Dow Jones Futures Rise: Apple iPhone Woes, Inflation, JPMorgan Earnings In Focus After Market Rally Fizzles Again – Investor’s Business Daily
Dow Jones futures rose modestly Wednesday morning, along with S&P 500 futures and Nasdaq futures, as Treasury yields dipped amid key inflation data and earnings before the open. The stock market rally attempt had yet another weak close, finishing with slim losses Tuesday.
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Apple stock retreated overnight on a report that chip shortages will force iPhone production cuts. Crispr Therapeutics (CRSP) retreated on study results. JPMorgan Chase (JPM) reported better-than-expected third-quarter EPS before the open. Delta Air Lines (DAL) also topped views early Wednesday.
Apple iPhone Production Cut
Apple (AAPL) will have to cut 2021 iPhone production goals of 90 million handsets by up to 10 million handsets due to extended chip shortages, Bloomberg News reported, citing sources. The Dow Jones tech titan reportedly is telling manufacturers that Broadcom (AVGO) and Texas Instruments (TXN) aren’t delivering enough components.
Apple stock fell less than 1% in premarket action, with the iPhone production report perhaps not too big of a surprise. Shares are working toward recent lows. AAPL stock closed down 0.9% to 141.51 after the tech giant announced an Oct. 18 product event, expected to include a big revamp of the MacBook Pro.
AVGO stock and Texas Instruments edged lower overnight. So did fellow Apple iPhone chipmakers such as Qorvo (QRVO), Skyworks Solutions (SWKS) and Cirrus Logic (CRUS) also fell slightly.
One exception was QCOM stock, which rose 2% early Wednesday. Qualcomm (QCOM) announced a $10 billion QCOM stock buyback program late Tuesday.
Crispr Stock Singed
CRSP stock slumped 8% in premarket trade despite generally positive hase 1 test results of a gene-edited cancer drug. Crispr Therapeutics said Tuesday it’s planning to begin a pivotal study of its gene-edited cancer drug, CTX 110. Of the 26 lymphoma patients, 38% had no detectable cancer following the treatment. There were no major side effects.
On the plus side, German software giant SAP (SAP) gave preliminary Q3 results above consensus and guided higher for the full year. SAP stock popped 5% early Wednesday.
Mixed Market Messages
But a number of high-beta growth names …….