Dow Jones, S&P 500, and Nasdaq futures each rose Monday morning as the market digests the Epic Games v. Apple ruling and COVID cases fall sharply.
Dow Jones futures rose 0.6% vs. fair value. S&P 500 futures advanced 0.6% and Nasdaq 100 futures gained 0.6%.
Apple won several counts in its court fight vs. Epic Games, but lost a big one. U.S. District Court Judge Yvonne Gonzalez-Rogers issued a permanent injunction vs. Apple barring app developers from including external links or other means of directing customers to outside purchasing mechanisms… Apple stock fell 3.3% on Friday to 148.97 in the highest volume since late April, back into recent consolidation and just above its 50-day and 10-week lines. A rebound from these levels could offer a buying opportunity.
Apple is expected to unveil its latest iPhone and Apple Watch on Tuesday.
The seven-day average of new U.S. Covid cases has fallen 27% from the recent Sept. 2 peak, raising hopes that the delta wave has crested. Global coronavirus infections have declined significantly from late August. If that continues, a key headwind for economic activity, especially for travel, would wane.
MacDailyNews Take: As we wrote on Friday, “Once digested by the market, Apple will be seen as the clear winner in this case.”