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🌤️ Happy Tuesday
Good evening. We hope your weekend was restful and you were able to get a break from your busy workweek. We’re writing to you in the afternoon after a day of market reaction to some major tech news.
Today in history (June 6, 1944) was the Allied invasion of Northern France. Also known as D-Day, the operation was a major turning point in the European theater during World War II.
With that history lesson out of the way, we hope you enjoy this week’s issue.
Read time: 2 minutes
WEEK IN REVIEW
📈 Market Performance
S&P 500 (5-day), via Google Finance
Last week was an overall very green one for the S&P 500. Though the index had previously been pushing to hold the 4,200-point mark, that goal has seemingly been achieved. Except for a brief drop on Wednesday to around 4,179 points, the index stayed above 4,200 and increased 1.86% from Tuesday's open to today’s close.
Big Tech companies like Amazon, Nvidia, and Apple seem to be some of the primary drivers of the index’s growth. For example, from May 24-25, Nvidia (NVDA) stock rose a whopping 24% after an AI announcement. Amazon and Apple have seen consistent stock growth since the beginning of this year.
🍎 Apple’s New Toy
Apple VisionPro at WWDC 2023, via Trusted Reviews
Yesterday was Apple's (AAPL) annual World Wide Developers Conference or WWDC. In the past, this event was primarily aimed at (you guessed it) developers. While other keynotes during the year, like September's usual iPhone announcement, are meant for hardware, WWDC is reserved for software and program development.
Recently, hardware updates have been announced at WWDC in addition to the usual operating systems (OS) updates like iOS and MacOS.
Yesterday, Apple unveiled its long-awaited augmented reality lenses called "Apple VisionPro." The product was expected to be a competitor to other high-end AR/VR lenses like Meta's Quest Pro, however, the $3,500 starting price tag seems to categorize it as a first-gen developer tool instead of a common consumer product.
While the news was expected to increase media attention, AAPL stock itself appeared highly reactive as well. From Monday's market open (the day of WWDC) to midday when the announcement happened, the stock rose roughly 2%. However, gains during this time largely seemed to revert by the end of the day.
ONE MORE THING
🤝 Keep in Touch
For general announcements or updates on what we're working on, follow Abbas on Twitter 👉 @RealAbbasAkhtar
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Thanks again for reading!
