Beat the street: Investors await data and Powell; AMD; Apple; Bitcoin
Investors eye a raft of economic data and speeches by Fed Chair, Jerome Powell, before making big bets. Apple shares fall on a report that China iPhone sales slumped earlier this year.
AMD falls after report US blocks sale of AI chip to China. Bitcoin stays in sight of record high.
(AI Video Summary)
Fed Chair speeches and jobs report
In today's edition of "Beat the street", host Angeline Ong talks about the latest news that is affecting trading on Wall Street. She mentions that investors are being careful with their investments because of speeches by Fed Chair, Jerome Powell, and an upcoming jobs report.
Indices analysis
Ong then shows some charts to illustrate the market trends. The Dow Jones chart shows a small decline, but overall it is still doing well. She points out that the Tech 100 and the S&P 500 have recently reached new highs. Ong also mentions that China's economic data is affecting the markets because investors don't think the support measures announced by China are enough.
Apple stock drops to new low
Ong also explains that Apple's iPhone sales in China have dropped because of competition from local companies like Huawei. She tells us that Apple's stock has dropped to a new low, and this, along with other underperforming companies, could cause a temporary pause for the NASDAQ.
AMD shares down by over 1%
Moving on, Ong talks about AMD's situation. She says that the company is facing obstacles in selling AI chips to China because the US government is cracking down on exporting advanced technologies to China. Ong tells us that AMD's shares are down 1.47% for the day.
Analysing Bitcoin's recent surge
Then she talks about Bitcoin, which has recently seen a surge in value due to investments in exchange-traded funds in the US. Ong shows a chart of Bitcoin's impressive climb, mentioning that its value has gone up by 58% this year.
Crude oil prices
Lastly, Ong brings up crude oil prices. She tells us that crude oil has been going down since earlier in the day, and she will keep an eye on Brent and crude prices as the market opens.
Ong finishes by mentioning that the Dow Jones Industrial is expected to have a cautious start because of the upcoming economic data.
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