Wall Street Stocks Finish Lower as Apple Event Begins
Tech Stocks Retreat as Apple Event Takes Place
- Nasdaq Composite (^IXIC) drops over 1%
- Oracle stock (ORCL) tumbles after reporting slowing cloud sales growth
- S&P 500 (^GSPC) decreases by about 0.6%
- Dow Jones Industrial Average (^DJI) finishes roughly flat
Apple Announces iPhone 15 at Annual Event
- Apple stock (AAPL) declines by 1.7%
- Anticipation builds for blockbuster Arm IPO
- Arm closes its order book early due to high demand
Rising Oil Prices Add to Inflation Concerns
- WTI crude (CL=F) and Brent (BZ=F) futures trade near nine-month highs
- OPEC data shows a supply shortfall of over 3 million barrels a day next quarter
Investors Await US Inflation Data
- Crucial data to be released on Wednesday
- Signs of a spending slowdown are being monitored
- August retail sales report to provide further insight
Fed’s September Meeting and Interest Rate Hikes
- Data will influence the Federal Reserve’s decisions
- Market assesses whether more rate hikes are possible
- Impact of rate hikes on the stock market is being considered
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