Apple Loses $190 Billion in Two Days Due to China iPhone Restrictions
market news summary
European stocks fell on Thursday due to a decline in the shares of semiconductor companies following reports that China has tightened restrictions on government employees using iPhones produced by Apple. Mining company stocks also declined due to falling metal prices. The European Stoxx 600 index closed down 0.1%, marking the seventh consecutive day of losses, the worst losing streak since February 2018.
According to official data released on Friday, September 8th, Japan’s Gross Domestic Product (GDP) rose by approximately 4.8% in the period from April to July, compared to the initial estimates of 6%.
Dollar Index (USDX)
According to the Fed Watch service, 93% of traders believe that the Federal Reserve will keep interest rates unchanged during its meeting on September 19th and 20th.
The US dollar is currently trading below its pivot point at $104.80.
Pivot point: 104.95
| Resistance level | Support level |
| 105.15 | 104.80 |
| 105.30 | 104.60 |
| 105.50 | 104.45 |
Spot Gold (XAUUSD)
Gold prices rose after briefly paring their gains yesterday on Thursday as data showed a shortage in the U.S. labor market, with attention now shifting to a group of Federal Reserve speakers for signals on interest rate hikes.
Spot gold rose 0.1% to $1,918.68 per ounce after touching its lowest level in a week on Wednesday, while U.S. gold futures settled down 0.1% at $1,942.50.
Pivot point: 1919
| Resistance level | Support level |
| 1923 | 1915 |
| 1927 | 1911 |
| 1931 | 1907 |
Dow Jones Index (DJ30ft – US30)
The U.S. stock indices closed mixed in yesterday’s session. Apple’s stock weighed on the S&P 500 and Nasdaq indices, while McDonald’s contributed to the Dow Jones staying in the green.
The Dow Jones Industrial Average rose by 0.17%, or 57 points, to reclaim the 34,500 level. On the other hand, the S&P 500 index declined by 0.3%, marking its third consecutive daily loss, primarily driven by weakness in the technology sector.
Apple’s stock dropped by 2.9% in Thursday’s session, marking its second consecutive sharp decline, causing the company to lose $190 billion in market capitalization over two days. These losses were triggered by reports of China expanding restrictions on the use of iPhones by government employees, requiring some central government agency employees to stop using their mobile phones at work.
Pivot point: 34495
| Resistance level | Support level |
| 34625 | 34405 |
| 34715 | 34275 |
| 34845 | 34185 |
US Crude (USOUSD)
Brent crude oil prices fell below $90 per barrel on Thursday in volatile trading, putting an end to a nearly two-week upward trend. This decline was driven by multiple signals warning of weakening demand in the coming months.
Brent crude futures dropped by 68 cents, or approximately 0.8%, to $89.92 per barrel at the close. Similarly, U.S. West Texas Intermediate (WTI) crude futures fell by 67 cents, or also about 0.8%, to $86.67 per barrel.
Pivot point: 86.95
| Resistance level | Support level |
| 87.50 | 86.15 |
| 88.30 | 85.60 |
| 88.85 | 84.80 |
Risk Warning
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