Apple (NASDAQ: AAPL) shares closed 6% higher on Monday ahead of its virtual "Hi, Speed" event on Tuesday. The company is set to reveal a new iPhone and other technology updates. The launch event will be an online event that will be live-streamed from the Apple Park and the Steve Jobs Theatre in Cupertino. One can also watch the event via the iOS YouTube app and on the app for Apple TV.
The technology giant is expected to reveal iPhone 12 series and all the new iPhone models are reported to have 5G. Some other announcements could include a new HomePod and new AirPod headphones. During the September "Time Flies" event, Apple unveiled a redesigned iPad Air and Apple Watch models.
Asian shares traded slightly lower after mixed economic data. US stock futures retreated from the highs after extended its gains Monday from last week’s rally. In Hong Kong, the Hang Seng Index was closed as officials canceled trading in stocks and derivatives due to a typhoon warning.
Crude oil prices slightly reversed from the early session losses ahead of API inventory data. During the previous session, the Oil price slide amid concerns over excess supply in the market and worries about a possible drop in energy demand due to rising coronavirus cases.
In the currency market, the British pound dropped to a new daily low on Tuesday after data showed the UK unemployment rate rose more than expected in the June-August period. The employment rate in the UK increased to 4.5%, above forecasts of 4.3%.
Gold price slipped to a fresh weekly low on Tuesday after the demand for the US dollar increased. On Monday, the yellow metal touched a fresh monthly high of $1932.
On the data front, China’s September’s trade surplus narrowed to $37 billion, compared to the consensus of $58 billion and $58.93 billion in August. The exports rose 9.9% from a year earlier to $239.8 billion in September, while imports gained 13.2% to $202.8 billion.
Moving ahead to the North American session, the US Consumer Price Index (CPI) data will also be key to watch and Q3 financial results from JPMorgan and Citigroup.
The number of people infected with the coronavirus across the world crossed 37.5 million, of which at least 1.07 million people have died and 26 million have recovered, according to data released by the Johns Hopkins University. The U.S. has reported more than 7.7 million cases and 215,000 deaths, according to Johns Hopkins data. India reports 55,342 new cases for the past 24 hours, the lowest daily count in nearly two months, bringing the country total to 7.18 million. Meanwhile, South Korean drugmaker Celltrion says it has received approval for Phase 3 clinical trials of an experimental COVID-19 treatment.
EUR/USD: The currency pair dropped to a fresh weekly low of 1.1780 on Tuesday after weaker-than-economic data.
The important levels to watch for today: Support- 1.1760 and 1.1720 Resistance- 1.1810 and 1.1860.
GOLD: The yellow metal slightly rebounded from the early session lows. At the time of writing, the gold price trading around $1923.
The important levels to watch for today: Support- 1918 and 1910 Resistance- 1926 and 1932.
Quote of the day: You are dealing with a lot of silly people in the marketplace; It’s like a great big casino and everyone else is boozing. If you can stick with Pepsi, you should be Ok – Warrant Buffet.