Apple Inc AAPL shares are trading lower by 1.43% to $148.50 Wednesday afternoon. The stock is trading lower amid overall market weakness as stocks fall on concerns over a tight labor market, which could impact future Federal Reserve policy.
Major indices are lower after the ADP National Employment Report showed private sector employment in October rose by 239,000 jobs, which has added to concerns of a tight labor market.
The Fed will announce its interest rate decision at 2:00 p.m. ET today.
Also potentially adding to Wednesday’s weakness, per a report by BusinessInsider, “Apple has put hiring freezes in place for the next year, insiders say.”
What Else?
The bond market is pricing in a 90.2% chance of a fourth consecutive 0.75% rate hike this afternoon, according to CME Group.
The odds of a 0.75% rate hike have crept higher from 88.7% on Monday ahead of the Fed decision.
The Federal Reserve is unlikely to surprise with just a 0.5% cut this week given the consumer price index (CPI) gained 8.2% in September, exceeding economist estimates of 8.1%…Read More
Apple has a 52-week high of $182.94 and a 52-week low of $129.04.
