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US stock markets overbought after Apple's disappointing numbers and forecast - impact on the Nasdaq expected
After the strong rally, the US stock markets are in the short term more overbought than they have been in two years, especially since Apple has disappointed with its figures and, above all, the forecast for the next quarter. Apple is likely to have a negative impact on the Nasdaq today given its four consecutive quarters of sales weakness. The US labor market data is in focus today. If there is a positive surprise, financial markets could interpret that the Federal Reserve (Fed) will continue to raise interest rates. Although stock and bond markets have interpreted things differently, Fed Chairman Jerome Powell has explicitly left the door open to further rate hikes. If financial conditions continue to ease...
US stock markets overbought after Apple's disappointing numbers and forecast - impact on the Nasdaq expected
After the strong rally, the US stock markets are in the short term more overbought than they have been in two years, especially since Apple has disappointed with its figures and, above all, the forecast for the next quarter. Apple is likely to have a negative impact on the Nasdaq today given its four consecutive quarters of sales weakness.
The US labor market data is in focus today. If there is a positive surprise, financial markets could interpret that the Federal Reserve (Fed) will continue to raise interest rates. Although stock and bond markets have interpreted things differently, Fed Chairman Jerome Powell has explicitly left the door open to further rate hikes. If financial conditions continue to ease (stocks rise and yields fall), the Fed would be forced to become significantly more hawkish again.
The question also arises as to whether Hezbollah will intervene in the Israel-Hamas war in Lebanon. This could have geopolitical implications for the market and create uncertainty.
The combination of these factors - the overbought state of the US stock market, the disappointing Apple numbers, the US jobs data and the geopolitical risks related to the Middle East - could lead to a pullback in the market or in the financial industry.
According to a report by finanzmarktwelt.de, The US stock markets are currently overbought and Apple has disappointed with its quarterly figures. US jobs data and geopolitical uncertainties in the Middle East could have further impact on the market.
Read the source article at finanzmarktwelt.de