Spreadex Market Update
Apple weighs on Dow Jones ahead of April’s FOMC statement
Falling by around 30 points after the bell, the Dow’s main obstacle this Wednesday was, unsurprisingly, Apple. Just about matching its after-hours performance with a 7%-plus plunge at the start of the session Apple took around 50 points off of the Dow Jones this afternoon, investors continuing to balk at the staggering slide seen in first quarter iPhone sales year-on-year.
Of course there is another factor at play in terms of the US index’s current caginess, that Apple-awfulness joined by a healthy serving of pre-Fed jitters. Even though inaction is almost guaranteed this evening there is still the chance that Yellen and co. could a) hint towards a summer rate-hike, or b) set a particularly dovish tone due to the lacklustre nature of the USA’s expected first quarter growth (tomorrow’s Q1 GDP reading expected to fall to a miserable 0.7% from 1.4% at the annualised rate). At its best tonight’s statement will breeze by without making much of an impact; at its worst it may create yet another hurdle for the Dow to climb if it was to see a sustained break away from 18000.
Over in Europe things picked up as the afternoon went on, the FTSE jumping by 25 points to re-cross 6300 whilst both the DAX and CAC rose around half a percent. The Eurozone growth is particularly surprising given the brewing turmoil in Greece, the country accusing the IMF of ‘undermining’ efforts to secure some much-needed funding as talks continue to stall over the implementation of ‘emergency measures’ that would come into effect if Greece misses its bailout-stated economic targets.
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