Hot stock futures showed a slight uptick on Tuesday following a relatively flat session. Dow Jones Industrial Average futures rose by 0.13%, while S&P 500 and Nasdaq 100 futures gained 0.15%. In the previous session, major averages saw modest increases, with energy leading in gains by 0.70%. Consumer discretionary fared less favourably, ending about 1.00% lower. The Federal Reserve’s two-day meeting commencing on Tuesday will be under keen observation.
The ‘Summer of Strikes’ and Inflation Concerns – Stock Market Predictions 2023
Dubbed the “summer of strikes,” labour movements gained momentum in the high-inflation era. August witnessed the loss of 4.1 million labour days, the highest since August 2000. The United Auto Workers’ strike, while impacting a limited portion of the workforce, could hold broader implications if it expands. UAW President Shawn Fain hinted at potential expansion if significant progress isn’t made in negotiations by noon ET Friday.
Consumer Spending Habits and the Holiday Season
A CNBC-Morning Consult poll reveals that 92.00% of adults have cut down on spending in the last six months. Looking ahead, 76.00% plan to reduce spending on non-essential items, and 62.00% anticipate scaling back on essential items. The top areas of cutbacks include clothing and apparel (63.00%), restaurants and bars (62.00%), the stock, and out-of-home entertainment (56.00%).
iOS 17 Officially Available: Will Tech Stocks Recover After Recent Declines?
Apple launched iOS 17, its most significant software update of the year, on Monday. Available to all iPhones released from 2018 onwards, the update brings enhancements to core apps like Phone, Messages, and Safari. Notable additions include “contact posters” for customizable caller IDs and improved autocorrect. It also introduces features like roadside assistance and automatic “got home safe” notifications. This release is likely to influence tech stocks as it brings substantial enhancements to iPhones.
Instacart’s IPO Pricing and Stock Market Flotation
Grocery delivery service Instacart set its IPO price at $30 per share on Monday, valuing the company at around $10 billion on a fully diluted basis. This marks a significant shift from its $39 billion valuation in early 2021. The hot stock, listed as “CART” on Nasdaq, is backed by major firms like Sequoia Capital and Andreessen Horowitz. Instacart is the first major venture-backed tech firm to enter the U.S. public market since December 2021.