Stock Market This Week: In-Line CPI, New AAPL Tech, ORCL Earnings

Sam Vadas (0:00)

Welcome to The Wrap. I'm Sam Vadas. Here to take you through today's market action. Let's take a look at this week's markets. The S&P 500 snapped a four-day losing streak on Friday, but finished the week down 0.8%. The Dow had its worst week since March, down over 1.5%, while the NASDAQ 100 lost about half of a percent. Energy and communication services were the best performing sectors, while healthcare and materials lagged. Oil hit $100 a barrel for the first time since May, and the 10-year treasury yield reached its highest level in nearly 3 years, approaching 5%. Friday's August Consumer Price Index showed prices rising 0.4% from July and 3.4% from a year earlier. Gasoline accounted for more than a third of the monthly increase, excluding food and energy. Core prices rose 0.3%.

Apple hosted its Surprise and Shine event, unveiling the iPhone 18 Pro and Pro Max, the new A20 Pro chip and updates to Siri, AirPods and Apple Watch. But the main event was the unveiling of its foldable iPhone, the iPhone Duo, with a starting price of $1,999.

Apple shares gained 4% this week. Oracle shares declined along with the broader market this week and nearly 2% on Friday following a strong earnings report. Fiscal first quarter earnings and revenue both beat estimates. Revenue grew about 30% from a year earlier and Oracle expects growth of 30-34% in the second quarter. Let's take a look at what to watch for next week. All eyes will be on Washington as the Federal Reserve begins its two-day policy meeting on Tuesday. The Fed is expected to announce its first rate hike since July 2023 on Wednesday. That will do it for the wrap. I'm Sam Vadas. Remember to tune in 24-7 to schwabnetwork.com and subscribe to our YouTube channel.