Wall Street stocks rallied on Tuesday. As Apple kicks off its much-anticipated fall preparations and investors count on Wednesday’s key inflation data.
The tech-heavy Nasdaq Composite ( ^IXIC ) retreated more than 1% amid a decline in Oracle stock ( ORCL ) after the software maker posted growth in cloud sales. The S&P 500 (^GSPC) fell 0.6%, and the Dow Jones Industrial Average (^DJI) pared earlier losses to finish slightly flat.
Tech stocks took center stage on Tuesday, as Apple ( AAPL ) announced the launch of the iPhone 15 at its annual event. Apple stock fell 1.7% on the day. That was coupled with 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 have threatened the Fed’s efforts to ease pressures to combat 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 key U.S. inflation data 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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