The S&P 500 hit a new intraday low on Tuesday as stocks continue to struggle in the face of rising interest rates.
While the stock market attempts to rally after a dramatic sell-off, it is unlikely to get significant help from hedge funds covering their short positions, according to Strategas.
Other notable stocks with short interest below 1% include Apple, Berkshire Hathaway, UnitedHealth Group, Exxon Mobil and Coca-Cola, according to Strategas.Eli Lilly notches all-time high, 33 S&P 500 stocks hit fresh lowstraded near all-time highs dating back to 1952.Warner Bros.
"Further, AAPL was hoping to ramp up iPhone 14 units, though if the higher level of demand never materialized, it likely represents no change to consensus expectations," Nispel wrote. He added that Apple has done this before - last October, the company cut iPhone 13 production citing chip shortages.
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