Stock market commenced trading on Wall Street with a downward trend on Tuesday, as market participants eagerly awaited the highly anticipated autumn Apple event and anticipated the pivotal inflation data report slated for Wednesday. The Nasdaq Composite, dominated by tech shares, spearheaded the descent with a dip of approximately 0.3%, driven by a decline in Oracle stocks subsequent to the software giant reporting a deceleration in cloud sales growth. Simultaneously, the S&P 500 experienced a decrease of about 0.2%, while the Dow Jones Industrial Average saw a marginal slip of around 0.1%.
Tech equities took the forefront on Tuesday, with Apple’s launch of the iPhone 15 headlining its eagerly awaited autumn event. All eyes were also on the much-anticipated Arm IPO, with reports indicating an oversubscription of up to ten times the original listing. The chip designing company made the decision to close its order book ahead of schedule, by Tuesday afternoon.
In tandem with these developments, mounting concerns arose as oil prices surged, amplifying apprehensions about inflation’s resilience against the Federal Reserve’s efforts to mitigate mounting pressures. Early on Tuesday, both WTI crude and Brent futures ascended, approaching levels not seen in nine months. This surge followed OPEC’s revelation of a looming supply deficit exceeding 3 million barrels per day in the next quarter in global oil markets.
Investors fortified themselves for the imminent release of the critical US consumer inflation data scheduled for Wednesday, scrutinizing it for indications of a potential reduction in consumer spending. Thursday promises to provide further clarity on households’ fortitude, with the release of the August retail sales report. The collective economic data slated for this week will be weighed for their potential to sway the Federal Reserve’s decisions at its upcoming September meeting. Investors are evaluating the prospect of additional interest-rate hikes and, if so, whether they have been adequately factored into the stock market.
With the commencement of the Apple event and the imminent release of crucial inflation data, investors remain keenly observant of the stock market on Wall Street for prompt updates on stock movements. The confluence of these events holds significant implications for the trajectory of the financial markets in the near term.
Source: Yahoo Finance
