Stock Market News: Dow, S&P 500, Nasdaq Set to Open Down; Trump, Harris Debate; Apple, Nvidia, Palantir, Tesla, and More Movers

Markets are now turning their attention to politics with presidential candidates Kamala Harris and Donald Trump set for their first televised debate tonight. Taxes, immigration and tariffs are likely to be among the political issues watched for their potential effect on the economy.

On the broader economic front, investors are looking to the release of consumer inflation data on Wednesday, with producer-price numbers following on Thursday, to gauge how fast the Federal Reserve is set to bring down interest rates.

Oil prices were slipping on signs of persistently weak demand in China, despite disruptions caused by tropical storm Francine in the Gulf of Mexico.

Brent crude and WTI were both down 0.5% at $71.52 and $68.35 a barrel, respectively. The latest Chinese data showed consumer inflation rose less than expected in August, while crude oil imports rebounded from July but remained weak on a seasonal basis.

Meanwhile, oil-and-gas producers in the Gulf of Mexico started shutting some platforms and evacuating workers ahead of the expected hurricane.

At least 125,000 barrels a day of oil capacity is at risk of being disrupted, ANZ Research analysts said, citing data from the National Hurricane Center.

Traders now await a monthly report from the EIA and OPEC later on Tuesday for more insights into supply and demand trends.

The dollar was trading steady as investors look ahead to the U.S. presidential debate between Donald Trump and Kamala Harris tonight.

“The dollar will probably be more favored under a Trump presidency than a Harris presidency, as Mr. Trump might favor more tax relief to boost growth, a more protectionist stance on trade and more isolationist U.S. foreign policy,” Unicredit Research analysts said in a note.

However, other factors could impact the dollar more materially in the meantime such as the size of the interest-rate cut the Federal Reserve is expected to deliver on September 18, they said.

The DXY dollar index traded flat at 101.589.

U.S. stock futures were mixed at the open on Tuesday after the previous day’s rally. The launch of Apple’s new iPhone didn’t look to be enough to give a boost to technology stocks exposed to the artificial-intelligence trend.

Dow Jones Industrial Average futures were up 18 points, or less than 0.1%. S&P 500 futures were rising 0.1% and Nasdaq 100 futures were falling 0.1%.

Apple shares were broadly flat in after-hours trading on Monday following its launch of the iPhone 16, which will be equipped with artificial-intelligence capabilities. Historically Apple stock has fallen after such launch events.

Presidential candidates Kamala Harris and Donald Trump will have their first televised debate Tuesday, with taxes, immigration and tariffs likely to be among the political issues watched for their potential effect on the economy.

On the broader economic front, investors are still focused on the release of consumer inflation data on Wednesday, with producer-price numbers following on Thursday, to gauge how fast the Federal Reserve is set to bring down interest rates.

The yield on the benchmark 10-year Treasury note stood at 3.712% early on Tuesday, broadly flat from the previous day.