TLDR

MARKET RECAP → Stocks closed mixed on Wednesday as the markets mulled the puts and takes of a slightly hotter than expected August inflation announcement.

AUGUST INFLATION → 📉 August’s CPI rose 3.7% due to gas price spikes, but experts predict a market cool-down with housing and rent playing pivotal roles.

APPLE’S 2023 REVELATIONS → 🍎 Apple’s (AAPL) 2023 event showcased the iPhone 15 lineup, a titanium-clad Apple Watch with extended battery life, and a tech shift to USB-C, rendering old cables passé.

Sean Horgan

Head of Investor Relations @ MoneyLion

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Today’s S&P 500 Heatmap

Source: finviz.com

Today’s Top News

AUGUST INFLATION DATA

📈 August 2023 saw the consumer price index (CPI) climb by 3.7% annually, largely due to a surge in gasoline prices. However, this gas price hike was seen as a temporary blip by experts. Similarly, wage growth for average Americans has exceeded inflation since December 2022, supporting economic expansion despite rapidly rising interest rates.

🚗 Gasoline’s price leap of 10.6% in August was the main inflation driver, accounting for over half the increase. Despite this, gas prices were down 3.3% from the previous year.

🏡 Excluding volatile energy and food prices, the “core” CPI dipped to an annual rate of 4.3% in August from 4.7% in July. Housing was a significant contributor, but rent inflation is expected to decline.

Source: shutterstock

APPLE’S 2023 LAUNCH EVENT RECAP

📱 Apple (AAPL) unveiled the iPhone 15 and iPhone 15 Plus, boasting USB-C charging and starting prices of $799 and $999 for the Pro models. The Pro Max variant was priced at $1,199.

⌚ A new Apple Watch made of 95% titanium was introduced, boasting a battery life of 72 hours. Additionally, updated AirPods with USB-C compatibility were showcased.

🔋 Notably, the iPhone 15’s switch to USB-C means older lightning cables are obsolete. Meanwhile, the iPhone 15 Pro’s camera received significant upgrades, and the device will be powered by the A17 Pro chip, the industry’s first 3nm chip.

Source: shutterstock

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And if you want more, be sure to check out the MoneyLion blog for tips, hacks and all things money. 👇

MoneyLife

Current Mortgage Rates

Source: Wolfram Alpha. Note: The table above includes rough estimates and the actual monthly payments may vary based on additional factors such as property taxes, homeowner’s insurance, and other fees.