Yahoo Finance Day Ahead: Top 3 Things to Watch
Investing.com --Here's the three things that could rock markets tomorrow.
1. Apple Still in Focus
Apple (NASDAQ:AAPL) will likely be in the spotlight on Wednesday after it unveiled three new iPhones and said it its streaming service Apple TV+ would be launched on Nov. 1, at a lower price than rival streaming services.
The three models, which will ship Sept. 20, include the base iPhone 11, starting at $699, the iPhone 11 pro, starting at $999, and iPhone Pro Max, starting at $1,099. The flagship iPhone Pro Max looks similar to its predecessor, the iPhone XS Max, but features a triple-lens camera on the back and five hours more battery life.
In a further effort to ramp up its services business to lessen its dependence on iPhone sales, which accounts for the bulk of overall revenue, Apple also announced its video game service, Apple (NASDAQ:AAPL) Arcade. It will be available in the App Store from Sept. 19 at $4.99 a month.
Apple is up about 36% for the year so far.
2. Wholesale Inflation Data
Wholesale inflation figures arrive Wednesday, a day ahead of U.S. consumer prices.
The Labor Department will issue the producer price index (PPI) report at 8:30 AM ET (12:30 GMT). On average, economists expect that the PPI rose 0.1% last month, with the core PPI, which excludes volatile food and energy prices, rising 0.2%, according to forecasts compiled by Investing.com.
That would bring year-over-year PPI growth to 1.7% and core PPI growth up 2.2%.
The PPI is considered a leading indicator, measuring the input prices for goods sold at a retail level.
3. U.S. Oil Inventories, OPEC Monthly Report Due
Oil markets are set for a big Wednesday, with the release of the OPEC monthly report and the Energy Information Administration's (EIA) petroleum inventories for the week.
The OPEC monthly report will provide investors with an update on the cartel's outlook on world demand and supply at a time when investor expectations are running high that OPEC and its allies will continue to cut production.
The EIA report due at 10:30 AM ET (14:30 GMT) is expected to show a draw in crude stockpiles of 2.6 million barrels for the week ended Sept. 6.
Crude oil futures fell 45 cents to settle at $57.40 a barrel after President Donald Trump said he fired National Security Advisor John Bolton. Bolton is considered a hawk on Iran and his departure raised expectations that Washington is paving the way for a meeting with Iran. That could lead to a deal to end U.S. imposed sanctions on the Islamic Republic’s energy industry.
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