U.S. stocks opened lower Tuesday, as investors look to the widely anticipated reading on August inflation from the consumer-price index on Wednesday and traders kept their powder dry ahead of Apple’s marketing event.
What’s driving markets Traders were reluctant to make bold bullish bets ahead of potential market catalysts on Tuesday and Wednesday.The tech giant’s shares are a fraction firmer in premarket action as investors wait to see what the world’s biggest listed company has in store at its marketing event, scheduled to start at 1 p.m. Eastern.“Welcome to my annual day of being seduced into buying a new iPhone that I don’t really need but desperately want.
“ARM which prepares to announce its IPO price tomorrow, has been oversubscribed by 10 times already and bankers will stop taking orders by today,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. “The promising demand could also encourage an upward revision to the IPO price, and we could eventually see the kind of market debut that we like!”
The U.S. consumer price index report for August will be published Wednesday, followed the next day by August producer prices and retail sales numbers. The data will offer a peek at the willingness and ability of consumers to keep spending. It may also impact the Federal Reserve’s thinking ahead of its policy deliberations next week and at its next meeting in November.