US stocks inch up as investors cheer iPhone demand outlook and await start of Fed meeting

• US stocks inched higher Monday as investors eye the Wednesday Fed meeting.
• Strong iPhone 15 pre-orders pushed Apple stock more than 2% higher intraday.
• Oil prices continued to advance and hovered near 10-month highs.

US stocks inched higher Monday, with strong iPhone 15 demand lifting Apple stock while investors looked ahead the Federal Reserve's policy meeting on Wednesday.

Shares of Apple climbed as much as 2.5% on the day, with Wall Street firms pointing to a wave of pre-orders as a sign that demand is outpacing supply. 

"We view the extended lead times for the iPhone 15 Pro and iPhone 15 Pro Max as a positive indication of consumer demand," Goldman Sachs strategists said in a Monday note. 

Meanwhile, traders are giving 99% odds of no interest rate move from the central bank at this week's two-day meeting, which begins Tuesday, CME's FedWatch Tool shows. However, for the November meeting, markets are giving about one-third odds of a 25-basis-point hike.

"We are in the camp that Jay Powell comes out with a hawkish pause on Wednesday, as there will not be a rate hike, but will continue to buy optionality by releasing a higher dot plot and alluding to the fact that every meeting is live until the Fed hits their 2% inflation target (currently 3.7%)," Victor Masotti, director of repo trading at Clear Street, said in a statement. 

He added that interest rate futures markets are pricing in the first quarter-point rate cut for the July 31, 2024 meeting. 

Here's where US indexes stood as the market closed 4:00 p.m. on Monday: 

• S&P 500: 4,453.53, up 0.07%

• Dow Jones Industrial Average: 34,624.30, up 0.02% (6.06 points)

• Nasdaq Composite: 13,710.24, up 0.01%

Here's what else is going on: 

• "Dr. Doom" Nouriel Roubini said he would short US stocks for the rest of the year.
• A crypto influencer was arrested in Hong Kong for a potential $128 million fraud involving 1,400 people.
• Global crude is trading close to its highest level since November.
• Foreign investors are shunning Chinese stocks and bonds while Beijing's economic headache builds.
• Surging oil prices could sour soft landing hopes, a market veteran warned.
• Homebuilder sentiment turned negative for the first time since April.
• Investors have yanked nearly $500 million from crypto funds this summer.

In commodities, bonds, and crypto: 

• Oil prices climbed, with West Texas Intermediate up 0.9% to $91.59 a barrel. Brent crude, the international benchmark, rose 0.48% to $94.38 a barrel
• Gold edged 0.35% higher to $1,953.00 per ounce.
• The 10-year yield dipped less than 1 basis point to 4.313%.
• Bitcoin climbed 0.89% to $26,748.