This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
US stocks have surged today, with technology companies leading the advance. By early afternoon in New York, the Dow Jones was trading up 0.82% or 14,955 and the broader S&P 500 rose 0.93% to 1655.0. The technology-focused NASDAQ 100 performed the best out of the three main benchmarks, gaining 1.25% to 3126.6.
Apple, the NASDAQ’s biggest component by capitalisation, rose more than 2% after sending out invites to an event next week at its headquarters in Cupertino, California. The invitations were dispatched by email and showed overlapping, multi-coloured dots around the Apple logo along with the words ‘This should brighten everyone’s day.’
Apple usually launches a new iPhone at this time of year, so the widespread expectation is for this to be the launch event for the iPhone 5s, but the nature of the invitation has strengthened rumours that the new iPhone will come in a variety of colours, as opposed to the traditional black or white. An alternative theory is that Apple will also launch a cut-price, lower-spec version of the iPhone and that this will be the phone that comes in a selection of different colours.
The NASDAQ exchange earlier experienced a brief outage, suffering another glitch with its main data feed, the same area that was at the centre of the three-hour halt in trading a fortnight ago. NASDAQ claims the problem has been solved and trading was not impacted.
The Fed will release its latest Beige Book, a region-by-region evaluation of the US economy, at 7pm BST.