Apple, in its latest event dubbed “Wonderlust”, unveiled the all-new iPhone 15 models with faster chips, improved cameras, and brighter displays but kept its Pro version pricing unchanged from last year. The new watches added health-related features, a brighter display, and indirect "double tap" gestures. Apple hopes the iPhone 15 Pro's new 48MP camera and A17 chip will appeal to creators and consumers as they are capable of supporting ray tracing, opening the possibility of PC gaming experience. The investors, however, are not impressed, probably due to lower profit expectations as the new iPhone lineup moves to Type-C, increasing costs and losing proprietary accessory sales.
Wall Street closed lower, with the tech-heavy Nasdaq falling over 1% as Oracle shares plunged 13% on weak guidance that also pressured cloud stocks like Amazon and Microsoft. Apple shares fell despite the unveiling of new iPhones as demand concerns persist amid a global smartphone slump. Advancing stocks were led by regional bank Zions Bancorp after posting higher monthly interest income, while auto parts retailer Advance Auto Parts dropped on a credit rating downgrade.
Gold prices are facing downward pressure as the dollar strengthens ahead of a key US inflation report and Fed meeting, with expectations for hotter inflation and higher interest rates limiting bullion's appeal. Rising yields are set to continue under signals of hawkish Fed policy. Though recession fears have waned, worsening US-China tensions and economic weakness abroad offer some support for gold as a safe-haven asset.
Oil prices are climbing as supply tightens and demand stays strong, but gains could be capped by economic drags like reinflation and rising rates, plus signs of slowing US fuel demand. Major producers are keeping output in check through cuts while outages like Libya's are squeezing near-term supply. However, increases in US crude and fuel stocks and upcoming inflation data that may spur Fed hikes signal softer oil demand and uncertainty ahead.
The US dollar stabilised ahead of key inflation data, while the British pound fell as the UK economy unexpectedly contracted in July. The euro wavered as traders weighed an expected ECB rate hike against weakening eurozone growth, and most Asian currencies declined amid risk-off sentiment linked to anticipated higher US interest rates. China's yuan rose slightly thanks to supportive central bank measures, though doubts remain about the Chinese economy's slowdown.