Wall Street stocks traded mixed in midday trading on Tuesday, as investors awaited the start of Apple’s much-anticipated fall event and counted down to Wednesday’s key inflation data report.
The tech-heavy Nasdaq Composite (^IXIC) retreated 0.6% after the software maker posted tepid cloud sales growth and the S&P 500 (^GSPC) retreated 0.6% amid a decline in Oracle (ORCL) shares. But the Dow Jones Industrial Average (^DJI) pared earlier losses to trade about 0.2% higher.
Tech stocks will take center stage on Tuesday, with Apple ( AAPL ) expected to launch the iPhone 15 at its highly anticipated fall event, and anticipation for the blockbuster Arm IPO. The chip designer closes its order book early on Tuesday afternoon. The list has been oversubscribed up to 10 times, the report said.
Meanwhile, rising oil prices fueled concerns about the Fed’s ability to cope with the Fed’s efforts to curb inflation. WTI crude ( CL=F ) and Brent ( BZ=F ) futures rose to trade near nine-month highs early on Tuesday, with OPEC data showing a supply shortfall of more than 3 million barrels per day for the next quarter.
Investors are bracing for Wednesday’s crucial US consumer inflation publication as they watch for signs of a slowdown in spending. Thursday will bring more insight into households’ resilience when the August retail sales report is released.
This week’s clutch of economic data will be weighed as it may impact the Federal Reserve at its upcoming September meeting. Investors are assessing whether further rate hikes remain on the table and, if so, priced into the stock market.
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