Wall Street surges after a week of losses: Apple releases new iPhone
Among notable market movers, Apple shares have fallen more than 1% ahead of the much-anticipated unveiling of the iPhone 16.
Investors are taking advantage of discounted stock prices while awaiting key U.S. inflation data to be released this week.
Wall Street’s three major indices are rising sharply this Monday morning, rebounding after a week of steep declines. Investors are focused on upcoming reports on U.S. consumer and producer inflation, which could shape the market outlook.
The Dow Jones Industrial Average, comprising 30 major companies, is up 1.44%, reaching 40,927.17 points. The S&P 500, which tracks 500 companies, gains 1.17% to 5,471.54 points, while the tech-heavy Nasdaq Composite climbs 1.06% to 16,867.75 points.
The S&P 500 is on track to break a four-day losing streak after it and the Dow Jones recorded their worst week since March 2022. For the Nasdaq, last week’s drop was the steepest since January 2022.
Last week, mixed economic data, particularly from the labor market, led investors to lower expectations that the Federal Reserve will cut interest rates by 50 basis points at its upcoming policy meeting.
Among notable market movers, Apple shares have fallen more than 1% ahead of the much-anticipated unveiling of the iPhone 16 and its new AI platform, Apple Intelligence, at the company’s annual “It’s Glowtime” event later today.
Meanwhile, Nvidia shares have surged over 2%, recovering from last week’s 13% decline, which wiped out $406 billion in market capitalization—the largest weekly loss in Wall Street history.
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