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.
