The U.S. stock market ended on a downward note on Tuesday, with the Nasdaq Composite leading the decline, despite Apple’s much-anticipated unveiling of its new iPhone and watch. According to preliminary FactSet data, the Dow Jones Industrial Average (DJIA) shed around 16 points, or about 0.1%, to close near 34,647. Meanwhile, the S&P 500 index closed 0.6% lower and the Nasdaq Composite Index slumped 1% – its largest daily percentage drop in about a week.
One of the key highlights on Tuesday was the focus on Apple Inc. shares as the company introduced a range of new consumer products. Notably, the iPhone Pro Max starting price has been adjusted to $1,199 instead of $1,099, while the Pro model’s price remains unchanged. Despite this announcement, Apple shares fell 1.9% during the day.
Investors are also keeping a close eye on inflation data, particularly the release of the consumer-price index for August, which is scheduled for Wednesday. These figures will be disclosed before the U.S. stock market opens.
Climbing bond yields have the potential to affect high-growth stocks due to rising borrowing costs. On Tuesday, the benchmark 10-year Treasury yield edged down 2.4 basis points to 4.263%, although it remained near its highest level of the year.