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- Tech stocks and oil prices led to a decline in US markets at the close of trading.
- Traders are anticipating significant inflation data that could guide market direction.
- The S&P 500 and Nasdaq experienced a drop after initially opening positively, with the Dow down by 18 points, the S&P 500 down by 26 points, and the Nasdaq down by 144 points.
- Brent crude oil prices rose above $92.
- Apple shares faced challenges following a less impressive iPhone 15 launch.
- Oracle’s shares fell by 13% due to disappointing earnings and a weak outlook.
- Bank of America noted that while investors are no longer extremely bearish, they are holding elevated cash levels at 4.9%.
- Crude oil prices continued their upward trend, reaching nearly a 10-month high, driven by OPEC’s optimism regarding tight supply and energy demand in major economies.
- The US is set to release its most important consumer inflation data today.
- It is expected to come in at 3.6% for August, up from 3.2% in July.
- Inflation appears to have remained elevated and above the Fed’s 2% target.
- If the data comes in below that threshold, it could signal that the Fed is finished with interest rate hikes, but if it exceeds 2%, the Fed may anticipate one or two more rate hikes this year.
- Gift nIfty live trading nearly flat – suggest Indian market flat opening
