“The Dow Jones industrial average rallied more than 2.1% in early-afternoon trade Wednesday, trying to halt a massive four-session slide in which the blue-chip gauge plummeted 8%,” David Saito-Chung reports for Investor’s Business Daily. “But the Nasdaq composite is leading the rebound in stocks today, aided by institutional bargain-hunting in the FANG stocks.”
“Apple, meanwhile, is also trying to stop a four-day selling skid with a gain of more than 3.7%,” Saito-Chung reports. “Volume is running at more than 40% its usual daily pace of 43.6 million shares per day. “At 1 p.m. ET, the Nasdaq composite, which hit the technical definition of a bear market during last week’s waterfall-style decline, rose more than 3.3%. If it holds that gain, it would the biggest single-session gain since a 3.3% rise on March 26 for the premier index of growth stocks.”
Read more in the full article here.
MacDailyNews Take: As we publish this article, shares of Apple are up 4.50%. Did Apple just bounce off its bottom? Only time will tell.
Sorry, but that’s a poor headline, MDN:
while Apple was up +7%, it really was broad categories, such as the FANG (Facebook was +8.2%, Amazon +9.4%, Netflix +8.5%, Google +6.5%) as your quoted article noted.
But even elsewhere, other notables include Tesla +10.4%, AMD +7.5% .. both more than AAPL…and even GE was +6.8%.
Programmed trading is magnifying the effects, which happens. There’s a lot more to contemplate for valuation, particularly since the forward looking still hasn’t fundamentally changed for Apple: there was no new sales figure data insight, or a resolution to the tariffs to adequately explain yesterday’s uptick as something that’s clearly and directly related to Apple.
MDN, today’s headline can be about how AAPL hurts the Dow Jones average.