Sunday, May 19, 2024

Tech stocks tumble as focus turns to inflation data: Stock market news today


Wall Street stocks finished lower on Tuesday as Apple kicked off its highly anticipated fall event and investors counted down to Wednesday’s key inflation data.

The tech-heavy Nasdaq Composite (^IXIC) retreated more than 1% amid a tumble in Oracle stock (ORCL) after the software maker posted slowing cloud sales growth. The S&P 500 (^GSPC) dropped about 0.6%, and the Dow Jones Industrial Average (^DJI) pared earlier losses to finish roughly flat.

Tech stocks took center stage on Tuesday, with Apple (AAPL) announcing the launch of the iPhone 15 at its annual event. Apple stock was down 1.7% on the day. That was coupled with building anticipation for the blockbuster Arm IPO. The chip designer will close its order book early, by Tuesday afternoon; the listing is up to 10 times oversubscribed, reports said.

Meanwhile, rising oil prices added to concerns about inflation’s resistance to the Fed’s efforts to cool pressures. WTI crude (CL=F) and Brent (BZ=F) futures climbed to trade near nine-month highs early Tuesday, after OPEC data showed global oil markets face a supply shortfall of more than 3 million barrels a day next quarter.

Investors are gearing up for Wednesday’s crucial US 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 for its potential to influence the Federal Reserve at its upcoming September meeting. Investors are assessing whether more interest rate hikes remain on the table, and if so, whether they’ve been priced into the stock market.

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