Stocks are looking to add to yesterday’s healthy gains today. Gold and silver are up a bit, too, while crude oil is lower. The dollar and Treasuries are flat.
Apple Inc. (AAPL) revealed its latest lineup of iPhones and AirPods yesterday, announcing improvements to the Siri voice assistant, iPhone cameras, and new Artificial Intelligence capabilities in the process. But the AI tools won’t be added to the iPhone 16 until next month – and the upgrades lacked a “Wow Factor” to excite analysts and investors.
Plus, news broke overnight that AAPL lost its effort to overturn a mega-fine from the European Union. The country of Ireland can now claim roughly $14.3 billion, plus interest and taxes, that Apple had set aside in case it lost. Result? AAPL shares remain near one-month lows.
Apple Inc. (AAPL, 3-Month Chart)
Crude oil prices have been sliding for months, with WTI futures dipping below $68 a barrel this week. That’s the lowest since March 2023. Now, OPEC is cutting its demand forecasts for 2024 and 2025. The group and other private forecasters are concerned about economic weakness in China and its impact on fossil fuel usage. OPEC sees demand rising 1.74 million barrels per day next year, down from its prior forecast of 1.78 million BPD.
Finally, the only likely pre-election debate between Vice President Kamala Harris and former President Donald Trump is set for tonight. Wall Street will be watching to see how many punches each candidate can land – and whether the debate shifts the polling at all. Most polls show a very tight 2024 race.
