Nasdaq falls as Apple unveils iPhone 15, crude oil hits highest level since Nov 22

The Nasdaq Composite fell Tuesday after Oracle shares plunged on disappointing results, whilst Apple unveiled the new iPhone model.

The Nasdaq slid 1.04 per cent to 13,773.61 in its first losing day in three. The S&P 500 dropped 0.57 per cent to 4,461.90. Meanwhile, the Dow Jones Industrial Average declined 17.73 points, or 0.05 per cent, to 34,645.99.

Oracle shares posted their worst day since 2002. The software stock was the worst performer in the S&P 500, sliding 13.5 per cent after sales last quarter fell short of estimates and the company’s revenue forecast also disappointed. Oracle posted its fiscal first-quarter results late Monday. Other cloud competitors — including Amazon, Google-parent Alphabet and Microsoft — also slid.

Apple shares were lower by 1.7 per cent after the unveiling of their new iPhone model – the iPhone 15 and iPhone 15 Plus with 6.1-inch and 6.7-inch displays, respectively, similar to their previous models. These new phones come equipped with a 48-megapixel main camera that offers a 2X telephoto option for photography and 4K video recording. They are powered by the new A16 Bionic chips.

Meanwhile, Adobe shares also dropped about 4 per cent ahead of the company’s earnings results this week.

Albemarle Corporation has received a $90 million grant from the US Department of Defense to bolster domestic mining and lithium production for the nation's battery supply chain.

The funding, allocated through the Office of the Assistant Secretary of Defense for Industrial Base Policy and utilising Defense Production Act authorities, will enable Albemarle to acquire a fleet of mining equipment. This equipment will support the company's efforts to reopen its lithium mine in Kings Mountain, North Carolina, contributing to the domestic production of critical lithium resources for battery manufacturing.

Elsewhere, US crude prices touched the highest level since November of last year as OPEC on Tuesday kept to a robust demand growth forecast this year and next. West Texas Intermediate crude oil futures settled at $88.84 a barrel. That’s up from around $66 a barrel in March.

Energy stocks got a boost. Shares of Chevron and Exxon Mobil were each higher by about 1.9 per cent and 2.9 per cent, respectively.

Much attention is focused on key inflation data due later in the week, with the consumer price index expected Wednesday and the producer price index slated for Thursday. The European Central Bank is also set to announce its latest interest rate decision Thursday.

Turning to US sectors, Energy was the best performer, closing 2.31 per cent higher, after the lift in the price of crude oil. Tech was the worst performer.

Futures

The SPI futures are pointing to a 0.3 per cent fall

Currency

One Australian dollar at 7:25 AM was buying 64.24 US cents.

Commodities

Gold lost 0.62 per cent. Silver added 0.08 per cent. Copper dropped 0.39 per cent. Oil gained 1.78 per cent.

Figures around the globe

European markets closed mixed. London’s FTSE gained 0.41 per cent, Frankfurt fell 0.54 per cent, and Paris closed 0.35 per cent lower.

Turning to Asian markets, Tokyo’s Nikkei gained 0.95 per cent, Hong Kong’s Hang Seng fell 0.39 per cent while China’s Shanghai Composite closed 0.18 per cent lower.

The Australian sharemarket closed 0.20 per cent higher at 7,207.

Ex-dividends

Accent Group Ltd (ASX:AX1) is paying 5.5 cents fully franked
Breville Group Ltd (ASX:BRG) is paying 15.5 cents fully franked
Brambles Limited (ASX:BXB) is paying 21.83 per cent 35 per cent franked
Dusk Group (ASX:DSK) is paying 3 cents fully franked
EVT Limited (ASX:EVT) is paying 20 cents fully franked
Glennon SML Co Ltd (ASX:GC1) is paying 2 cents fully franked
Ivegroup (ASX:IGL) is paying 8.5 cents fully franked
IGO Limited (ASX:IGO) is paying 60 cents fully franked
Joyce Corporation (ASX:JYC) is paying 17.5 cents fully franked
Mercury NZ Limited (ASX:MCY) is paying 12.1251 cents unfranked
Maas Group Holdings (ASX:MGH) is paying 3 cents fully franked
Medibank Private Ltd (ASX:MPL) is paying 8.3 cents fully franked
Pm Capital Fund (ASX:PGF) is paying 5 cents fully franked

Dividends payable

APA Group (ASX:APA)
Eumundi Group Ltd (ASX:EBG)
Lendlease Group (ASX:LLC)
Pengana Capital Group Ltd (ASX:PCG)
Reef Casino Trust (ASX:RCT)
Thorn Group Ltd (ASX:TGA)
Zimplats Holdings Ltd (ASX:ZIM)

Sources: Bloomberg, FactSet, IRESS, TradingView, UBS, Bourse Data, Trading Economics, CoinMarketCap.

Disclaimer

The views, opinions or recommendations of the commentators in this presentation are solely those of the author and do not in any way reflect the views, opinions, recommendations, of Sequoia Financial Group Limited ABN 90 091 744 884 and its related bodies corporate (“SEQ”). SEQ makes no representation or warranty with respect to the accuracy, completeness or currency of the content. Any prices published are accurate subject to the time of filming and shouldn’t be relied upon to make a financial decision. Commentators may hold positions in stocks mentioned and companies may pay FNN to produce the content at times. The content is for educational purposes only and does not constitute financial advice. Independent advice should be obtained from an Australian Financial Services Licensee before making investment decisions. To the extent permitted by law, SEQ excludes all liability for any loss or damage arising in any way including by way of negligence.
Copyright 2023 – Finance News Network