{"id":293346,"date":"2020-08-21T07:07:11","date_gmt":"2020-08-20T21:07:11","guid":{"rendered":"https:\/\/www.gomarketingteam.com\/articles\/stock-market-continues-to-surprise-apple-made-history\/"},"modified":"2021-02-19T12:13:33","modified_gmt":"2021-02-19T01:13:33","slug":"stock-market-continues-to-surprise-apple-made-history","status":"publish","type":"post","link":"https:\/\/www.gomarkets.com\/en\/weekly-summaries\/stock-market-continues-to-surprise-apple-made-history\/","title":{"rendered":"Stock Market Continues to Surprise: Apple Made History"},"content":{"rendered":"

vBy Deepta Bolaky<\/strong>
\n\u00a0@DeeptaGOMarkets<\/a><\/p>\n

Investors digested another week packed with geopolitical headlines, COVID-19 cases, vaccines related-updates, economic data and the Presidential Nomination Conventions. As the week comes to an end, market participants took note of the upcoming trade talks and the positive vaccine news by Pfizer and BioNTech SE. <\/span><\/p>\n

Stock Market – New Highs<\/b><\/h4>\n

Global stocks started the week on a mixed note as investors struggled to understand the delay in the US-China trade meeting. The outperformance of the tech sector and fresh stimulus from China provided support to the stock market amid virus woes, the uncertainty around the pace of recovery, dovish FOMC minutes and elevated tensions between US and China after the Trump administration ended the pact with Hong Kong on extradition and reciprocal tax treatment.<\/span><\/p>\n

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\nSource: Bloomberg<\/p>\n

Despite the current angst in the equity market and the standoff in Congress over the coronavirus relief package, we saw a few highs on Wall Street. Major US equity indices flirted near record highs lifted by US big mega-cap tech stocks. <\/span><\/p>\n

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\nSource: Bloomberg<\/p>\n

Apple made history this week to become the first US company to be valued at US$2 trillion. Its market value has doubled in two years and its shares are currently priced at $470.10. <\/span><\/p>\n

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\nSource: Bloomberg<\/p>\n

European stocks<\/b><\/h5>\n

European stocks remained stuck within a range as investors are concerned about the rally in the stock market against the global economic backdrop and the stimulus-fuelled economy. <\/span><\/p>\n

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\nSource: Bloomberg<\/p>\n

ASX – Busiest Earnings Week<\/b><\/h5>\n

Investors geared up to the busiest week of the Australian earnings season. We have updates from big retailers, iron-ore miners, major banks, and tech stocks. As of writing, Information Technology, Consumer Discretionary and Health index were leading the gains on the Australian share market. Energy and Consumer staples were among the laggards the worst-performing sectors.<\/span><\/p>\n

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\nSource: Bloomberg<\/p>\n

For a detailed report of key companies reporting results this week – please read<\/a>
\n<\/b><\/p>\n

Forex Market<\/b><\/p>\n

In the forex market, major currencies were mostly stronger against the greenback. The US dollar staged a comeback on Wednesday against its peers after the release of the FOMC minutes which provide both caution and less dovish tones. However, the momentum was short-lived.\u00a0<\/span><\/p>\n

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\nSource: Bloomberg Terminal<\/p>\n

The <\/span>British Pound <\/b>edged higher against the G10 currencies on the back of the overall weakness of the US dollar and better-than-expected inflation data:<\/span><\/p>\n