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US markets tumbled; Apple announced new MLB deal; EV makers like Tesla, Nikola & Lucid rallied

  • The Nasdaq fell 0.28% on Tuesday to close the session at 12,796 points.
  • Apple shares fell 1.17% despite a virtual event announcing a new MLB deal.
  • EV manufacturers rallied amid soaring fuel prices shifting consumer focus to EVs.

The US markets see-sawed throughout Tuesday’s session before closing lower as investors responded to rising commodity prices resulting from the ongoing war between Russia and Ukraine. US President Joe Biden also announced a ban on imports of Russian oil which sent the price of Brent Crude oil to nearly US$130/barrel.

The Dow Jones fell 0.56% to finish the trading day down 185 points to close at 32,633 points.

The tech heavy NASDAQ fell 0.28% to finish the trading day down 35 points to close at 12,796 points.

One bitcoin is worth US$38,672 going into the Asian trading day.

The Australian dollar is firm against the major currencies and is buying 72.72 US cents.

Apple shares fell 1.17% on Tuesday amid a broad tech sell-off despite the tech giant hosting its virtual event for 2022. During the event, Apple announced a new deal to live broadcast Major League Baseball games on its Apple TV Plus streaming service on Friday nights. Apple also revealed a new low-end iPhone that will deliver 5G for a lower price than its existing iPhones.

Electric vehicle manufacturers rallied on Tuesday amid rising fuel prices around the world due to Russia’s war with Ukraine. Investors piled into EV stocks as consumers shift focus from fuel-based cars to electric vehicles to save money as petrol prices soar. Tesla rose 2.46%, Lucid added 4.62% and Nikola jumped 13.7%.

And Samsung, the leading smartphone seller in Russia with more than 30% market share, is the latest multinational corporation to exit Russia by suspending all exports to the country. Samsung also said it will donate US$6m to humanitarian efforts in the region.

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