Stocks fell on Tuesday as the broader tech sector slumped following Apple's (AAPL  ) launch event and disappointing quarterly results from Oracle (ORCL  ). The Dow Jones Industrial Average slipped nearly 18 points, while the S&P 500 Index and Nasdaq Composite lost 0.6% and 1%, respectively.

Here's how the market settled on Tuesday:

S&P 500 Index (SPY  ): -0.57% or -25.56 points to 4,461.90

Dow Jones Industrial Average (DIA  ): -0.05% or -17.73 points to 34,645.99

Nasdaq Composite Index (QQQ  ): -1.04% or -144.28 points to 13,773.61

In the spotlight, Apple unveiled a new iPhone model Tuesday afternoon, as well as new wearables.

Apple announced its iPhone 15 Pro will start at $999, while the iPhone 15 Pro Max -- which offers 256 more gigabytes -- will cost $1,119. Both model's got a camera upgrade, with the 48-megapixel cameras now being able to shoot in 48MP HEIF and super high resolution. The iPhone 15 Pro also has a 3X telephoto camera, while the Pro Max has up to a 5X zoom and a 120 millimeter focal length.

Another key feature of the iPhone 15 is it's USB-C charging port, which has become "a universally accepted standard," for phone charging. The model can also call roadside assistance via satellite, meaning users without cell services can still access emergency help when needed. The service will be free to iPhone 15 users for two years.

Apple also launched the next generation of the Apple Watch with the Apple Watch Series 9, Second Generation SE and Ultra 2. The luxury Ultra 2 will be priced at $799, while the Series 9 will cost $399 and the SE will be $249.

Shares of chipmaker Taiwan Semiconductor Manufacturing Corp (TSM  ) rose Tuesday after Apple and Qualcomm (QCOM  ) signed a deal that will see Qualcomm supply 5G chips to the tech giant until at least 2026. TSM is reported to be one of the manufacturers for Qualcomm's chips.

Also driving market moves, Oracle (ORCL  ) shares dropped more than 13% after the database software company issued disappointing fiscal first quarter results and issued soft revenue guidance. Oracle expects adjusted net income of $1.30 to $1.34 per share and 5% to 7% revenue growth in the fiscal second quarter.

Other cloud competitors including Amazon (AMZN  ), Alphabet (GOOG  ) and Microsoft (MSFT  ) also fell following Oracle's earnings results on Tuesday.

Elsewhere, Bank of America analyst Sachin Jain forecasts an upside for Novo Nordisk (NVO  ) and reiterated the firm's Buy rating on the stock due to the rising popularity of diabetes and obesity treatments Ozempic and Wegovy. "We expect the earnings upgrade cycle to continue, with us 7% ahead of company consensus in 2024," Jain wrote in a Tuesday note.

For Wednesday, market participants will turn their attention to August's consumer price index reading for more signs that inflationary pressures are easing.