Spreadex Market Update
Dow Jones crosses 18000 despite weak consumer confidence, with Apple earnings still to come
Rising around 40-50 points after the bell, and crossing that all-important 18000 mark in the process, the Dow Jones nevertheless had to contend with some unpromising data this afternoon. Durable goods orders only managed to bounce back to 0.8% from last month’s -3% (compared to the 1.9% expected), whilst the flash services PMI came in slightly lower than forecast at 52.1. The biggest miss, however, belonged to the CB consumer confidence figure, at a paltry 94.2 against the 95.8 expected and the 96.2 last month. Nothing, then, that presents the Fed’s hawks much to work with ahead of tomorrow’s meeting.
Still to come are the Q2 2016 earnings from Apple, which has spent April under a constant barrage of bad news, be it reports that it has significantly cut iPhone production, scepticism that the iPhone 7 will arrive with any ‘attractive selling points’ or the fact that Samsung shipped twice as many smartphones in the first quarter of 2016. In terms of its figures analysts are expecting revenue to fall 10.4% to $52 billion alongside a 14% drop in earnings per share to $2, off of an expected 50 million iPhones sold, an eye-watering fall from the 61 million flogged at this point last year. Of course the ringing sound of panic around the stock means it might not actually take much for Apple to impress those investors’ expecting the worst.
Over in Europe the FTSE held onto its half a percent rise, thanks to the gains seen by BP and Standard Chartered (the latter now up over 11%), whilst the DAX and CAC slumped to -0.3% and-0.1 losses respectively.
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