Wall Street Strategies
Hello! Sign in or Register

Afternoon Note

Bite Out Of The Apple

By Charles Payne, CEO & Principal Analyst
9/7/2023 1:47 PM

It’s a mixed bag today as once again Apple (AAPL), NVIDIA (NVDA), Tesla (TSLA) and Technology are weighing on the markets.  Apple has given up another 3% in today’s trading, but off its worst level, on news that China will expand its restriction of iPhones to other agencies and state-owned companies. 

The Nasdaq is down 1.0% and the S&P 500 is down 0.3%, while the Dow is trading up 0.2%.

Six of the eleven S&P 500 sectors are in the green, with the safe havens once again the top performers lead by Utilities.

A pie chart with a number of numbersDescription automatically generated with medium confidence

Breadth remains negative and the new lows are continuing to outpace the new highs, again especially on the Nasdaq with an almost 8-1 ratio.

Market Breadth









New Highs



New Lows



Up Volume

514.79 million

821.83 million

Down Volume

1.21 billion

1.58 billion

On the economic front, the job market remains tight, and investors continue with the thesis that the Fed may keep rates higher for longer.  The initial claims fell 13,000 to 216,000, versus the estimates for 234,000. This is the lowest read since February.  

A graph of blue barsDescription automatically generated

A better gauge, the 4-week moving average declined by 8,500. Continuing claims fell by 40,000 to 1,679,000 versus expectation of 1,715,000 and the lowest read since mid-July.



Log In To Add Your Comment

Home | Products & Services | Education | In The Media | Help | About Us |
Disclaimer | Privacy Policy | Terms of Use |
All Rights Reserved.