Investors are pulling back following the U.S. Fed Chair Jerome Powell’s comments on Friday suggesting that the economy was headed for “some pain” as the central bank continues raising interest rates to combat high inflation.
Amid that backdrop, here are 3 tickers trending on Yahoo Finance as of Monday morning:
Bitcoin (BTC-USD): Bitcoin fell below $20,000 for the first since mid-June over the weekend. The price of Bitcoin has been volatile in recent days following Powell’s hawkish speech.
Apple (AAPL): Apple stock, along with the other major Big Tech stocks, fell in premarket trading on Monday amid a wider selloff. Apple will hold an in-person event on September 7, widely expected to be for unveiling the iPhone 14 and Apple Watch Series 8.
Wedbush analyst Dan Ives remains bullish on the stock in a new note on Monday: “Apple is in a strong position from a supply perspective for iPhone 14 heading into this highly anticipated September 7th launch. Despite the zero Covid shutdowns in China that disrupted the Asia supply chain across the board in March-May and caused some white knuckles on the Street, Cook yet again navigated Cupertino through the storm and now is set for another flagship iPhone 14 upgrade cycle to take place over the next 6 to 9 months.”
NVIDIA (NVDA): Nvidia stock slid in premarket trading on Monday, continuing a rough year for the chipmaker amid a risk-off environment that has hampered financial performance. Citi analyst Atif Malik noted that lagging gaming growth should return with the release of new products later this year, adding that the GTC conference on September 20 should be a catalyst. Nvidia stock is down 44.7% so far in 2022.
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