- Apple Nears $1 Trillion Value
Apple (AAPL) inched closer to a $1 trillion stock market value yesterday, as disappointing inflation data eased concerns of faster U.S. interest rate hikes this year. Fueled by a $100 billion buyback plan unveiled last week, APPL rose 1.43 percent to a record high close of $190.04. The iPhone maker is currently about 7 percent away from becoming the first company ever to have a market capitalization of $1 trillion.
- USD Retreats On Disappointing Inflation Data
The dollar hovered below its 4-1/2-month highs against a basket of currencies after some rather disappointing inflation data. A higher inflation number could have increased the possibility of more aggressive interest rate hikes by the U.S. Federal Reserve. Specifically, U.S. consumer prices rose less than expected in April, which encourages gradual, rather than more aggressive, rate increases by the Federal Reserve. In other major currency markets, the sterling pared some losses after falling to its lowest levels in four months after the Bank of England reduced its growth and inflation outlook for 2018 and 2019.**
- Oil Plummets On Alternative Supply Proposal
Oil prices (USOIL) dipped on Friday, retreating from their multi-year highs in the previous session on hopes that alternative supplies could replace a possible drop in Iranian exports. It should be noted that the United States plans to re-introduce sanctions against Iran, which currently produces around 4 percent of global oil supplies. Specifically president Donald Trump stated in a press Conference at the White House this Tuesday that he had walked away from an international nuclear deal with Iran and reimposed “the highest level of economic sanctions” against the country. At this stage, many analysts expect oil prices to rise significantly, as the market adjusts to looming U.S. sanctions and as inventories continue to drop.**
*Please note that this article is not meant to be construed as investment advice or suggestion of an investment strategy with respect to any financial instrument.
Sources: Reuters, CNBCSTART TRADING NOW
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