As Apple prepares to upgrade its products, there are two distinct trends hitting the economy right now, and they are both bad for tech stocks.
On the one hand there is runaway inflation, with rates over 8% in the U.S. and rising by similar amounts in other developed countries. The other is consumers’ desire to get out of the house after two years of the Covid-19 pandemic, which is pushing up spending on travel, restaurants, and beauty, but leaving higher-priced gadgets on the shelf.
Apple is expected to unveil a new watch, and possibly a new MacBook Air, at its worldwide developers conference Monday. Like Meta Platforms, Apple is looking at more futuristic products, which it may show off as well. The New York Times reported the company has enlisted Hollywood directors to develop video content for an augmented-reality headset.
What’s Next: The much anticipated AR/VR headset, Apple Glasses, is expected to make an appearance by the holiday season or early 2023, Ives said in a note.***Amazon’s Split Doesn’t Mean Much, but Could Boost Price Amazon.com’s stock will have a very different price when it starts trading this morning. After a 20-for-1 split from Friday’s closing price of $2,447, the shares are expected to open around $122 each.
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