Apple's Stock Falls Despite 5G iPhone Launch... Zoom Hits All-Time High

Apple Drops Over 3% Intraday... Impacted by COVID-19 Vaccine Trial Halt

[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] The New York stock market turned bearish after a strong rally the previous day. Apple unveiled its first 5G iPhone, but the consecutive halts in clinical trials of COVID-19 vaccines acted as negative factors.

On the 13th (local time), the Dow Jones Industrial Average fell 157.71 points (0.55%) to close at 28,679.81, the S&P 500 index dropped 22.29 points (0.63%) to 3,511.93, and the Nasdaq index declined 12.36 points (0.10%) to 11,863.90.

By stock, Apple, which surged 6% the previous day, experienced significant volatility. During the event unveiling the first 5G iPhone, Apple’s stock price fell as much as 3.5% intraday but later narrowed the loss to close down 1.81%.

Amazon, which started its large-scale discount event 'Prime Day' on the day, remained flat.

Travel stocks plunged collectively due to news of halted COVID-19 vaccine clinical trials. Cruise companies such as Royal Caribbean, Norwegian Cruise, and Carnival Corp saw double-digit percentage declines. Delta Air Lines, which reported disappointing earnings as expected, fell 2.7%.

This was interpreted as a result of the halt in clinical trials of Eli Lilly’s COVID-19 antibody treatment due to safety concerns. Earlier, Johnson & Johnson (J&J) temporarily suspended clinical trials of its COVID-19 vaccine conducted by its subsidiary Janssen.

Financial companies such as JPMorgan, Citibank, and BlackRock, which announced third-quarter earnings, saw their stock prices decline despite solid results.

On the other hand, Zoom, a video conferencing provider considered a beneficiary of the COVID-19 spread, showed strong gains, rising 5.5% to hit a new all-time high again.

West Texas Intermediate (WTI) crude oil for November delivery closed at $40.20 per barrel, up 2% ($0.77) from the previous day. December gold closed at $1,894.60 per ounce, down 1.8% ($34.30).

This content was produced with the assistance of AI translation services.