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Tech stocks continue to rally, but Apple fades

Today’s Waves – 15th September

Tech stocks continue to rally, but Apple fades

US tech stocks were again on the rise on Tuesday, as bulls seem to have generally taken over from last week’s bears.

Some of today’s big movers were Alphabet and Amazon which rose 1.2% and 1.6%, respectively. Microsoft rose 1.0% whilst Apple started strong but then fell 1% in late day trading after announcing new products and services but no new phone models earlier in the day.

Other noticeable gainers were Netflix which saw gains of 3.8% and Facebook which rose by nearly 2%. One of the biggest movers was Tesla, which was up 7.7% after being up by more than 12% in yesterday’s U.S. session.

This comes as data released showed that US median household income rose in August.

EU manufacturing up, however DAX remains flat

Today it was reported that manufacturing in the Eurozone had risen in July as factories reopened after lockdown restrictions were lifted.

Figures showed that manufacturing rose 4.7% in July, which was below the 2 months prior, that both came in showing double digit growth. As a result, the DAX today continued its consolidation at the 13,270 resistance levels, as it continues to recapture pre-pandemic highs.

Despite the recent gains in manufacturing, production remains close to 7.7% below the peak seen in February, and 7.9% less than a year ago.

FTSE gains as UK unemployment on the rise

Data released today highlighted the continued rise in unemployment within the UK, as the British governments’ furlough scheme is set to expire in 6 weeks.

The data which was released by the ONS (Office for National Statistics), reported the headline unemployment rate for May to July at 4.1%, which was up from the 3.9% figure shown in the previous 90 day period.

The FTSE 100 still climbed in despite the news, rising to its highest level since 25th August.

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Eliman Dambell

Senior Market Analyst
edambell@tvmarkets.com

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