Apple Cuts Production
Apple has announced the halving of its production of their latest iPhone X, which cannot come as a complete surprise. It costs $1000.00 USD, which is more than a flight ticket across the pond. The company has begun to overplay its cards with regards to their iPhones. The phone market is flooded with dozens of Androids that hold their own against Apple. Unless the iPhone betters its technology than those of its rivals, it cannot sustain such an astronomical market price.
Wall Street Dips
Today, Wall Street fell its furthest in five months. This was due to the fall in Apple shares after the announcement of decreased production. Shares fell 2.1% in a single day. Therefore, the S&P technology index fell by 0.9%. Previously, S&P was experiencing a sustained high not seen since 2016. The Dow closed down 0.67% today.
Hot Water, Tim Cook
The end of 2017 saw the reveal of Tim Cook admitting to deliberate faulty technology. They were intentionally slowing older iPhones, as a precautionary measure, they claimed. However, it’s difficult to believe that that would be the only motive. With an earning reports coming out Thursday Tim Cook may be reaching hot water. The report may show a dip, because the market is reacting to forecast iPhone X sales.
Androids Coming Out on Top
In reaction to Apple, dozens of Androids have been flooding the market with sleek smartphones. First came RIM with the infamous Blackberry. Today, Samsung is one of the biggest rivals. However, the OnePlus, HTC, Huawei and more are certainly giving iPhones a well deserved run for their money.
U.S Economy Coming Out on Top
Even with a rough start to the week, 2018 seems to be proving a solid start for the U.S economy. However, this is not due to much except for the natural rise and fall of market run economies. America is on an upwards cycle, and Wall Street still needs to keep a close eye on how best to hold on to that lead.
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