Apple Unveils iPhone 12, JP Morgan Stock Drop

Heading into earnings season, stocks were lower on Tuesday amid continued uncertainty on additional stimulus relief as we edge closer to the presidential election.

All indices finished in the red at closing, with the Dow Jones Industrial Average falling 0.55% to 28,679 points, the S&P 500 down 0.63% to 3,511 points and the Nasdaq down 0.10% to 11,863 points.

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iPhone expectations. Apple’s (ticker: AAPL) held its iPhone 12 virtual event, showing off the new smartphone’s 5G technology along with enhancements in its camera, which now has a LiDAR scanner that scans the surrounding environment intended to enhance photos, among other features. During the event, AAPL shares slipped around 3%, ending the day at $121 per share.

JPMorgan stock drop. JPMorgan Chase & Co. ( JPM) fell 1.6% on Tuesday to $100 per share, following its earnings release. The bank reported revenues of $29.9 billion, which was slightly more than the $28.4 billion analysts were forecasting. Net interest income was depressed, driven by low interest rates, according to the release. That said, investor confidence is still high due to the bank’s ability to strengthen its capital and liquidity position.

Disney focused on video. Disney ( DIS) will realign its efforts to focus on its video streaming and broadcast direct to consumer services. DIS announced a restructuring in its divisions, placing Kareem Daniel as the head of the company’s distribution unit. He’ll oversee its new media and entertainment distribution group. The House of Mouse is centering its strategy on producing original content on its platforms including Disney+, Hulu and ESPN+. With more than 50 million subscribers to Disney+ perpetuated by the health crisis, more people are turning to online subscription services, and Disney has been a huge beneficiary of this changing consumer behavior. DIS stock rose more than 3% on Tuesday.

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