Investing.com | Sep 12, 2018 05:50AM ET
Investing.com - Here are the top five things you need to know in financial markets on Wednesday, September 12:
1. Apple iPhone Launch Event
According to reports, the new top model is expected to have a 6.5-inch (16.5-cm) screen with an edge-to-edge display and be called the iPhone X Plus or Max. It would have an OLED display with richer colors, and Wall Street is targeting a price of $1,049 or $1,099 versus the current $999 base price for the iPhone X.
A second phone with a 5.8-inch OLED display, likely called the iPhone Xs, would be similar to the iPhone X but with an improved processor.
But it is a third expected model with 6.1-inch display, potentially called the iPhone 9, that has intrigued analysts most. While some expect a $699 price for the iPhone 9, Goldman Sachs (NYSE:GS) analyst Rod Hall sees as much as $849, a significant bump for a mid-range device.
In addition to new models, Apple is also expected to unveil a gold-color option for the two new OLED-screened phones, a new version of its wireless Airpods earbuds with wireless charging and a new version of its Apple Watch with a bigger display. It also is expected to release a wireless charging mat that will be able to charge several devices at once.
Shares of Apple, which closed nearly 2.5% higher on Tuesday, added another 0.6% in pre-market trade.
2. U.S. Stocks Futures Tick Higher
At 5:50AM ET, the blue-chip Dow futures were up 29 points, or about 0.1%, the S&P 500 futures tacked on 3 points, or around 0.1%, while the tech-heavy Nasdaq 100 futures indicated a gain of 19 points, or roughly 0.25%.
U.S. stocks rose on Tuesday as a rebound in tech shares offset lingering concerns over trade.
Earlier, Asian markets fell to 14-month lows, led once again by weakness in China. MSCI's broadest index of Asia-Pacific shares outside Japan lost 0.3%, plumbing its lowest levels since July 2017.
The mood was dimmed by the verbal sparring between Washington and Beijing as the months-long escalation in trade tensions between the world's two biggest economies took its toll on riskier assets.
3. PPI Data Ahead
Today's calendar will bring investors the August data on producer prices at 8:30AM ET. The data is expected to show prices rose 3.2% over the prior year, as signs of inflation pressures building in the economy continue to add up.
The Fed also releases its beige book on the economy at 2PM ET.
The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was a shade higher at 95.10.
4. EIA's Weekly Oil Supply Report
The U.S. Energy Information Administration will release its official weekly oil supplies report for the week ended September 7 at 10:30AM ET.
After markets closed Tuesday, the American Petroleum Institute said that U.S. oil inventories fell by 8.6 million barrels last week.
U.S. West Texas Intermediate WTI crude futures were at $69.56 per barrel, up 34 cents, or 0.5%, from their last settlement.
International Brent crude oil futures were at $78.86 per barrel, 18 cents, or 0.2%, lower from their last close.
Crude prices were also pushed up by Hurricane Florence offshore the United States amid surging demand for gasoline and diesel. The storm is expected to make landfall on the U.S. East Coast on Friday, and has caused fuel shortages as millions of households and businesses have evacuated.
5. Cryptocurrencies Crash… Again
Cryptocurrency prices continued to crash, as investor sentiment was shaken amid intensifying scrutiny of the digital tokens.
Bitcoin, the world's most valuable digital currency was down around 2% at $6,244.50 on the Bitfinex exchange, after falling to as low as $6,170.00, a level last seen on August 22.
Beyond Bitcoin, the price of the other major cryptocurrencies also continued to drop.
Ethereum, the world’s second largest cryptocurrency by market cap, was down 11.8% at $171.25, its worst level since July 2017.
Written By: Investing.com
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