XLK - Stocks Mixed Tech Slides As Investor Caution Prevails Ahead of CPI Report: What's Driving Markets Tuesday? | Benzinga
The picture on Wall Street is mixed Tuesday as the broader S&P 500 index experiences a slight dip, primarily due to tech’s lackluster performance. In contrast, small-cap and blue-chip stocks are edging higher. The tech sector is eagerly anticipating upcoming product releases, notably Apple Inc. (NASDAQ:AAPL)’s impending unveiling of the iPhone 15. Other sectors are treading cautiously ahead of the release of August inflation data, scheduled for Wednesday.
Economists are forecasting an annual inflation rate increase from 3.2% to 3.6%, with core inflation (excluding energy and food) expected to drop from 4.7% to 4.3%. This data holds significant implications for market expectations regarding Federal Reserve interest rates, especially with the FOMC meeting just one week away.
Cues From Tuesday’s Trading:
The S&P 500 is down 0.2%, while the tech-heavy Nasdaq 100 slipped 0.7%. Both the Dow Jones Industrial Average and the Russell 2000 edged 0.3% higher.
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