Apple down 2% to lead NASDAQ lower
After an eventful week of trading, markets continued this action today with Shares in Apple dropping by almost 2% on Friday.
The NASDAQ which houses America’s tech titans was down around 1.9% as of writing, as several giants of the industry were ending the week on a bearish note. These included Microsoft and Google’s parent company, Alphabet which both pulled back by more than 1%. Netflix and Amazon also slipped between 0.5%. – 1% respectively.
Overall, the Dow Jones declined by close to 0.48%. With the S&P 500 dropping around 1.05% as of writing.
UK retail sales once again increase
For a fourth consecutive month, UK retail sales rose, after data for August was released earlier today.
The report, which was released by the ONS (Office for National Statistics) said that retail sales volumes rose by 0.8% compared to July. The gain was attributed in part to sales of DIY and household goods. Overall, growth has slowed down from levels seen immediately after lockdown. Where sales surged close to 12.1% and 13.9% in May and June respectively.
The FTSE 100 was down 0.7% as the growth came in less than expected. GBP also dropped against USD on the news.
TikTok eyeing an IPO
After months of uncertainty surrounding the future of its U.S. operations, it was reported today that TikTok could be set for an IPO if President Trump approves their pending acquisition by Oracle.
President Trump is expected to decide on TikTok’s fate in the US in the next 24-36 hours, at which point, ByteDance, the parent company of the social media giant, plans to IPO TikTok’s global business.
Shares on Oracle were down as speculation grows on whether the deal will be approved by the U.S. government.
Quote of the day – “Do more of what works and less of what doesn’t.” –Steve Clark
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Senior Market Analyst