The S&P 500, of which Apple is the No.1 component, dropped 3.9% to end at 3,749.81 on Monday. This set the index more than 20% below its recent record high from January, meaning it has now officially fallen into a bear market.
Emily McCormick for Yahoo Finance:
Treasury yields rose across the curve, with the benchmark 10-year yield jumping to top 3.34% and reach its highest level since 2011.
For the broader markets, investors nervously looked ahead the Federal Reserve’s latest policy-setting meeting later this week, with a rate decision set for Wednesday. Up until Friday’s hotter-than-expected monthly Consumer Price Index, traders widely believed the meeting would set the stage for another half-point rate hike by the central bank, bringing the target range for interest rates between 1.25% and 1.50%. However, after last week’s data showed an unexpected pick-up in inflation to a fresh 40-year high of 8.6% in May, investors have raised their bets on an even bigger move by the Fed.
Fed funds futures, which help track traders’ predictions for where the Fed’s target interest rate band will land, shifted quickly after Friday’s report and showed increased bets on an even more pronounced 75 basis point hike.
“There is very little in the details of [Friday’s CPI] report to suggest that inflationary pressures are easing,” Michael Pearce, senior U.S. economist for Capital Economics, wrote in a note Friday. “The surge in energy prices this month means that headline inflation will remain close to 8.6% in June. Together with the continued strength of the latest activity data, that bolsters the argument of the hawks at the Fed to continue the series of 50 bp [basis point] rate hikes into September and beyond, or even to step up the size of rate hikes at coming meetings.”
At least one survey has shown consumer sentiment plunged to its lowest level since at least the 1970s in the face of rising prices.
MacDailyNews Take: Well, even with the S&P 500 entering a bear market, we didn’t get that sub-$130 entry point for Apple today, but there’s a lot of week left!
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“Well, even with the S&P 500 entering a bear market, we didn’t get that sub-$130 entry point for Apple today, but there’s a lot of week left!”
Says the guy who was pushing Apple Stock when it was $180 🙂
For those looking to buy AAPL shares annually, there are good times to think about buying and not so good times. When we’re on a run of all-time highs, it’s not a buy time. Trying to time the market is a fool’s errand. As always, we’re talking about Apple longs looking for nice entry points, accumulating and owning, not trading; certainly not day trading.
Apple’s current 12-month price target analysts’ consensus currently stands at $188.92 and the stock is rated Buy – Strong Buy.
Buffett said it best: “Be fearful when others are greedy and greedy when others are fearful.”
You missed the point obviously so let me help you out. Every time the stock goes down is an opportunity to get a lower entry point. Nobody knows where the bottom is. But you can take advantage of it being lower at multiple lower entry points
It’s going much lower from here. Biden economics are just setting. Cost of energy, cost of weakness on the world stage will further emboldened CCP China and Russia. Once China invades Taiwan then the global supply of chips will dry up and wreck countless industries. Meanwhile we can all fell good about our tax dollars supporting transgender, woke, boarder wide open madness. AAPL below 100 before 2024
All the crap going on right now is exactly why I just sold my house.
Bought low, sold high.
I’m more liquid now and have cash. Basically, I just jumped out of the housing market.
It’s not the smartest move for most, but for me and the road I am looking at, it made so much cents…
I seem to recall Biden beaming and bragging about his policies that grew the economy a few months back, particularly at the time he mentioned the stock market record under his watch.
Hey Joe. Joe, are you awake and cognizant Joe? Ummm, what say you NOW with twin bad numbers in as many days the inflation rate and bear market?
Come in Joe. Joe. Hey Joe! Are you listening and going to take credit, AGAIN?
Yo Joe! Earth to Joe, not hearing you Joe!! What snappy sage advice do you have now about your progressive policies affecting the economy. C’mon Joe, let’s hear you crow just one more time.
CRICKETS 🦗 🦗 🦗 🦗 🦗
Yeah, that’s what I figured. BTW Joe, next up for your brilliant economic policies, yup, RECESSION…
Just seven months ago, the DCCC (Democratic Congressional Campaign Committee) tweeted “Thank-You, @JoeBiden”, because price of gas dropped .02¢ from $3.40 to $3.38. I just paid $4.99/gal, so yeah, ‘Thanks, Joe’.
Of course, everyone remembers the whopping .16¢ you were saving on your Fourth of July meal the White House was touting. I wonder if these idiots will be touting this upcoming July 4th meal price?!?
Yep, Joe & Company, YOU did it!
https://media.communities.win/post/8LRvjY3KBMEw.jpeg
Biden and Mr AppleBS are two peas in a pod. If they were in an iPod it might be better, but Biden is worse than Android. Worse!