iPhone sales boom as general recovery continues
According to CNBC, research data revealed that the mobile maker giant Apple seems to be the fastest-growing smartphone producer in China for the second quarter. That also confirmed that the company maintained its strong position against the general deterioration in the world’s second-largest economy.
The affordable iPhone SE and the reputation of the iPhone 11 series, accompanied by extensive discounts, supported a hike in one of Apple’s most significant markets.
According to Counterpoint Research the sell- volume for iPhones in China was approximately 7.4 million pieces from last April to June quarter. That was more than a 30% increase in year-on-year. Sell-volume applies to iPhones that go to Apple’s retail associates and is a narrow measure of how the real sales to consumers are performing.
In contrast, rival Chinese phone producer Huawei noticed sell-volume of 36.6 million pieces related to a year ago. Apple sells significantly fewer phones than Huawei in China.
Stock futures remain while waiting for FED
Stock futures were limited in late exchanging yesterday while investors anticipate a congressional conference on antitrust in Big Technology companies. However, another important event has caught the attention of the investors and it has to do with the release of the Federal Reserve’s latest policy decision.
The Dow Jones Industrial Average futures increased about 20 points, and the S&P 500 futures were flat. The Nasdaq 100 futures advanced 0.2%.
Gold steady for now
The yellow metal Gold was even today while concerns about growing cases of COVID-19 and expectations of potential inflation from more incentive proposals press gold, as investors anticipate the U.S. Federal Reserve’s conference result later today.
Spot gold was little exchanged at $1,957.84 per ounce. Prices beat an all-time of $1,980.57 yesterday before retracing after investors maintained profits and the greenback recovered some ground.
U.S. gold futures increased 0.5% to $1,954.50.
A drop in U.S. inventories drove oil up
Oil surged today following an industry statement that revealed that crude inventories in the United States dropped against expectations, providing the market a lift due to record additions of coronavirus infections in the U.S. and abroad. Brent crude futures gained 14 cents, at $43.36 a barrel following a decline 0.4% yesterday.
U.S. West Texas Intermediate crude futures advanced 2 cents, to $41.06 a barrel, having fallen 1.4% in the previous session.
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