Two big tech events get started Tuesday—and they might be more important for the stock market than any of the day’s other news.
reveals the iPhone 12 today at an event that can be live-streamed here beginning at 1 p.m. Eastern time.
Apple stock is up 69% this year, and has a market value of more than $2 trillion. An iPhone supercycle is supposed to drive Apple shares even higher.
com’s Prime Day—actually two days—is here. E-commerce has boomed amid the pandemic, and the setup for this holiday shopping season is extraordinary.
Amazon stock has been extraordinary too. Shares are up 86% year to date and the stock now has a market value of about $1.7 trillion.
Tech, particularly big tech, now rules the market. The
has outpaced the
Dow Jones Industrial Average
in 2020, and looks set to do so on Tuesday.
And when Amazon and Apple are doing well, the market usually does well too. Together, they make up about 12% of the market capitalization of the S&P 500, and cover up the fact that 51% of the index constituents are down on the year.
For investors interested in the future of the market, Apple’s launch is must-see TV.
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