U.S. stocks closed lower on Tuesday, with the Nasdaq Composite leading the way down, as Apple’s unveiling of its new iPhone and watch failed to boost appetite for equities.
The Dow Jones Industrial Average DJIA, -0.05% shed about 16 points, or about 0.1%, to end near 34,647, while the S&P 500 index SPX, -0.57% closed 0.6% lower and the Nasdaq Composite Index COMP, -1.04% slumped 1%, according to preliminary FactSet data. That was the biggest daily percentage drop in about a week for the Nasdaq. Shares of Apple Inc. AAPL, -1.71% were a focus Tuesday as it rolled out a lineup of new consumer products, including its iPhone Pro Max, which will now start at $1,199 instead of $1,099, while its Pro model’s price stays the same. Investors also remain focused on the inflation data, including the release on Wednesday of the consumer-price index for August, before the U.S. stock market’s open. Apple shares fell 1.9% on Tuesday. Climbing bond yields can pressure high-growth stocks as borrowing costs rise. The benchmark 10-year Treasury yield TMUBMUSD10Y, 4.289% edged down 2.4 basis points to 4.263% Tuesday, but was still near its highest level of the year.