IPhone 13 became popular before it was released, and the output will increase by 20%?

Apple soared 370 billion overnight.

As of press time, the Dow was up 44.44 points, or 0.13%, at 34933.23; the Nasdaq was down 32.70, or 0.22%, at 14644.95; and the S & P 500 was up 5.09, or 0.12%, at 4374.30.

IPhone 13 production is expected to increase by 20%.

Apple is up 370 billion.

Most blue-chip technology stocks rose, but Tesla continued to fall, closing down more than 2% for the second day in a row, still the worst performer among the leading technology stocks.

Of FAANMG's six largest technology stocks, Facebook closed down more than 1%, Netflix rose more than 1%, Google parent Alphabet rose 0.7%, Microsoft rose more than 0.5%, Amazon rose more than 0.1%, Apple soared 2.41%, and its market capitalization soared $58.6 billion (378.9 billion yuan) overnight, reaching a record high of $2.49 trillion.

On the news side, according to media reports, Apple is planning to increase production of this year's new iPhone, which will increase by nearly 20% to 90 million units from about 75 million in previous years.

According to last week's supply chain news, iPhone 13 is already in stock and is expected to be released in September and launch in late September or early October.

And the industry is also optimistic about the new iPhone.

Xiaomo released a bullish report last week, pointing out that iPhone 13 sales will exceed investors' expectations, and Apple is expected to sell 226 million iPhone units in fiscal year 2022.

Credit Suisse said it expects iPhone sales to reach 234 million this year, 237 million in 2022 and 249 million in 2023.

Apple no longer reports iPhone sales, but the company reported second-quarter iPhone revenue of $47.94 billion, up 65.5 per cent from a year earlier.

Among the popular US-listed stocks, Tencent ADR closed up more than 1 per cent, Alibaba nearly 1 per cent, pinduoduo fell more than 2 per cent and JD.com fell more than 1 per cent.

Sohu, which rose more than 27 per cent on Tuesday, fell nearly 0.4 per cent on Wednesday.

The top gainers are Chinese-listed stocks:

The leading decliners are Chinese-listed stocks:

Powell: even if high inflation continues.

The Fed will not act soon.

Federal Reserve Chairman Colin Powell testified before the House of Representatives Financial Services Committee on Wednesday.

In a pre-released affidavit, Powell said the Federal Open Market Committee (FOMC) would continue to debate bond purchases at its meeting.

Powell said that even if high inflation persists, the Fed is not expected to act soon.

The Fed can still wait before it starts to scale back its bond purchases.

The labour market is improving, but there is still a long way to go, he said, with the 5.9 per cent unemployment rate in June underestimating the job shortage.

He believes that in 2021, US GDP is expected to grow at its fastest pace in decades, but the US economy is still a long way from achieving "significant further progress".

Inflation will rise in the coming months and then level off.

FOMC members expect economic progress to continue.

Powell said that if inflation rises too much, the Fed is prepared to adjust its policy.

The Fed will issue a notice before deciding to change its asset purchase program.

He said that long-term price expectations are up, in line with the target.

Inflation has risen significantly and will remain "high" in the coming months.

As Powell repeatedly reiterated that the Fed still has a long way to go to "make further substantial progress" in achieving full employment and price stability, some members asked how to define the key indicator of "further substantive progress."

In response, Powell said it was "difficult to accurately describe" the prerequisite, especially in terms of "full employment", because the scope of consideration was very broad, and he only stressed that the Fed would give a lot of hints before reducing the QE.

In the face of the current situation of rising inflation, Powell warned on the one hand that "do not mistakenly react prematurely," that a highly loose monetary policy is still appropriate, and at the same time does not deny that the Federal Reserve has the determination to curb persistent ultra-high inflation.

After Powell's speech, the yield on the 10-year Treasury note fell on Wednesday, closing at about 1.35%, down about 7 basis points on the day.

WTI August crude oil futures closed down 2.82% at $73.13 a barrel, the biggest monthly contract closing decline since May 19, while Brent September crude oil futures closed down 2.26% at $74.76 a barrel, the biggest closing decline since July 6.

Us PPI rose 7.3% in June compared with the same period last year.

Set a record since 1982.

Overall economic activity in the United States strengthened further from the end of May to early July, according to the Federal Reserve's beige book survey released on Wednesday.

Prices rose at an "above-average rate", with strong price growth reported in seven regions and a slight increase in the rest.

According to the report, 3/4 of the regions reported slight or moderate employment growth, while the rest reported moderate or strong employment growth.

The average wage growth rate was moderate, and low-wage workers received higher-than-average wage increases.

Contacts in its jurisdiction reported that it was uncertain whether higher inflation would subside soon, the report said.

"although some contacts believe that the price pressure is temporary, most people expect input costs and prices to rise further in the coming months."

The US producer price index rose more than expected in June, indicating increasing pressure on companies to pass on higher costs to consumers.

Final demand for PPI rose 1% month-on-month in June, up 7.3% from a year earlier, the highest since 1982, according to data released by the Labor Department on Wednesday.

Excluding volatile food and energy components, core PPI also rose 1 per cent from a month earlier, an all-time high and 5.6 per cent higher than a year earlier.