Apple Dented (Daily Close)
The S&P 500 and the Nasdaq shed -0.9% and -1.6% respectively as bonds dropped again and with tech shares dragged down by Apple falling -4% on large volume following a downgrade on the outlook for its China sales based on the results of one of Apple’s chip supplier. Next week will bring a slew of tech shares results. Stocks have been wobbling since the IMF warned on Thursday that threats to the global financial system were rising, with the price of risky assets surging similarly to the years before the global financial crisis. European shares outperformed on Friday, holding above water, supported by the Bloomberg Dollar Spot Index recovering 0.5% to a one month high. 10Y US Treasury yields rose for a third day adding 5bps to 2.95%, the highest in eight weeks but 10Y Bund yield dropped 1bp to 0.59%. Gold dropped -0.8% on dollar strength, unable to gain from lower stocks this time. Silver is clearly in a better technical position than gold for now due to the strength industrial metals, the relative cheapness of the silver vs gold and the still large negative short speculative position.
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