S&P 500 falls as yields rise and investors look ahead to 2023 – CNBC
Apple trades near June 2021 lows, but some believe the best is ahead for the stock
Shares of Apple shed 1.5% on Tuesday to trade near lows not seen since June 2021. But despite the slump in shares, some strategists and analysts say better times are ahead for the technology company.
Apple’s stock has tumbled nearly 27% this year as growth suffered in a rising rate environment. The company also grappled with supply disruptions fueled by factory shutdowns at its largest supplier in China, just beginning to subside.
Production hiccups have subsided, demand remains strong and supply chain issues should ease by the middle of next month, Rosenblatt’s Barton Crockett told CNBC’s “Squawk on the Street” on Tuesday. That should bode well for Apple in the new year and its stock.
“I think Apple is well positioned for a good recovery,” he said.
Crockett isn’t alone. Citi analyst Jim Suva named six catalysts for the stock in the new year.
Despite a challenging December quarter, he expects Apple to trade higher as it benefits from potential growth in India, sustained revenue growth, and a boost in services revenues. The launch of the iPhone maker’s augmented and virtual reality headset, and buybacks, or a flight to quality, could also lift shares.
“We think 2023 becomes a much better year, especially after people recalibrate to this higher interest rate environment that we’re living in,” he told CNBC’s “The Exchange” on Tuesday.
— Samantha Subin
Gold price hits six-month high
The price of gold traded at a high not seen in six months as investor excitement around the latest Chinese reopening news grew.
Spot gold rose 1.1% to $1,817.25 per ounce. Earlier in the session, it hit $1,832.99, which is the highest price its traded at since June 27.
The metal got upward pressure from the news that China would stop requiring quarantine for international travelers starting Jan. 8.
Gold futures gained 1.3% to trade at $1,828.10.
— Alex Harring
Energy, industrials outperform in the S&P 500, consumer discretionary lags
Energy and industrials were the two leading sectors in the S&P 500 during Tuesday trading, up about 1.4% and 0.5%, respectively.
Energy stocks surged, helped by advances in shares of <…….