While Apple's troubles with the iPhone 8 (which is being outsold by the iPhone 7) have been duly discussed in recent days and largely ignored by Wall Street, whose hopes remain pinned on the iPhone X, the latest update from DigiTimes is even more concering, as it suggests that general demand for the entire Apple product suite may be lower than expected. According to Digitimes, iPhone assembler Foxconn has reportedly started shipping iPhone X units, however the first batches smaller than expected.
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Stocks Hit New Record Highs, Dollar Jumps On Senate Vote; Japan Has Longest Winning Streak In History
Global stocks hit new all time highs overnight, with US stock-index futures, Asian and European stocks all rising overnight after the Senate adopted a fiscal 2018 budget resolution, paving the way for Trump's $1.5 trillion in tax cuts, while news that "dove" Jay Powell may be the next Fed chair added to the risk-on sentiment.
Has the market's "melt-up" levitation finally ended? Of course, it could be much worse: as Bloomberg's Paul Jarvis recalls, thirty years ago on this day traders around the globe were staring at their screens in disbelief as stock markets turned to a sea of red: the Dow, S&P 500, FTSE, DAX and CAC fell -23%, -20%, -10%, -9% and -10% respectively.
According to a surprising, and not altogether pleasant for Tim Cook and AAPL shareholders new report by KeyBanc Capital Analyst John Vinh, channel checks have revealed that Apple's older iPhone 7 models are outselling the recently launched iPhone 8 ahead of the early November debut of the premium iPhone X.
President Donald Trump participates in a tax reform kickoff event at the Loren Cook Company in Springfield, Missouri, on August 30, 2017. (Photo: Jim Watson / AFP / Getty Images)
Janine Jackson: The key part of the Republican tax plan, CNBC explained, isn't the individual or even the corporate tax rates. The big news is that it doubles the standard deduction and provides significant relief and simplicity for most taxpayers.