Asian shares are trading mixed following a Big Tech rally on Wall Street, as investors watch for an update on U.S. consumer prices set for later in the week.
A person walks in front of an electronic stock board showing Japan's Nikkei 225 index at a securities firm Tuesday, Sept. 12, 2023, in Tokyo. Asian shares mostly declined Tuesday despite a Big Tech rally on Wall Street, as investors looked ahead to data on U.S. consumer prices set for later in the week. – Asian shares were trading mixed Tuesday following a Big Tech rally on Wall Street, as investors awaited an update on U.S. consumer prices set for later in the week.
“Upcoming U.S. data will be crucial leading up to the Federal Reserve’s decision next week,” Anderson Alves of ActivTrades said in a commentary. Most traders expect the Federal Reserve to leave rates where they are at its meeting next week, according to data from CME Group. But many are bracing for another possible hike by the end of this year, while paring expectations for cuts to rates next year.
Apple rose 0.7% ahead of a Tuesday event where it’s expected to release its latest iPhone model. How Apple performs has great consequence for the market because it's the most valuable stock on Wall Street. That means its movements pack more weight on the S&P 500 and other indexes than any other stock.
The company has been restructuring after setbacks from regulatory crackdowns on the technology and financial sectors.
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