Marketbites: Apple Unveils Major New Product
Portfolio Manager Commentary:
Markets fell on Monday, erasing earlier gains that brought the benchmark index to trade at its highest level on an intraday basis in nine months. Apple lost 0.8%, retreating from all-time highs reached earlier in the day. Yesterday, the iPhone maker unveiled its highly anticipated virtual reality headset and a slew of software updates at its annual Worldwide Developers Conference. Apple also released a new chip, causing Intel to drop 4.6%. Nvidia shares also dropped due to valuation concerns after its recent surge.
In the financial sector, JPMorgan Chase and Goldman Sachs struggled amid news that regulators are considering upping capital requirements at large banks.
Markets are “catching their breath after Friday’s broad-based rally,” said Ryan Detrick, chief market strategist at the Carson Group. “It’s a very lackluster news day, which isn’t a bad thing as we consolidate some of those big recent gains we’ve had.”
Despite recent moves, worries persist over 2023′s narrow stock market rally, led by just a handful of tech names, and whether there could be an intermediate-term correction if breadth fails to improve.
Chart of the Day:
Nickel is challenging EV makers in their efforts to contain carbon-dioxide emissions. The challenge is playing out across Indonesia’s mineral-rich islands, by far the world’s largest source of nickel. These deposits aren’t deep underground but lie close to the surface, under stretches of overlapping forests. The nickel is easy and inexpensive to obtain, but only after the forests are cleared.
One Indonesian mine, known as Hengjaya, obtained permits five years ago to expand its operations into a forested area nearly three times the size of New York City’s Central Park. The mine’s Australian owner, Nickel Industries, said that rainforest clearing in 2021 caused greenhouse gas emissions equivalent to 56,000 tons of carbon dioxide. That’s roughly equal to driving 12,000 conventional cars for a year, according to calculations by The Wall Street Journal based on U.S. Environmental Protection Agency data.
Nickel is responsible for more than a third of the carbon emissions generated from making a common type of battery cell—more than any other mineral or production process— the report said.
What else is happening:
Apple releases first major new product in a decade - read here
Ukraine launched biggest attacks in months, Moscow says - read here
American Airlines' plan to reinvent business travel - read here