Dow was off 12, advancers over decliners 4-3 & NAZ dropped 86. The MLP index added 1+ to the 224s & the REIT index fell 3+ to the 367s. Junk bond funds fluctuated & Treasuries were heavily sold, raising yields substantially (more below). Oil slid back chump change but held above 80 & gold declined 22 to 2003.
AMJ (Alerian MLP Index tracking fund)
Apple’s (AAPL), a Dow & Nasdaq stock, worldwide computer shipments fell 40.5% year over year in Q1, amid a broader contraction in consumer demand, according to research firm IDC. All 5 of the largest computer makers saw double-digit drops in Q1 shipments, reflecting weaker
demand & persistent inventory woes. But AAPL's decline was the
biggest of the bunch. AAPLs
worldwide PC market share dropped between Q1-2022 & Q1-2023, from 8.6% to 7.2%, according to IDC data. The company shipped 2.8M fewer devices year over year in Q1-2023. It's not entirely
unexpected. CFO Luca Maestri said in Feb
that AAPL expected double-digit declines in Mac & iPad sales from the
year-earlier period for the Mar qtr. Mac revenue fell 28.66% year
over year during the Dec qtr. CEO Tim Cook said at the
time that the challenging macroeconomic environment affected iPhone, Mac & Apple Watch sales. The stock fell 3.41.
If you would like to learn more about AAPL, click on this link:
club.ino.com/trend/analysis/stock/AAPL_aid=CD3289&a_bid=6aeoso5b6f7
Apple’s Mac shipments fall more than 40%, worse than major rivals
The 10-year Treasury yield was little changed as investors awaited key inflation data this week. The yield on the benchmark 10-year Treasury note held steady at 3.387%, while the yield on the 30-year Treasury bond dipped nearly 2 basis points to 3.584%. Meanwhile, the 2-year note yield was little changed at 3.976%. Prices move inversely to yields. Last week, the Labor Dept released nonfarm payroll data for Mar, showing that the US economy added 236K jobs over the period. The number was in line with expectations, but down from 326K new hires in Feb. In focus for investors this week is the inflation outlook, with consumer price index data due out on Wed. That same day, the Federal Open Market Committee will release minutes from its latest monetary policy meeting. Market players are weighing the prospect of tightening credit conditions & a potential US recession in the wake of the near collapse of Swiss investment banking giant Credit Suisse, along with the failures of several mid-tier US lenders.
10-year Treasury yield is little changed as traders await key inflation data this week
Following a 2nd day of Chinese military drills around Taiwan, one policy expert & bestselling author raised red flags that "anything can happen at any time." "When you have China engaging in dangerous intercepts of the U.S. and other militaries in the region, anything can happen. And we have a military that is not prepared to deal with the probable scenarios," Gatestone Institute senior fellow Gordon Chang said. "General Mike Minahan on that January 27th leaked memo talked about war with China in 2025," he added. "Well, it could very well be before that." Yesterday, the Chinese military deployed 71 aircraft & 9 naval vessels around Taiwan, the 2nd day in a row that the People's Liberation Army has conducted massive drills near the island. The military action comes just days after a Chinese foreign minister vowed to take "forceful and resolute" measures in reaction to the Taiwanese pres's visit to the US. "The real issue here, though, is you've got two militaries, the American and the Chinese, operating in close proximity to each other, and anything can happen," Chang clarified. "As long as these exercises just go off as planned, there won't be any retaliation from the United States. But we have the means to undercut the Chinese military." US trade & foreign investment policies under Pres Biden are "horrible," the expert further criticized, for strategic & moral reasons. "We should not be engaging in these business transactions with China because we know they're using the proceeds to build a military which is configured to fight Americans. This is a Chinese military that knows it should not go to war, but it emotionally wants to go to war," Chang said. Chang's comments come on the heels of a recent Pew Research Center poll which found more than ½ of Americans do not have confidence in Biden's ability to deal with China.
China expert warns war with US could break out ‘very well’ before 2025
The dreary jobs number released on Fri, when the markets were closed, is weighing on the markets today (a special post on the jobs data was posted on Fri). This was another reminder of Powell saying there will be pain with higher interest rates.
Dow Jones Industrials
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