Nasdaq 100 Drops 1% as Apple Slides After Event: Markets Wrap
- Iphone maker unveils new products; Oracle tumbles on results
- Traders await Wednesday’s CPI for clues on Fed policy outlook
A rout in technology companies dragged down the stock market, with traders gearing up for a key inflation report that’s expected to bring more insights on the outlook for the Federal Reserve’s next steps.
The Nasdaq 100 underperformed, falling 1.1%. Apple Inc., which unveiled the iPhone 15 and other products, dropped almost 2%. Its launches are famous “sell-the-news” events. Oracle Corp. sank the most since 2002 after a slowdown in cloud sales. US-traded BP Plc shares slid as its chief resigned at a time when the company is trying to persuade investors to stick with it through a costly transition to low-carbon energy. A rally in crude sent energy shares higher and added to concern about inflationary pressures. Banks also gained amid a presentation at the Barclays Global Financial Services Conference.