Global Market Insights:Tech Stocks and Oil Prices Drive US Markets Lower, Focus on Crucial Inflation Data

  • 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
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