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US stock markets fall, Apple unveils new iPhone

The Dow Jones fell over 300 points, ending 0.8% lower, with both the S&P 500 and Nasdaq continuing to weaken, down 0.6% and 0.5%, respectively.

Another day of falls came despite signs that inflation may actually be receding after the US CPI rose 0.3% in August and just 0.1%t when more volatile food and energy prices are excluded from the ‘core’ figure. This dragged the 12-month rate lower, from 5.3% to 5.0% and 4.3% to 4.0%, seemingly as predicted by the Federal Reserve.

Apple’s launches new iPhone

Apple (NASDAQ: AAPL) shares fell 1% as attention turned to the release of its latest iPhone and a new Apple Watch, the former still being the core of its sales.

The iPhone 13 features a longer battery life, an improved screen display and as always, a better camera. The tech giant also announced a new iPad and iPad Mini.

Oracle drops on weak report

Oracle (NYSE: ORCL) shares fell 2.8% as one of the key players in the ‘cloud’ war with the likes of Amazon (NASDAQ: AMZN) and Alphabet (NASDAQ: GOOGL) reported a 9% increase in profit on revenue growth of just 4%. Oracle’s cloud businesses, known as Infrastructure as a Service and Software as a Service, have now reached an annual recurring level of US$10 billion, or around a quarter of revenue.

Finally, shares in Chinese property developer Evergrande continue to tank after the country’s second-largest developer saw a run on its ‘wealth management products’ with many expecting a major default to occur. The group’s bonds now trade at a 70% discount with little hope of a government bailout.

US stock market movers

These US stocks were some of the biggest movers on Tuesday.

  • Crocs (NASDAQ: CROX) up 8.5%
  • Doximity (NYSE: DOCS) up 6.9%
  • Atlassian (NASDAQ: TEAM) up 3.4%
  • Teladoc (NASDAQ: TDOC) down 4.0%
  • Comcast (NASDAQ: CMCSA) down 7.3%
  • 10x Genomics (NASDAQ: TXG) down 7.9%

Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is set to follow US markets lower at the open on Wednesday. For a recap of what’s happening on the local market, check out Rask Media’s ASX 200 morning report.

The Golden Rules of Investing

We might be experts in retirement, but with combined financial advice experience of 35+ years, we’ve nearly seen it all. 

In mid-2023, our senior team at Wattle Partners Financial Planning put the finishing touches on a brand-new report “The Golden Rules of Investing“.

In this free report, we outline the key principles that determine all of the portfolio construction and investment decisions of Wattle Partners. Collated over decades, this paper should be seen as a work-in-progress, constantly under review in light of the ever-evolving nature of markets. 

You’ll find the free report on my Author page. Simply click the button below to view the Golden Rules.

Information warning: The information on this website is published by The Rask Group Pty Ltd (ABN: 36 622 810 995) is limited to factual information or (at most) general financial advice only. That means, the information and advice does not take into account your objectives, financial situation or needs. It is not specific to you, your needs, goals or objectives. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. If you don’t know what your needs are, you should consult a trusted and licensed financial adviser who can provide you with personal financial product advice. In addition, you should obtain and read the product disclosure statement (PDS) before making a decision to acquire a financial product. Please read our Terms and Conditions and Financial Services Guide before using this website. The Rask Group Pty Ltd is a Corporate Authorised Representative (#1280930) of AFSL #383169.


At the time of publishing, the author of this article does not have a financial or commercial interest in any of the companies mentioned.

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Wattle Partners is a financial advice firm, servicing clients around Australia, specialising in retirement planning (pre and post retirement). 

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