Wall Street wobbles as Apple rolls out new iPhone 7

Fed Beige Book is on tap soon as most stocks mark time before traders decide to place new bets.

Screen capture via Apple.com of Apple's just-announced iPhone 7 models. The high-end, jet black model is pictured here.

WASHINGTON, September 6, 2016 – Our report is short today, since we’ve spent most of our time on our other column where we describe today in some detail Goldman Sach’s (GS) ridiculously transparent attempt to cripple the Trump campaign, assisting the Clinton campaign (and themselves) in the process. This kind of hubristic overconfidence generally doesn’t end well. But in our increasingly rigged local and national elections, money still does have a way of buying results.

Read also: Goldman Sachs bans contributions to Trump, but Hillary OK

Meanwhile, back on Wall Street at 2:30 p.m. EDT, stocks continue to bounce about in the negative zone, simultaneously underwhelmed by Apple’s (AAPL) currently ongoing fall product reveals, including its new iPhone; and by fear and loathing as to what the Federal Reserve’s upcoming Beige Book report might reveal about the health of American business and hiring and/or evidence for or against that on-again-off-again September or Whenever interest rate increase.

Trading diary

Not much to report on another weird trading day.

Apple (AAPL) stock remains flat as of roughly 2:30 p.m. EDT as its fall product rollout continues, including a new iPhone 7 that’s water resistant and boasts a major camera upgrade—plus, no headphone/earbud port. Standard minimum memory is now 32 GB, maxing out at 256. Phones are being offered in new black and jet black colors as well as all previous colors, although jet black is offered only in the 256 GB model, perhaps a bit like a souped-up jet black Porsche, except that this one is a bit of high-tech virtue-signaling.

More on the rest of the Apple rollout tomorrow.

We have, however, sold our remaining shares in KKR (KKR), which has been flat to wobbling downward over the past trading week or so. Rightly or wrongly, the market seems to be betting the Fed won’t raise interest rates in September, and that’s taking the starch, at least temporarily, out of the financials and anything associated with them. For now. The Maven won’t guess on the Fed’s next move. The Fed probably doesn’t know what it’s going to do either.

If things change, we may get back on board KKR and Blackstone (BX), but only at lower prices.

Other than that, today we’re also adding slightly to gold and silver bullion positions via ETFs SGOL and SIVR, which are slightly off as of this writing.


That’s it for now.

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Terry Ponick
Biographical Note: Dateline Award-winning music and theater critic for The Connection Newspapers and the Reston-Fairfax Times, Terry was the music critic for the Washington Times print edition (1994-2010) and online Communities (2010-2014). Since 2014, he has been the Business and Entertainment Editor for Communities Digital News (CDN). A former stockbroker and a writer and editor with many interests, he served as editor under contract from the White House Office of Science and Technology Policy (OSTP) and continues to write on science and business topics. He is a graduate of Georgetown University (BA, MA) and the University of South Carolina where he was awarded a Ph.D. in English and American Literature and co-founded one of the earliest Writing Labs in the country. Twitter: @terryp17