Home » Here’s why investors should start betting on Apple and the stock market now

Here’s why investors should start betting on Apple and the stock market now

by WorldFinance
0 comment 2 minutes read

Sometimes it pays not to dismiss market lore. They said September was usually bad. They were right.

The S&P 500 SPX, -1.51% will enter the last trading day of the month having shed 7.95%. Worries over inflation and higher borrowing costs – not to mention a bond crisis in the U.K. – took their toll.

But if traders adhere to seasonality there is good news. October enjoys an average gain of 1%, and according to Dow Jones Market Data, after a September loss of 7% or more the coming month sees a 1.8% advance.

Is that feasible without help from the big beasts, though?

Consider Apple AAPL, -3.00%, which commands a roughly 7% weighting in the S%P 500. There are days when the market can shrug off weakness in the iPhone maker, but they are rare. Thursday’s market battering came after Bank of America downgraded Apple, and its stock slid to a near 3-month low.

Don’t worry, says Mark Newton, head of technical strategy at Fundstrat, Apple can likely bottom next week – as another bounce in yields and the dollar pushes the broader equity market down – but then it will trend higher into mid-November.

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