Stocks Pause After Monday Jump, Await New IPhone

Stocks Pause After Monday Jump, Await New IPhone

London Capital Group  | Oct 13, 2020 11:47

Apple stocks jumped 6% the day before the expected release of its first 5G iPhone - presumably called the iPhone 12.

JP Morgan Chase (NYSE:JPM) and Citibank are the first of the US big banks to report Q3 results today.


European open

Markets in Europe have opened flat on Tuesday, taking a pause from a big rise the day prior in anticipation of US bank earnings.

China stocks boom

Markets in Asia were little changed on Tuesday as China reported trade data. Chinese stocks had led gains across Asia on Monday as more local investors got onboard the idea of more favourable treatment from the United States in a Biden presidency. Action from the PBOC to curb strength in the yuan by removing some restrictions on selling the currency short seemed to bolster confidence.

UK introduces 3-tier lockdown restrictions

European stocks were mostly higher on Monday with the UK FTSE 100 the notable exception to the rule. The Boris Johnson government introducing a new 3-tier system for lockdown restrictions was interpreted as confusing and an unnecessary drag on the economic recovery. UK stocks most sensitive to the economic reopening including pub-owner Whitbread (LON:WTB) retailers Next and Primark-owner ABF were the biggest drags on the index.

US tech stocks lead Monday gains

The launch of the first 5G iPhone today as well as Amazon (NASDAQ:AMZN) Prime Day has got the juices flowing for tech investors. The Nasdaq index leaped 2.5% on Monday with the S&P 500 and Dow also making solid gains.

Oil price drops after Norwegian strike ends

The price of oil had been artificially supported in the last week by strikes in Norway and possibility that a quarter of the country’s oil output could be curtailed. Unions and oil companies struck a deal this weekend and prices are coming back to earth, albeit within the trading range of the past few months.


First Q3 Bank earnings

JP Morgan Chase and Citibank are first to report Q3 results today.

Amazon Prime Day

Amazon delayed its Prime Day due to coronavirus restrictions in July but the new two day event will now take place starting today (Oct 13 & 14). Each year the firm racks up a new record in sales over the day and with consumers in the habit of shopping online in the pandemic more than ever, this year is likely to be no exception. Amazon stock was bid up in early Wall Street trading to make a fresh record high.

New Apple iPhone (12) launch

Supply chain issues meant Apple delayed the launch of its new iPhone 12. Now its happening today at 10am Pacific time. Aside from a few extra bells and whistles - the big selling point for upgrading to the new model will be its 5G connectivity. Apple shares (NASDAQ:AAPL) were up 6% on Monday, which sets a high bar for Apple to exceed expectations. The shares are about $10 below all-time highs.

Original Post

London Capital Group

Latest comments

Add a Comment
Please wait a minute before you try to comment again.
Write a reply...
Please wait a minute before you try to comment again.

Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

English (USA) English (India) English (Canada) English (Australia) English (South Africa) English (Philippines) English (Nigeria) Deutsch Español (España) Español (México) Français Italiano Nederlands Português (Portugal) Polski Português (Brasil) Русский Türkçe ‏العربية‏ Ελληνικά Svenska Suomi עברית 日本語 한국어 简体中文 繁體中文 Bahasa Indonesia Bahasa Melayu ไทย Tiếng Việt हिंदी
Sign out
Are you sure you want to sign out?
Saving Changes


Download the App

Get free real time quotes, charts and alerts on stocks, indices, currencies, commodities and bonds. Get free top of the line technical analysis/predictors. is better on the App!

More content, faster quotes and charts, and a smoother experience is available only on the App.