Apple (AAPL) launched its new iPhone on Tuesday, sending the Dow Jones Industrial Average down. However, growth stocks outperformed, with Microsoft (MSFT) being the top Blue Chip. As stocks linked to economic recovery stalled, General Electric (GE) took a hit.
Breakouts were hard to come by in the midst of the choppy action, but Deckers Outdoor (DECK) climbed the Leaderboard after a bullish rise. Regional Management (RM) and ZoomInfo Technologies (ZI) have also risen above their purchase prices.
After the Labor Department published a 0.3 percent increase in the August consumer price index, the stock market received an early lift. This was lower than the 0.5 percent growth in July and the 0.4 percent increase predicted by economists. The lower-than-expected price rise indicated that inflationary pressures were contained. The market, on the other hand, was unable to maintain its gains.
The Nasdaq had the greatest performance of the major indices, although it still lost around 0.5 percent. Atlassian (TEAM) outperformed the market with more than a 3% gain, while Comcast (CMCSA) was the worst performer, plummeting more than 7%.
The S&P 500 index fell 0.6 percent, closing near session lows. Zimmer Biomet (ZBH), a medical device company, was the day's big winner, rising about 5%. However, a slew of large losers exceeded this, including Dish Network (DISH), which plummeted roughly 5%. All of the S&P sectors ended the day in the red, with health and technology faring the best. The worst laggards were energy and financials.
The bears pounced on small caps, with the Russell 2000 down 1.3 percent as a result of the selling pressure.
On the other hand, growth stocks were a bright spot, as they managed to post a solid rise. The Innovator IBD 50 ETF (FFTY) ended the day with a gain of 1.3 percent. The Dow Jones Industrial Average had the lowest performance of the main indices, falling 0.8 percent.
Despite Apple's announcement of its new iPhone 13 series, it dropped. Apple unveiled four new iPhone models, all of which are incremental upgrades to last year's iPhone 12 series. The iPhone 13 and Mini, Pro, and Pro Max variants are among the latest devices. Apple's iPhone 13 is the company's second-generation 5G phone.