The Dow Jones Industrial Average (DJINDICES:^DJI) was the belle of the ball on Wednesday, surging 0.76% by 12:25 p.m. EDT even as the tech-heavy Nasdaq Composite sank into the red. Tech stocks were struggling despite data software company Snowflake going public at a valuation that requires some serious mental gymnastics to justify.
Failing to rise with the Dow on Wednesday were Apple (NASDAQ:AAPL), Walmart (NYSE:WMT), and Microsoft (NASDAQ:MSFT). Apple stock didn’t get a lift from recent product announcements, Walmart stock slipped following reports of a major push by Amazon (NASDAQ:AMZN) to build small warehouses across the country, and Microsoft stock was down despite a dividend increase.
Apple event fails to lift stock
Despite the major stock indexes rising on Wednesday, shares of tech giant Apple were in negative territory by early afternoon. This comes one day after Apple unveiled a slew of new products and services.
The Apple Watch Series 6 is the next iteration of the company’s popular smartwatch. The device can measure blood oxygen levels, a first for the Apple Watch, and it comes with a faster processor than its predecessor. The Series 6 will start at $399, while the new low-cost Apple Watch SE will be priced at $279.
Apple also updated its iPad lineup. The new entry-level iPad is priced at $329 and comes with Apple’s A12 bionic processor, which powered 2018’s iPhone family. A new iPad Air is pricier at $599, but far more powerful. The higher-end tablet features Apple’s latest A14 bionic chip, a version of which will power the next iPhones.
On top of new hardware, Apple rolled out some new subscription offerings. Apple Fitness+ will offer video fitness classes and integrate with the latest Apple Watch, while Apple One will bundle a variety of Apple’s existing services.