This Week's Key Events

The latest inflation data will be this week's main event, coming right before the Federal Reserve's September policy meeting. Several investor days, an Apple iPhone-unveiling event, and a European Central Bank interest-rate decision will be other highlights.

Apple Product Event

Apple is hosting a product event on Tuesday, where it is expected to announce its highly anticipated iPhone 15 and other hardware.

Economic Data Releases

• On Wednesday morning, the Bureau of Labor Statistics will release the consumer price index for August. Economist consensus calls for a 3.6% year-over-year increase in the headline index and a 4.4% rise in the core CPI, which excludes food and energy components.
• On Thursday, the BLS will release the producer price index for August.
• The European Central Bank will announce a monetary-policy decision on Thursday, with futures pricing indicating no change in interest rates.
• Other economic data out this week will include the National Federation of Independent Business' Small Business Optimism Index for August on Tuesday, the Census Bureau's retail sales data for August on Thursday, and the University of Michigan's Consumer Sentiment index for September on Friday.

Monday 9/11

• Oracle reports first-quarter fiscal 2024 results.

Tuesday 9/12

• Apple holds a press event at its headquarters in Cupertino, Calif. The company is expected to announce details about the iPhone 15 as well as new Apple Watch models.
• The National Federation of Independent Business releases its Small Business Optimism Index for August. The consensus call is for a 91.3 reading, slightly less than the July figure.

Wednesday 9/13

• Moderna hosts its 2023 R&D Day.

The Bureau of Labor Statistics Releases August Consumer Price Index

Economists forecast a 3.6% year-over-year increase in the consumer price index (CPI) for August, which is an increase of four-tenths of a percentage point compared to July. The core CPI, which excludes volatile food and energy prices, is expected to rise 4.4%, following a 4.7% gain in the previous month. It is worth noting that the CPI is significantly lower than its peak of 9.1% in June 2022.

Thursday 9/14

Earnings Releases: Adobe, Copart, and Lennar release their earnings reports.

Investor Days: Brown & Brown, Ecolab, and Laboratory Corp. of America Holdings host their respective investor days.

2023 R&D Day: Bristol Myers Squibb hosts its 2023 Research and Development Day.

European Central Bank Decision: The European Central Bank (ECB) announces its monetary policy decision. Traders are pricing in a one in three chance that the central bank will raise its key short-term interest rate by a quarter of a percentage point to 4%. Over the past year, the ECB has already raised its target rate from negative 0.5% to 3.75%.

Retail Sales Data: The Census Bureau reports retail sales data for August. The consensus estimate is for a 0.2% increase month-over-month. Excluding auto sales, retail sales are expected to rise 0.5%. In July, these figures were 0.7% and 1%, respectively.

Producer Price Index: The Bureau of Labor Statistics releases the producer price index for August. The PPI is expected to increase 1.4% year-over-year, while the core PPI is projected to gain 3%. In the previous month, these figures showed increases of 0.8% and 2.4%.

Friday 9/15

Consumer Sentiment Index: The University of Michigan releases its Consumer Sentiment index for September. Economists forecast a reading of 69.4, which is roughly in line with the August data. In August, consumers' expectations for year-ahead inflation were at 3.5%.