Stocks slumped lower on Tuesday, with benchmarks giving back earlier gains as a better-than-expected inflation report led the market to continue its usual September sell-off.
Here's how the market settled on Tuesday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Apple unveils latest flagship iPad and iPhone models at launch event:
Apple
The tech giant's new iPhone 13 series, which includes the standard model, iPhone 13 mini, iPhone 13 Pro and iPhone 13 Pro Max, include new A15 Bionic processors, which the company says generate 50% faster CPU compared to leading competitors. The standard iPhone 13 starts at $699.
Apple also unveiled a new iPad and iPad mini, with the former starting at $329 with 64GB of storage, and the latter at $499. The new iPad includes a new A13 Bionic processor with 20% faster CPU, performing six times faster than the top-selling Android
Warren calls on the Fed to break up Wells Fargo:
Senator Elizabeth Warren on Tuesday called on the Federal Reserve to break up Wells Fargo
In a letter to Fed Chairman Jerome Powell, Warren urged the central bank's board of governors to use its authority to separate Wells Fargo's banking unit from its financial services business.
"The Fed has the power to put consumers first, and it much use it," Warren wrote. "By invoking its full authority to protect consumers and the financial system and requiring Wells Fargo to separate its consumer facing banking arm from the rest of its financial activity, the Fed can ensure that Wells Fargo faces appropriate consequences for its longstangin ungovernable behavior."
Consumer prices rise at less-than-expected pace:
Prices for consumer goods rose by a less-than-expected rate in August compared to July and the same month last year, suggesting that inflationary pressures may be moderating as the economy continues to recover from the coronavirus pandemic.
The Labor Department's Consumer Price Index (CPI), which measures a basket of common products prices, increased by 5.3% from a year earlier and 0.3% in July, both below consensus economist expectations. A month ago, prices had increased by 0.5% from June.
Still, the 5.3% annual increase still keeps inflation levels at their hottest pace in about 13 years.
Core CPI, which excludes volatile food and energy prices, rose by 0.1% on the month and 4% on the year, both also coming below expectations.
Here's how benchmarks started trading after opening bell:
S&P 500 Index: +0.34% or +15.02 points to 4,483.75
Dow Jones Industrial Average: +0.24% or +82.68 points to 34,952.31
Nasdaq Composite Index: +0.43% or +65.53 points to 15,172.41
