Stock Market Update September 12, Today's noteworthy event—aside from the substantial option rolls that continue to dominate the landscape—was Apple's highly-anticipated product launch. Intriguingly, the stock performance heading into this much-publicized event was lackluster, declining by approximately 2%. Such a downturn in stock price surrounding the event is quite uncommon based on historical precedents.
The upshot of these developments was a softer overall stock market. Specifically, the Nasdaq retreated about 0.5%, a decline exacerbated by Apple's underwhelming event, which contributed to a further slide of over 1% in the afternoon session. On the fixed income front and currency markets, there were minimal fluctuations, maintaining a largely unchanged status. Commodities presented a mixed bag: gold retreated by 0.5%, whereas silver remained relatively flat. Meanwhile, the mining sector displayed marginal variances. Currently, there's an unmistakable absence of demand for metals within the North American market, coupled with an equally subdued interest in mining stocks.
On Monday, equities experienced a modest uptick amid lackluster but positive market breadth. However, by Tuesday, these incremental gains were erased due to similarly unimpressive negative breadth. Apple made headlines with its annual iPhone unveiling event, introducing the iPhone 15 along with various other models like the Plus and Pro. The tech giant's stock had already been trending downward before the event and, despite a brief intraday rally, ended the day even lower, contributing to the overall market dip. For the S&P 500, this resulted in a closing below the key Price Oscillator Unchanged level, signaling a reversal of the previous day's bullish momentum. In summary, the recent positive signal proved to be short-lived.
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