US Stock Market: Economic Indicators, Tech Earnings, and Global Events

The US stock market experienced a significant decline, driven by concerns of an economic downturn due to poor economic indicators and disappointing corporate earnings.

### Turbulent Day in the Global Market
The US and UK both experienced economic challenges, with low manufacturing PMI and high jobless claims. Big tech companies like Google, Intel, and Apple faced significant stock declines following disappointing financial results. The stock market saw a sharp decline, particularly in the technology and energy sectors, leading to concerns about a possible recession.

### Global Market Recap
Negative sentiment surrounds further interest rate cuts after a decline in the U.S. indicators, leading to drops in European and Asian stock markets. The value of the yen surged after the Bank of Japan raised interest rates, impacting Japanese export companies. Meta experienced a significant increase in stock price after positive predictions from Bank of America and Citibank, while the Philadelphia Semiconductor Index fell by about 7%. AM Holdings plummeted by over 15% following a downward revision in royalty growth rate, and Amazon's stock initially dropped by 1.5% after disappointing second-quarter results. Intel is facing a 5.3% drop in the market and over 17% after hours following reports of job cuts and weak performance, while Apple expects a strong iPad performance alongside increased revenue due to iPhone discounts.

### Apple's Performance and Other Market News
Apple's performance announcement exceeded revenue expectations, leading to a 1% drop in stock, but strong after-hours movement, with the focus now on the earnings call with CEO Tim Cook. Hyundai has decided to supply 100,000 electric vehicles to Uber as part of a multi-year agreement, while Toyota showed good performance due to the popularity of hybrid vehicles in North America. Kabana, a used car company, reported a 33% increase in sales, exceeding EPS expectations, leading to a nearly 10% rise in stock. Moderna's performance, however, led to a 21% drop, as they lowered their revenue guidance due to poor vaccine sales and intense competition. In other news, a late-stage study showed positive results for Bound in obese patients with chronic kidney disease, leading to a 3% increase in stock for Eli Lilly. Applied Materials fell over 7% after the U.S. government rejected their $4 billion R&D center

### Market News Summary
Ceasefire news has triggered a potential uptrend, while improved weather has caused a drop in cocoa futures. Despite high prices, there is still strong demand for chocolate, suggesting a possible rebound in cocoa futures. The housing market is showing signs of a turnaround with a surge in preliminary home sales, but high cancellation rates and mortgage interest rates are still posing challenges for buyers.

### Apple's Performance and Future Projections
Apple's iPhone sales are experiencing a slight improvement, particularly in the Chinese market, despite facing a decline in market position. The company's revenue for the third quarter has exceeded expectations, reaching $85.71 billion, with a significant contribution from its service sector. The release of the iPhone 16 is expected to drive strong demand, with projections for the first week of sales. The general release of Apple's AI features is delayed until October due to safety concerns, and it has been revealed that Apple is using a Google-designed processor for AI training. Berkshire Hathaway is reportedly reducing its holdings of Apple stock, raising questions about the company's future performance.

### Apple Stock Performance and Economic Indicators
Apple's stock is strong, with a high portfolio percentage and a price exceeding $200, but there are concerns about market share losses in China. The U.S. stock market is plummeting due to fears of an economic downturn, influenced by poor economic indicators, including a significant contraction in the manufacturing sector. The Bank of England has made its first interest rate cut since the pandemic, reflecting the challenging economic situation.

### The Bank of England's Interest Rate Cut and Market Reaction
The Bank of England made its first interest rate cut since the pandemic, with speculation of two more cuts this year. The decision was driven by a consensus that inflationary pressure had eased, despite the bank's cautious outlook on future inflation. The market is interpreting the bank's minutes as a signal to hold off on further rate cuts, with the possibility of additional cuts in November.



### President Biden's Diplomatic Triumph and Vice President Harris's Early Nomination
Former U.S. Marine Wellen was released by Russia in a major prisoner exchange, celebrated by President Biden. The U.S. government's efforts to protect its citizens were praised, while Vice President Harris has started the official process of being nominated as the Democratic presidential candidate. Meanwhile, Apple's announcement of expanding the Apple Vision Pro sales and production caused a stock price fall, despite a 20% revenue increase.

### Global Market Update: US Economic Concerns, Bank of England Rate Cut, Tech Earnings Impact
* 📉 US stock markets experienced a significant decline, with the Dow Jones falling **nearly 500 points** and the Nasdaq dropping **2.3%**.
* 💼 Economic indicators in the US raised concerns, with the ISM Manufacturing PMI hitting an **8-month low** at **46.8**, and weekly jobless claims reaching a **one-year high** at **249,000**.
* 🏦 The Bank of England cut interest rates by **25 basis points**, the first cut in four years, citing **easing inflationary pressures**.
* 📊 Tech earnings had mixed results, with Apple **exceeding revenue expectations** but Intel **missing and planning significant job cuts**.
* 🔢 Apple announced a **5% revenue increase**, with CEO Tim Cook mentioning **growth in Canada and Mexico**, as well as plans to **expand Apple Vision Pro sales**.
* 🌐 A large-scale prisoner exchange between the US and Russia, the largest since 2010, included **26 prisoners**, with a Wall Street Journal journalist among those released.

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