Tech stocks stumble after Apple unveils its new iPhone collection

AP Photo/Marcio Jose Sanchez

Phil Schiller, Apple's senior vice president of worldwide marketing, speaks about the new Apple iPhone XS, iPhone XS Max and the iPhone XR at the Steve Jobs Theater during an event to announce new Apple products Wednesday, Sept. 12, 2018, in Cupertino, Calif.

Stocks stumbled Wednesday, dragged down by tech, after Apple unveiled a new collection of iPhones at a launch event on its Cupertino, California campus. The dollar and Treasury yields fell.

Here's the scoreboard:

Dow Jones industrial average: 25,998.18 +27.12 (+0.10%)

S&P 500: 2,889.51 +1.62 (+0.056%)

Nasdaq Composite: 7,954.23 −18.25 (-0.23%)

1. A Category 4 hurricane is due to make landfall on the East Coast of the US this week, causing "catastrophic" flash flooding and winds. Oil was trading above $70 a barrel as Hurricane Florence makes its way toward the Carolinas and Virginia.
2. The Trump administration reportedly reached out to China for another round of high-level trade talks. The Wall Street Journal reports senior officials invited Chinese counterparts to sit down for negotiations before the US follows through with proposed tariffs on roughly $200 billion worth of Chinese products.
3. US earnings rose in 2017 for a third straight year. The median household income climbed 1.3% to $61,372 in 2017, according to the Census Bureau. But the pace of growth fell short of the previous two years - median household income jumped 5.2% in 2015 and 3.2% in 2016.
4. August producer prices in the US fell for the first time in one and a half years. A decline in food prices offset a surge in energy costs, pushing the index 0.1% lower last month after holding steady in July.

And a look at the upcoming economic calendar:

• The Bank of England announces a policy decision.
• The Federal Trade Commission holds public hearings on competition in the tech industry.

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