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Apple event, Arm Holdings IPO, UAW deadline, 9/11 anniversary top week ahead

Earnings and economic data will begin on the 22nd anniversary of 9/11, with the largest IPO of 2023 expected midweek and UAW deadline for Ford, GM and Stellantis this week.

Monday will bring the 22nd anniversary of the 9/11 attacks with memorial ceremonies planned in New York, Washington, D.C., Shanksville, Pennsylvania, and elsewhere to commemorate the thousands killed in the terrorist attacks on U.S. soil.

Later in the week, earnings and economic data will ramp up; additionally, the largest IPO of 2023 is expected midweek, as well as a key deadline for the United Auto Workers.

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Meanwhile, the major U.S. stock indices finished the Friday session higher but still posted losses for the week. 

All three are down for the month, led by the tech-heavy Nasdaq Composite, which is off over 1.9%. 

9/11 Anniversary 

9/11 memorials and museums around the country will honor the victims of the worst terrorist attack on U.S. soil, which will mark its 22nd year. 

Elsewhere, Nvidia executives will speak at Bank of America’s Global A.I. Conference and JPMorgan CEO Jamie Dimon is on deck for the Barclays Global Financial Services Conference. 

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Apple expected to unveil the iPhone 15

Apple is expected to unveil the iPhone 15 in Cupertino, California, on Tuesday. The event is closely watched by investors. Apple shares are up 37% this year, outpacing the S&P 500's 16% rise.

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Arm Holdings is expected to launch largest IPO of 2023

SoftBank Group's Arm Holdings is seeking a valuation of more than $52 billion in its initial public offering (IPO), which is expected to price Wednesday evening.

The stock will be listed on the Nasdaq and will trade under the symbol ARM.

The Japanese conglomerate is offering 95.5 million American depository shares of the United Kingdom-based Arm for $47 to $51 each and is aiming to pull in $4.87 billion on the high end, according to a regulatory filing.

The IPO will be the largest since Rivian's 2021 debut.

In economic news, new data on inflation comes with the Consumer Price Index. Economists expect a slight uptick with a month-over-month increase of 0.6% vs. 0.2% in the prior month. Annually, prices may rise 3.6% vs. 3.2%.

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UAW deadline

Thursday marks the United Auto Workers’ (UAW) deadline for a new deal with Ford, Stellantis and General Motors.

The labor union is seeking a 46% pay raise over the four-year contract along with an array of additional benefits, including a reduction of the workweek to 32 hours for 40 hours worth of pay at Ford, GM and Dodge parent Stellantis, whose latest offers the UAW rejected last month.

Meanwhile, economic reporting is expected on initial jobless claims and retail sales, which should hold fresh clues about back-to-school spending as well as the Producer Price Index, a measure of inflation at the wholesale level.

Economic reports on import and export prices are slated for the day.

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