Stocks set to slightly lower open as investors digest fresh China data
U.S. stock futures pointed to a slightly lower open on Tuesday, as market participants mulled falling prices of Chinese manufactured goods.
Official data for August released overnight showed producer price index (PPI) declined 0.8% on-year, the biggest drop in three years. Analysts had expected a drop of 0.9% according to Reuters.
Meanwhile, consumer prices in the country rose 2.8% on a year-over-year in August amid its ongoing trade war with the United States. Analysts surveyed by Reuters had forecast a 2.6% rise in consumer prices.
At around 5:30 a.m. ET, the blue-chip Dow futures were down 63.5 points, or about 0.24% to 26,776.5. The S&P 500 futures declined 6.87 points, or around 0.23% to 2,971.38, while the tech-heavy Nasdaq 100 futures indicated a drop of 26 points, or roughly 0.33% to 7,804.75.
Apple expected to unveil new iPhones today
Apple Inc (NASDAQ: AAPL) is expected to launch the next version of the iPhone today at its Cupertino, Calif., headquarters. Multiple media reports say the tech giant will unveil three new iPhones – iPhone 11, iPhone 11 Pro, and iPhone 11 Pro Max.
The company is also likely to launch a new Apple Watch likely, a new Apple TV streaming box, and more. The launch event starts at 1 p.m. ET. Apple will live stream the event on YouTube as well as on its website.
WeWork urged to delay IPO
Softbank is reportedly urging WeWork to shelve its initial public offering after analysts and investors criticized the office-sharing startup over its complicated corporate structure and payments made to CEO Adam Neumann.
The news was reported by the Financial Times and comes just a day after the Wall Street Journal reported that WeWork’s parent, the We Company, could trim its projected $47 billion public-market valuation to below $20 billion. SoftBank holds a stake of about 29% in WeWork and has aided the startup in its expansion efforts.