After a rough Tuesday, the Dow Jones Industrial Average (DJINDICES:^DJI) bounced back on Wednesday. The Dow was up about 1.7% at 11 a.m. EDT, trailing the other major U.S. stock indices. This doesn’t mean the sell-off is necessarily over, but investors have taken a break from punishing high-flying tech stocks.
Both Microsoft (NASDAQ:MSFT) and Apple (NASDAQ:AAPL) stocks jumped on Wednesday following a few days of steep declines. Microsoft announced a release date and pricing for its upcoming Xbox game consoles, positioning it to take advantage of elevated demand for gaming products. Meanwhile, Apple countersued Epic Games in its ongoing legal battle with the game developer.
Microsoft sets date and prices for new game consoles
Microsoft will be launching two new Xbox game consoles later this year that will compete with Sony‘s upcoming PlayStation 5. The timing of the launch has some positives and some negatives. With unemployment elevated due to the pandemic, demand for pricey new game consoles could take a hit. On the other hand, people spending more time at home could ultimately boost demand for entertainment products like game consoles.
The Xbox Series X is the high-end version of Microsoft’s newest Xbox, capable of driving 4K resolutions at 60 frames per second. That power will come from a custom CPU and GPU from Advanced Micro Devices, backed by an ultrafast solid-state drive for storage. Microsoft revealed on Wednesday that the Xbox Series X will launch globally on Nov. 10 for $499.
Microsoft also revealed that it will be launching a lower-end Xbox aimed at gamers on a budget. The Xbox Series S comes with a less-powerful CPU and about one-third the graphics-processing power of the Series X, making it capable of gaming at a lower 1440p resolution. The Series S also won’t feature a disc