Apple iPhone Launch Overshadowed by Oil Prices and Interest Rate Surge
The tech world was abuzz as Apple announced its latest iPhone models at an event on September 10. The company unveiled the iPhone 18 Pro and iPhone 18 Pro Max, along with a foldable iPhone, marking John Ternus's first launch as CEO.
However, the excitement surrounding the new iPhones was overshadowed by other market-moving news. US forces struck Iranian oil tankers, while President Trump signed orders banning certain Canadian products, sending Brent crude prices soaring above $100.
The rise in oil prices and interest rates is putting pressure on risk assets. The U.S. 10-Year Treasury Notes Yield reached a multi-year high of 4.8184%, leading to a rotation towards energy and volatility hedges.
Meta Platforms debuted its Muse AI assistant, while OpenAI's planned cloud outlays are expected to reach $750 billion. NVIDIA and Microsoft shares declined, but Micron Technology and Intel saw gains after the announcements.