Dow jumped 484, advancers over decliners better than 2-1 & NAZ was up 193.  The MLP index held steady, a little above 280, & the REIT index gained 4+ to the 431s.  Junk bond funds fluctuated & Treasuries saw very limited buying which allowed rates to inch higher.  Oil was up 1.09 to the 68s & gold added 7 to 2532 (more on both below).

Dow Jones Industrials 

Apple (AAPL), a Dow stock, unveiled the latest version of its flagship iPhone during its "Glowtime" event.  CEO Tim Cook described the iPhone 16 lineup as the "first iPhones designed from the ground up for Apple Intelligence and its breakthrough capabilities."  To run Apple Intelligence & other capabilities, the phones have been built with A18 chips, according to the tech giant.  AAPL said the iPhone 16 base model will sport a 6.1-inch display.  For the iPhone 16 Plus, it will be 6.7 inches.  The stock was up 9¢.

Apple unveils AI-infused iPhone 16 during tech giant's 'Glowtime' event

Europe's leading battery maker is to slash jobs & scale back its commitments as the “challenging” market for electric vehicles bites manufacturers.  Northvolt, the Swedish company which raised £10B to challenge China's dominance of batteries, today pledged to refocus efforts on improving its struggling factory in Skellefteå & cutting costs.  This will involve “a re-scope of operations and appropriate resizing of our workforce”, an announcement said.  The company, which counts German car giants BMW & Volkswagen among its backers, also said it would sell or seek investment from outside partners in its energy storage business.  It is the latest business to scale back its investment plans as a slowdown in EV sales spooks the automotive industry.  Last week, Volkswagen warned that it could be forced to close a factory in Germany for the first time & make large cost savings as it manages the transition away from petrol cars.  Battery maker Northvolt said it would suspend cathode active material production at its gigafactory in Sweden & cut costs under a plan that could lead to job losses as the company scales back its rapid expansion.  Billed as a frontrunner in Europe's effort to build a battery industry of its own, Northvolt is focusing on its large-scale cell manufacturing after a strategic review following a series of setbacks.  It has suffered production delays & the cancellation by BMW.  Northvolt's decision to pause cathode active materials (CAM) production at its Skelleftea gigafactory means the company will need to import it instead, said Daniel Brandell, a research leader at Uppsala University's battery research group Angstrom Advanced Battery Centre.  "This (CAM) is the most complex part of the lithium ion battery, and they don't think that their in-house material is of a good enough quality, and therefore they need to buy it instead and will need to import this from other suppliers," Brandell added.

Swedish Battery Maker Northvolt mulls job cuts as it seeks to save costs

China's consumer prices rise in August, PPI stuck in deflation

Gold prices held their ground, as investors awaited the US inflation report for further clues on the potential size of the Federal Reserve's interest-rate cut.  Spot gold was little changed at $2499 per ounce & US gold futures settled 0.3% higher at $2532.70.  Bullion hit a record high of $2531 on Aug 20.  Traders now see a 73% chance of a 25-basis-point cut at the Fed's meeting next week & a 27% chance of a 50 bp reduction, according to the CME FedWatch tool.  The US public's outlook for inflationary pressures was little changed last month, according to a report released by the New York Federal Reserve.

Gold prices steady with spotlight on US inflation data

Oil Rebounds from Week of Heavy Losses as Storm Approaches US Gulf Coast

Stocks rebounded on the heels of the worst week since early 2023.  The major averages regained some of the ground they had lost although the Aug jobs report did not settle settle how aggressively will the Federal Reserve will lower interest rates?  2 inflation reports due later this week will give clues.  Meanwhile China with its large economy also has inflation problems.