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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.

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Are you stuck wondering where to invest right now? Have you got cash 'sitting on the sidelines'? Are you looking for dividend income AND growth but don't know where to start? Rask's expert ASX analyst team has just released a full report, detailing where we'd invest $10,000 right now.

Not only are we offering these 11 investment ideas completely FREE, we've also released an in-depth podcast to go with the report!

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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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