Stocks suffered a late-day slump yesterday, and they’re under a BIT of pressure in the early going today. Crude oil is also lower, failing to hold its post-OPEC+ meeting gains. The dollar is slightly higher along with gold and silver, while Treasuries are flat.
On the news front...
Apparently we’re all going to be wearing ski goggles soon...only goggles that let us FaceTime with our kids and pretend a tyrannosaurus rex is eating the living room table. At least, that’s what Apple (AAPL) is hoping! The technology giant unveiled its “Apple Vision Pro” augmented/virtual reality headsets yesterday at its annual Worldwide Developers Conference (WWDC) in California.
Retailing for an eye-popping $3,499 when they officially hit store shelves next year, the headsets will initially be aimed at high-end gamers and corporate users. But Apple hopes they eventually see more widespread adoption. This is the first truly new product Apple has rolled out since the Apple Watch in 2014.
There were also the usual upgrades to various other product lines like iPhones, iPads, and MacBooks, as well as a preview of the soon-to-be released iOS 17. Apple shares finished down on the day yesterday, but they’re up a hefty 44% year-to-date.
Of course, the strong performance of “Big Tech” names like Apple is cause for concern in some corners. Analysts continue to point out that hefty gains by companies like Apple, Nvidia (NVDA), Microsoft (MSFT), and others of their ilk are propping up the S&P 500, even as many other stocks get left behind.
We’ll have to see if the advance starts broadening out, with tech taking a breather and other sectors playing “catch up.” That’s my expectation, for what it’s worth! We even had a preview of it this past Friday, with smaller capitalization and non-tech stocks outperforming the Nasdaq.
Finally, the conflict in Ukraine appears to be intensifying as part of that country’s counteroffensive against Russia. A key dam in southern Ukraine gave way, unleashing a torrent of water that flooded homes and businesses downstream. Ukraine and Russia both accused the other side of destroying the Kakhovka dam.