Dow Jones Today, Stocks Turn Mixed After Inflation Data; Apple iPhone 13 Event, China

Stocks jumped at the starting bell, then turned mixed Tuesday, after data showed inflation holding in or below projected ranges in August. Banks and financials rallied on the inflation news. China-related stocks came under pressure as the country fights to contain a coronavirus outbreak in its southeastern province of Fujian.

On the Dow Jones today, Apple advanced ahead of what analysts expect will be a new product launch event.

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The Dow Jones Industrial Average briefly swung 120 points higher, before easing to a 0.2% decline. The S&P 500 stumbled 0.1%. Both indexes had broken five-day declines on Monday. The Nasdaq Composite defended a 0.1% gain on the stock market today, threatening to extend the index’s four-day losing streak.

Moderna (MRNA) and Atlassian (TEAM) rallied to the head of the Nasdaq 100, up about 2% each. Chip stocks also traded high on the index, with ASML Holding (ASML), KLA (KLAC) and Intel (INTC) leading.

China-based names took hard early hits, after rising coronavirus infections in the country sent markets in Hong Kong and Shanghai to sharp declines. Las Vegas Sands (LVS)  and Wynn Resorts (WYNN) each tumbled more than 9% — the biggest early losses on the S&P 500 — as investors responded to the Covid-related lockdown in China.

Alternative energy stocks rallied, as FuelCell Energy (FCEL) spiked more than 26% following its fiscal third-quarter earnings. Fuel cell peers Ballard Power (BLDP) gained 3.6%. Plug Power (PLUG) jumped 5%.

Oracle (ORCL) dived 3.9% following its fiscal first-quarter report late Monday. Three analysts raised their price targets on the stock, though Goldman Sachs raised its target only to 66 — 25% below Monday’s close — and maintained a sell rating.

Dow Jones Today: The Apple Clan Awaits iPhone Intro

Goldman Sachs (GS) powered to the head of the Dow Jones today, rising 1.3% as tame inflation data made less likely a Fed rate hike. American Express (AXP) ran a strong second, with a 1.6% gain.

Apple firmed its early gain to 0.45%, after snapping a three-day decline on Monday and as investors awaited for iPhone 13 introduction. Apple is scheduled to launch its “California Streaming” confab at 10 a.m. Pacific time, with analysts expecting the introduction of the newest iPhone and Apple Watch Series 7 wearables.

The three-day pullback left Apple shares below their 21-day moving average, but still holding well above support at their 50-day line. The IBD Leaderboard stock remains in a buy range, above a 148 trendline buy point, through 155.40.

August CPI Shows Inflation In Check

The Labor Department reported its Consumer Price Index rose 0.3% in August — down from July’s 0.5% increase and just below the 0.4% advance expected by economists. Year over year, the index was up 5.3%, in line with expectations.

Stripping out food and energy costs, prices rose only 0.1% for the month. That was down from a 0.3% gain for July, and below projections for another 0.3% increase.

The soft reading potentially provides the Federal Reserve more room to maneuver, as recent increases in inflation pressure had driven calls for more hawkish monetary policy. The report came as a surprise to some analysts,…