Wall Street portrayed a varied performance on Tuesday, as the world closely observed the upcoming Apple’s signature fall event and prepped for critical inflation statistics set to unveil on Wednesday.
The tech-driven Nasdaq Composite (NASDAQ:IXIC) dipped by 0.6% following a decline in Oracle’s (NYSE:ORCL) stocks due to decelerating cloud sales momentum. Concurrently, the S&P 500 (NYSE:GSPC) declined roughly 0.4%. On a brighter note, the Dow Jones Industrial Average (NYSE:DJI) managed to recover from previous setbacks, marking a 0.1% uptick.
The spotlight was firmly on tech equities this Tuesday. The world is buzzing with excitement as Apple (NASDAQ:AAPL) is set to unveil its iPhone 15 during the eagerly awaited fall event.
Simultaneously, the forthcoming mega IPO from Arm is drawing significant attention. The semiconductor powerhouse is set to wrap up its order logs by the end of the day, with claims suggesting listings are already oversubscribed by a staggering tenfold.
On a different note, the surge in oil values further intensified concerns surrounding inflation’s stubbornness against Federal Reserve’s countermeasures. WTI crude along with Brent futures reached near nine-month peaks in the early hours of Tuesday. This spike follows the OPEC’s revelation of a potential supply deficit exceeding 3 million barrels per day in the coming quarter.
Anticipation is building among investors for Wednesday’s pivotal US consumer inflation data. The intent is to decode any indications of potential expenditure deceleration. An added layer of economic clarity is anticipated on Thursday with the release of the August retail sales data.
This week’s economic insights will play a pivotal role in shaping expectations for the Federal Reserve’s imminent September deliberation. The burning question among investors: Are there more interest rate increments in the pipeline? And if so, have they been factored into the existing stock valuations?
Featured Image – Freepik
Author Kristen Moran 
