The U.S Stocks ended their week on a despondent note due to worries regarding a demand for smartphones, while the U.S Treasury sells off again.
Nasdaq Composite has fallen 1.3 percent with the index and Apple continues to follow with an initial 2.8 percent downslide followed by 4.1 percent, sparking concern in the tech sector of wall street.
As one of the iPhone producers and biggest suppliers, Taiwan Semiconductor Manufacturing, warned about a much lower demand for smartphones in the mobile phone sector, causing concern and worry about a lower of “weak demand” towards smartphones.
According to Financial Times, Peter Garnry, head of equity strategy at Saxo Bank, said: “Potentially, the TSMC guidance is the first warning shot that the global economy is slowing down faster than expected,” and continued speaking about whether this is a momentary effect or whether it’s the beginning of a more concerning trend and decline.
The Treasury, on the other hand, touched at 2.96 percent which is the highest point since February, rising through the week to a 13 point basis.
Jim Reid, a strategist at Deutsche Bank, spoke about the probability of four Federal Reserve and their spiking rates and how it’s at its highest, jumping from around 19 percent to 33 percent this week alone.
Jasper Lawler, head of research at London Capital Group, spoke about Brent Crude and President Donald Trumps arguments and criticism regarding skyrocketing prices.
More to be said was that it certainly would not escape the president’s attention that quick-rising gasoline prices can overshadow any financial benefits to any rust-belt areas, according to Lawler.