Tech stocks stumble after Apple unveils its new iPhone collection

Stocks stumbled Wednesday, dragged down by tech, after Apple unveiled a new collection of iPhones at a launch event on its Cupertino, California campus. The dollar and Treasury yields fell.

Here's the scoreboard:

Dow Jones industrial average: 25,998.18 +27.12 (+0.10%)

S&P 500: 2,889.51 +1.62 (+0.056%)

Nasdaq Composite: 7,954.23 −18.25 (-0.23%)

1. A Category 4 hurricane is due to make landfall on the East Coast of the US this week, causing "catastrophic" flash flooding and winds. Oil was trading above $70 a barrel as Hurricane Florence makes its way toward the Carolinas and Virginia.
2. The Trump administration reportedly reached out to China for another round of high-level trade talks. The Wall Street Journal reports senior officials invited Chinese counterparts to sit down for negotiations before the US follows through with proposed tariffs on roughly $200 billion worth of Chinese products.
3. US earnings rose in 2017 for a third straight year. The median household income climbed 1.3% to $61,372 in 2017, according to the Census Bureau. But the pace of growth fell short of the previous two years - median household income jumped 5.2% in 2015 and 3.2% in 2016.
4. August producer prices in the US fell for the first time in one and a half years. A decline in food prices offset a surge in energy costs, pushing the index 0.1% lower last month after holding steady in July.

And a look at the upcoming economic calendar:

• The Bank of England announces a policy decision.
• The Federal Trade Commission holds public hearings on competition in the tech industry.

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