New CEO, First Foldable iPhone: Apple Faces Ultimate Test
By Martin Lam
Key Takeaways
Recent geopolitical tensions have escalated as Iran-backed Houthi forces in Yemen launched attacks on several Saudi cities, raising concerns about a broader conflict in the Middle East and potential disruptions to energy supplies. Investors are also cautious ahead of upcoming U.S. inflation data, which has affected risk sentiment, leading to declines in U.S. equities and gold prices, while crude oil prices have continued to rise due to these tensions.
Market Overview
On September 9, 2026, U.S. stock markets closed lower, with the Dow Jones down 1.1%, the S&P 500 down 0.58%, and the Nasdaq down 0.32%. The rise in oil prices and increasing Treasury yields have contributed to investor caution. Spot gold prices fell by 1.14% to $4,355/oz as the market awaited U.S. inflation data, while crude oil prices surged above $94 per barrel due to fears of a wider Middle East conflict following the Houthi attacks.
Focus on Apple
Apple is set to hold its Fall Product Launch, with significant attention on the introduction of its first foldable smartphone, the iPhone Ultra. This launch represents one of the most significant design changes for Apple in years and could have a substantial impact on the company's stock price and overall market sentiment in the technology sector. However, there are concerns that the premium pricing of the new device may negatively affect demand and profit margins.
Key Economic Events
Several important economic events are scheduled for today, including:
- 09:30 - China CPI & PPI for August
- 01:00 - Apple’s September event
- 01:00 - ECB President Lagarde Speech
- 20:30 - U.S. PPI for August
- 20:30 - U.S. Initial Jobless Claims
- 22:00 - U.S. Existing Home Sales for August
Market Analysis
EUR/USD
Current bias: Moderately Bullish. Resistance levels are at 1.1656/1.1673, while support is at 1.1601/1.1583. The pair has shown signs of recovery, supported by expectations of further ECB tightening.
GBP/USD
Current bias: Moderately Bullish. Resistance levels are at 1.3575/1.3599, with support at 1.3522/1.3498. The pair is expected to build momentum following comments from the BOE Governor.
USD/JPY
Current bias: Consolidating Near Lows. Resistance is at 154.62/155.22, and support is at 152.63/152.02. The yen remains strong, but the pair has resumed its decline.
Crude Oil Futures
Current bias: Bullish. Resistance levels are at 95.37/95.90, with support at 93.67/93.16. Oil prices are rising due to supply concerns from geopolitical tensions.
Spot Gold
Current bias: Vulnerable. Resistance is at 4424/4468, and support is at 4282/4238. Gold prices are under pressure due to rising oil prices and inflation concerns.
Dow Jones Futures
Current bias: Under Pressure. Resistance is at 53152/53530, and support is at 52395/52023. U.S. equities are retreating amid inflation concerns.
NASDAQ 100
Current bias: Under Pressure. Resistance is at 29627/29757, and support is at 29422/29319. Technology stocks are weakening ahead of the inflation data and Apple’s product launch.
Bitcoin
Current bias: Under Pressure. Resistance is at 79252/79979, and support is at 77840/77140. Bitcoin has faced declines due to rising oil prices and Fed tightening expectations.