Wall Street Today | Apple implies it generated record revenue from the App Store
Asia stocks may benefit from late U.S. rebound
Asia stocks looked set to slip Tuesday after the $S&P 500 Index (.SPX.US)$ closed lower for a fifth session, though a late U.S. rebound may tame losses.
Australian shares edged lower. Futures pointed to a modest decline in Hong Kong and Japan, which reopens after a holiday. U.S. contracts traded steady after the S&P 500 posted its longest losing streak since September, though dip buyers emerged to wipe out almost all its losses after sinking 2%. The $NASDAQ 100 Index (.NDX.US)$ ended in the green after sliding as much as 2.7%.
Furious rally sends Nasdaq to biggest rebound since March 2020
Dip buyers rescued the Nasdaq 100 from a fifth straight loss, powering a rebound bigger than any the tech-heavy index had managed since the bottom of the pandemic bear market.
The gauge wiped out a drop that reached 2.7% at its worst to finish higher by 0.1%. That snapped a four-day skid that had pushed it more than 8% below a November record. Whipped up as panic over inflation subsided and spurred along by mechanics of the options market, the rebound was the biggest since March 23, 2020.
Jamie Dimon sees the best economic growth in decades, more than 4 Fed rate hikes this year
Dimon, the longtime CEO and chairman of JPMorgan Chase, said his confidence stems from the robust balance sheet of the American consumer.
Dimon said growth will come even as the Fed raises rates possibly more than investors expect. Goldman Sachs economists predicted 4 rate hikes this year and Dimon said he would be surprised if the central bank didn't go further.
Rivian's stock slide deepens as operating chief steps down
Jamie Dimon sees the best economic growth in decades, more than 4 Fed rate hikes this year
Dimon, the longtime CEO and chairman of JPMorgan Chase, said his confidence stems from the robust balance sheet of the American consumer.
Dimon said growth will come even as the Fed raises rates possibly more than investors expect. Goldman Sachs economists predicted 4 rate hikes this year and Dimon said he would be surprised if the central bank didn't go further.
Rivian's stock slide deepens as operating chief steps down
$Rivian Automotive (RIVN.US)$'s chief operating officer stepped down, extending a tumultuous stretch for the electric-vehicle maker. The shares fell in late trading. Rod Copes, who had held the title since March 2020, left last month, according to his Linkedin profile.
The stock fell 5.3% to $77.16 a share at 5:40 p.m. in New York after-hours trading, below its IPO price of $78. Through Monday's close, Rivian's shares had already fallen 21% this year.
JPMorgan's Marko Kolanovic says it's time to buy the dip in stocks
$JPMorgan (JPM.US)$ strategists led by Marko Kolanovic say it's time to start buying the dip in the U.S. stock market.
"The pullback in risk assets in reaction to the Fed minutes is arguably overdone," Kolanovic wrote in a note to clients Monday. "Policy tightening is likely to be gradual and at a pace that risk assets should be able to handle, and is occurring in an environment of strong cyclical recovery."
Stock rotation swamps bank ETFs with 38% of all new cash in 2022
More than a third of all new cash flowing into U.S. ETFs this year has gone to funds pegged to financial stocks.
As the great equity rotation sweeps the $7.1 trillion industry. With the major Wall Street banks set to kick off earning season this week, the biggest product tracking financial equities, the $48.9 billion $Financial Select Sector SPDR Fund (XLF.US)$, is growing at the fastest pace in almost a year. It gathered $2.3 billion last week as its shares jumped more than 5%.
Apple implies it generated record revenue from the App Store during 2021
$Apple (AAPL.US)$ said Monday that it paid developers $60 billion in 2021, a figure that suggests that App Store sales continue to grow at a rapid clip. The statistic came as part of a broader announcement from Apple meant to show momentum for its services business, which is an important signal for investors and analysts.
Apple's payments to developers account for between 70% and 85% of Apple's total gross from its App Store, which takes between 15% and 30% of sales from digital purchases made in apps.
Big Tech stocks will benefit from metaverse and crypto but Apple least likely to grow, analyst says
Tech firms will benefit from the metaverse, Web 3.0, cryptocurrencies and quantum computing if they operate in those areas, according to Cyrus Mewawalla, head of thematic research at GlobalData. "If you're in that space, you're going to benefit almost regardless of macroeconomic issues," he said.
Apple saw its share price rise to $3 trillion last week but the iPhone maker may not grow as quickly as some of its rivals this year, according to Mewawalla.
Source: Bloomberg, CNBC
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