Futures point to a positive session
U.S. stock futures traded higher on Wednesday morning after the Dow Jones Industrial Average, S&P 500, and the Nasdaq Composite all finished the previous session with losses, despite an encouraging inflation report.
As of 5:05 a.m. ET, futures tied to the Dow were indicated 61 points, or 0.18% higher to 34,644.
S&P 500 futures rose 10.75 points, or 0.24% to 4,455.25 while the tech-heavy Nasdaq 100 futures advanced 49.75 points, or 0.32% to 15,436.75.
On Tuesday, the Dow fell 292.06 points, or 0.8% to close at 34,577.57. The S&P 500 dropped 25.68 points, or 0.6% to end at 4,443.05 while the Nasdaq Composite gave away 67.82 points, or 0.5% to finish at 15,037.76.
Data released by the U.S. Commerce Department showed that consumer price index (CPI) increased by 0.3% in August, with the inflation at 5.3% from a year ago.
The closely watched core consumer price index, a measure that excludes volatile food and energy prices, rose by only 0.1%.
Apple unveils iPhone 13 and iPhone 13 mini
Apple (NASDAQ: AAPL) on Tuesday unveiled its new iPhone 13 models along with a new Apple Watch and a more expensive iPad Mini.
While the iPhone 13 and iPhone 13 Mini devices look pretty similar to the iPhone 12 and iPhone 12 Mini, they come in new colors including pink, blue, midnight, starlight, and red.
The iPhone 13 lineup also has a longer-lasting battery, improved camera capabilities, and runs Apple’s new A15 Bionic chip that delivers 15.8 trillion operations per second.
Apple also unveiled the Apple Watch Series 7 with a bigger screen, better battery life, and faster processor.
The tech giant also introduced a redesigned iPad Mini, which supports Wi-Fi 6 and optional 5G and features an 8.3-inch display along with upgraded 12MP cameras on the front and back.
Thoughtworks Holding prices IPO at $21 per share, above target range
On the IPO front, Thoughtworks Holding has priced its initial public offering of 38.6 million shares at $21 per share.
The Chicago-based tech consultancy priced the offering above the original offering price of $18-$20, valuing it at about $6.4 billion.
Thoughtworks, which counts Siemens AG, GIC, and Ajax Partners among its backers, said it sold 16.4 million shares at a price of $21 a share. Other investors in the company sold about 20.4 million shares.
In 2020, the company posted a net income of $79.3 million and revenues of $803.4 million.
Shares of Thoughtworks are scheduled to begin trading today under the ticker symbol “TWKS” on the Nasdaq Global Select Market.