S&P 500 and Nasdaq 100 Futures Dip Amidst iPhone 15 Launch, Focus on August CPI Report and Fed Rate Expectations

S&P 500 futures declined by 0.1%, and Nasdaq 100 futures also saw a 0.1% drop. On Tuesday, Apple's stock experienced a 1.8% decrease following the unveiling of the iPhone 15 during its "Wonderlust" launch event in Cupertino.

Now, attention on Wall Street is shifting towards the release of the August CPI report scheduled for Wednesday morning. Economists are predicting a 3.6% year-over-year increase and a 0.6% monthly uptick in inflation, according to Dow Jones. These figures represent an uptick from the previous month's readings of 3.2% and 0.2%, respectively. As for the Core CPI, which excludes food and energy costs due to their volatility, it is expected to have risen by 4.3% compared to the previous year, a slight decrease from the 4.7% annual gain observed in July. The monthly core increase is projected to be 0.2%.

Furthermore, Wall Street seems to have factored in an expectation that the Federal Reserve will likely maintain current interest rates at its upcoming meeting. As of Wednesday morning, Fed funds futures pricing data indicates a 93% probability of rates staying unchanged.

Nasdaq is currently retracing towards the 15,300-support level and aiming for the 16,000 mark, its previous peak. This higher level poses a significant challenge for further advancement. Additionally, the median line of the long bullish channel continues to support the trend.