Apple shares are dropping despite announcing its new products… and waiting for the Fed’s decision

2023-06-06 17:09:50

US indices closed collectively with declines in the first sessions of the week, pressured by the drop in “Apple” stock following announcing new products at the developers’ conference, in addition to anticipating the US Federal Reserve’s decision on interest rates during the current month of June.

Apple’s share closed down by 0.75 percent, following falling from its highest level ever, during the session that witnessed the company’s announcement of its latest products at its annual conference for global developers.

And “Apple” revealed its “Vision Pro” mixed reality glasses as the first major new product that the company has revealed since 2014, in addition to the “MacBook Air” with a 15-inch screen.

It is noteworthy that a survey conducted by the Institute for Supply Management indicated that the US services sector barely grew in the month of May with the slowdown in new orders, which pushed the measure of prices that companies pay for inputs to its lowest level in 3 years, which reinforced expectations that the Federal Reserve may stop raising interest rates. .

Fedwatch data also reported that the odds of raising interest rates by 25 basis points were regarding 25 percent, compared to 75 percent for fixing them, according to CNBC.

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