Apple's augmented-reality headset promises to make apps three-dimensional. But the tech-heavy Nasdaq Composite was essentially flat in response.
May's jobs report showed the U.S. labor market is still surprisingly strong. But that doesn't mean a recession isn't coming, writes CNBC's Jeff Cox, because "Before the generative artificial intelligence craze swept markets, investors were caught up in two other technology trends: cryptocurrency and the metaverse. But the latter two received tepid — or downright negative — reactions yesterday.
Prior to Apple's keynote at its Worldwide Developers Conference, anticipation over the company's yet-to-be-unveiled headset reached such a fever pitch thatshares hit an all-time high of $184.95, pushing it close to a $3 trillion market capitalization. Investors were hoping Apple could save the metaverse — the idea of a shared, immersive and virtual space — which has been struggling to attract attention and users.
Yet after the announcement and demonstration of the Vision Pro headset, investors seemed doubtful that even Apple, which has a history of revolutionizing products like the personal computer, smartphone and tablet, seemed up to the task. Apple's shares lost momentum and ended the day lower.
Major stock indexes fell marginally amid the rocky day for tech. The S&P 500 lost 0.2%, giving up gains that brought it to its highest intraday level in nine months. The Dow Jones Industrial Average slid 0.59%. And even though Apple's augmented-reality headset promises to make apps three-dimensional, the tech-heavy Nasdaq Composite was essentially flat, a fitting symbol of how investors felt towards the metaverse.
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