The first Apple computer was sold for $666.66—not due to any sinister meaning, but because Steve Wozniak liked repeating digits.
Wozniak, who co-founded Apple with Steve Jobs, chose the price simply because he thought it was neat and easy to type. He had a personal fondness for repeating numbers, and $666.66 was also one-third of $2,000, making it a clean and memorable figure.
Despite some speculation around the number's "devilish" association, there was nothing mystical or symbolic about the pricing. It’s just a quirky footnote in the origin story of one of the world’s biggest tech companies.
Market Wrap
Wall Street Stumbles as Global Trade Tensions Ignite Investor Fears
Escalation of U.S.-China Trade War:
The U.S. intensified its trade restrictions by imposing new export controls on advanced AI chips to China, affecting companies like Nvidia and AMD. In retaliation, China suspended Boeing aircraft deliveries and mail services to the U.S., disrupting operations for companies such as Tesla. These developments heightened fears of a prolonged trade conflict impacting key industries.
Federal Reserve's Stance Amid Tariff Uncertainty:
Federal Reserve Chair Jerome Powell indicated that the Fed would maintain current interest rates while assessing the economic impact of the new tariffs. He acknowledged signs of slower U.S. economic growth and modest consumer spending, noting that the consequences of tariffs might be more substantial than previously expected.
Investor Sentiment at Historic Lows:
A Bank of America survey revealed that investor sentiment has reached its most pessimistic level in 30 years, primarily due to concerns over the economic implications of the ongoing trade war. The survey highlighted fears of stagflation—a combination of stagnation and inflation—as a significant risk to markets.
Market Performance Reflects Economic Concerns:
Major U.S. stock indexes declined sharply, with the S&P 500 falling 2.2%, the Dow Jones Industrial Average dropping 1.7%, and the Nasdaq composite decreasing 3.1%. These losses reflect investor apprehension about the potential negative effects of trade policies on economic growth and corporate earnings.
Surge in Gold Prices Indicates Flight to Safety:
Amid the market turmoil, gold prices soared to a record high above $3,300 per ounce, as investors sought safe-haven assets to hedge against economic uncertainty and potential inflationary pressures.
Nvidia Corp. shares fell 6.9% after the company disclosed that new U.S. export restrictions on its H20 AI chips to China could result in a $5.5 billion revenue hit for the first quarter. The announcement intensified concerns about the impact of escalating trade tensions on the semiconductor industry.
ASML Holding N.V. shares declined after reporting weaker-than-expected earnings and issuing a cautious outlook. The Dutch semiconductor equipment manufacturer cited increased macroeconomic uncertainty and the potential impact of new tariffs on its business.
Abbott Laboratories shares rose after the healthcare company reported better-than-expected quarterly results. The strong performance was attributed to robust sales across its diagnostics and medical devices segments, signaling resilience in the healthcare sector.
Advanced Micro Devices Inc. shares dropped 7.3% following the company's warning that U.S. export limitations to China might lead to an $800 million charge related to inventory and other costs. This development underscores the broader challenges faced by chipmakers amid tightening trade policies.
The Travelers Companies Inc. shares rose after reporting earnings that met expectations. Investors expressed concerns over the company's exposure to potential losses from recent natural disasters, which could impact future profitability.
United Airlines Holdings Inc. shares remained flat despite the airline reporting a stronger-than-expected profit for the latest quarter. The company provided dual financial forecasts for the year, reflecting uncertainty due to potential economic downturns linked to trade tensions.
J.B. Hunt Transport Services Inc. shares tumbled 7.7% even though the company reported slightly stronger profit than analysts expected. The decline was driven by investor concerns over the potential impact of tariffs on the transportation and logistics sector.
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