still trading at $221.07 and the company is still valued at $1.07 trillion, so its position as no.1 in the market is hardly under any serious threat.
The launch of Apple’s new health-oriented watch did, however, hit arch-rival Fitbit hard. Its shares fell by a massive 6.9 per cent following the iWatch announcement.
Meanwhile, the semiconductor sector continued its poor run of late thanks to more broker reports detailing an oversupply of chips. Micron fell another 5.2 per cent and Applied Materials 2.3 per cent.
The spectre of stricter data regulation of leading internet service companies also weighed heavily on their share prices and the market in general.
Six companies are due to front a Senate panel on September 26 and of those Twitter was down 4 per cent, Google parent Alphabet fell 1.9 per cent and Amazon was down 0.4 per cent.
Facebook, which is not one of the six required to testify later in the month continued its spectacular slide of late, shedding another 2.4 per cent overnight.