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Economic data, Apple iPhone launch: What to watch in markets this week

Yahoo Finance’s Alexandra Semenova joins the Live show to discuss market volatility, the expectations for economic releases, and Apple’s upcoming product launch.

Video Transcript

- Markets are poised for another turbulent week as investors return from a holiday shortened trading week. Yahoo Finance's Alexandra Semenova is here with the details. Alex, what are you watching?

Well, guys, traders are coming back to their desks today after the Labor Day weekend to more volatility, as we saw this morning stocks opened higher but quickly failed to sustain that momentum, and are now deepening losses after three straight weeks of declines. And as we inch closer to the Fed's next policy decision September 21, that's likely to keep investors on edge.

We do still have a few economic releases that we'll be watching closely. Until then, the latest PMI survey readings from S&P Global and the ISM are due out this week. But those are, of course, just a warm-up for next week's CPI print, which is going to be critical for investors.

Powell in his Jackson Hole speech the other week did say that the Fed's decisions will be made based on economic releases as they come, and dictated on a meeting-by-meeting basis. So investors have been watching these reports very closely. Powell is also set to deliver remarks on Thursday at a monetary conference, so that is going to be a major event this week.

And it's a busy week for central banks globally. We have the Reserve Bank of Australia, the European Central Bank and the Bank of Canada all meeting this week to tackle the global inflation issue.

- Yes, so busy week on that front. On the corporate side, of course, it's not earnings season. as we talked about earlier, we're sort of in a lull. But there is one pretty important corporate event that's happening this week. Well yeah, of course, we have the big iPhone launch this week that's going to be closely watched. And Apple is hosting it live and in person for the first time in two years.

The company is expected to roll out two new iPhones, a new watch, and potentially new AirPod devices. Now historically, the majority of Apple's product launches have not moved the stock price, but this is, of course, the most heavily weighted component of the S&P 500, representing more than 7% of the index. So it's an important event for investors, just as it's an important event for all the consumers who will be lined up for that new iPhone.

And we are at the tail end of the earnings season, but we still have some big reports due out this week from GameStop, Kroger, and DocuSign.

- I can't wait for that GameStop report. Oh, I cannot. I'm so psyched. Bring it on.

- Why? It's not going to tell you anything.

- Oh, I know. I know. It's going to be another eight-minute conference call.

- Exactly, exactly.

ALEXANDRA SEMENOVA: Anything can happen.

- That is very much true. Thanks, Alexandra. I appreciate it.