{"id":58552,"date":"2023-09-08T12:27:55","date_gmt":"2023-09-08T16:27:55","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/tech-sector-woes-continue\/"},"modified":"2023-09-08T12:27:58","modified_gmt":"2023-09-08T16:27:58","slug":"tech-sector-woes-continue","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=58552","title":{"rendered":"Tech Sector Woes Continue"},"content":{"rendered":"<div>\n<p><strong>Key Takeaways<\/strong><\/p>\n<ul>\n<li>Apple<fbs-ticker data-name=\"AAPL\" data-href=\"https:\/\/www.forbes.com\/companies\/apple\" data-type=\"stock\"><br \/>\n   AAPL<br \/>\n  <\/fbs-ticker> Under Pressure<\/li>\n<li>Disney At Lowest Level In Nearly A Decade<\/li>\n<li>Volatility Still Low<\/li>\n<\/ul>\n<p>The big news this week has been the drop in Apple. Following an order from Chinese officials forbidding state workers from using iPhones and other foreign made phones, shares of Apple have come under pressure. Yesterday alone, Apple lost 2.9% and has lost $190 billion in market capitalization in just the past two days. According to an article in the Wall Street Journal, Apple owned 65% of the Chinese market for mobile phones priced over $600. China also accounted for 24% of all iPhone shipments in the second quarter, outpacing the U.S.\u2019s 21%. The ban on state employees has potential to trickle down to Chinese citizens and could seriously threaten Apple\u2019s biggest market.<\/p>\n<p>Apple isn\u2019t the only stock struggling this week. Shares of Disney closed at their lowest level since 2014. Investors had hoped Bob Iger\u2019s return would help turn the stock around, but the company has continued to languish. Disney is down a little over 1% for the week.<\/p>\n<p>Elsewhere, energy stocks continued their push higher of late. The energy component of the S&amp;P 500 was the strongest performing sector yesterday, up 1.3% and is up 18% from its late June lows. The sector has seen a lot of activity of late, especially with crude oil prices surging. Our customers at tastytrade have been active both in listed and futures products tied to the sector.<\/p>\n<p><fbs-ad position=\"inread\" progressive=\"\" ad-id=\"article-0-inread\" aria-hidden=\"true\" role=\"presentation\"><\/fbs-ad><\/p>\n<p>There is no major economic news today, but next week we will get a read on consumer prices. The Consumer Price Index (CPI) is scheduled for release next. Analysts are looking for a month-over-month increase of 0.5% and for core CPI to be up 0.2% month-over-month. That number will be interesting to watch because, as I mentioned above, market\u2019s feel a bit stuck at the moment, and a reading outside of what is expected could be what markets need to get unstuck.<\/p>\n<p>On Wednesday, I talked about 4460 in the S&amp;P 500 being a support level many market technicians were watching. We have since fallen below that level, so we\u2019ll see if what was once support becomes resistance. Those same technicians are now looking for market support at 4410.<\/p>\n<p>One interesting thing to note here is the level of market volatility. Despite some big name companies taking hits this week, the VIX is still below 15. That is well below its historical average. Therefore, there isn\u2019t that sense of panic you might normally expect given some of the weakness we\u2019ve seen in the tech sector. As always, I would stick with your investing plans and long term objectives.<\/p>\n<p><em>tastytrade, Inc. commentary for educational purposes only. This content is not, nor is intended to be, trading or investment advice or a recommendation that any investment product or strategy is suitable for any person.<\/em><\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.forbes.com\/sites\/jjkinahan\/2023\/09\/08\/tech-sector-woes-continue\/\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Apple AAPL Under Pressure Disney At Lowest Level In Nearly A Decade Volatility Still Low The big news this week has been the drop in Apple. Following an order from Chinese officials forbidding state workers from using iPhones and other foreign made phones, shares of Apple have come under pressure. Yesterday alone, Apple [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":58553,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-58552","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tech Sector Woes Continue | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Key Takeaways Apple AAPL Under Pressure Disney At Lowest Level In Nearly A Decade Volatility Still Low The big news this week has been the drop in Apple.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=58552\" \/>\n<meta property=\"og:locale\" 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