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5 things to know before the stock market opens Monday

Apple
  • Stock futures are higher to start the week.
  • Apple's holding a launch event where new phones might be revealed.
  • Instacart has released more information about its upcoming IPO.

Here are the most important news items that investors need to start their trading day:

1. Looking up

Stock futures were higher Monday morning as all three indexes are coming off a losing week. Futures tied to the Dow Jones Industrial Average rose 0.2%. S&P 500 futures climbed 0.4% and Nasdaq 100 futures were 0.6% higher. Investors will be watching for key inflation data this week after several economic reports last week were stronger than expected, increasing concerns that the Federal Reserve could raise interest rates more than previously anticipated. But the Wall Street Journal reported on Sunday that Fed members reached a consensus not to raise rates too much when the central bank meets next week. Futures now put the chance of the Fed holding rates steady at the Sept. 20 meeting at 93%, according to the CME FedWatch tool. Follow live market updates.

2. Lucky number 15?

Apple is expected to unveil its newest iPhone this week. The company is holding a launch event at its headquarters on Tuesday ahead of the all-important December quarter, which is its biggest of the year by sales. If it does reveal the iPhone 15 (assuming it sticks with its previous naming pattern), analysts are predicting the tech giant will announce a USB-C charging port to replace Apple's proprietary Lightning port. That means Android phones, newer laptops, iPads, wireless headphones, and other gadgets would have the same charging ports. The tech giant has previously said it will roll out a new operating system, and it could update some of its accessories, including its Apple Watches and AirPod models.

3. IPO watch

Clark resident Jen Valencia shops for a customer as she supplements her income working for Instacart at Acme Market on April 27, 2020 in Clark, New Jersey.
Michael Loccisano | Getty Images
Clark resident Jen Valencia shops for a customer as she supplements her income working for Instacart at Acme Market on April 27, 2020 in Clark, New Jersey.

Instacart submitted an updated filing for its upcoming initial public offering, saying it hopes to raise up to $616 million in fresh capital at a valuation of as much as $9.3 billion. The online grocery delivery company on Monday also said it would issue 22 million shares in total, made up of 14.1 million newly issued shares from the company and 7.9 million shares from selling stockholders. The company competes with traditional grocers as well as other food delivery platforms such as Amazon, DoorDash, GoPuff and Grubhub. Instacart also said it expects an offer price of between $26 and $28. It's expected to be one of the biggest IPOs of the year. The stock will be listed on the Nasdaq under the ticker symbol "CART."

4. Relief for renters

A sign is posted in front of an apartment building with available rentals on June 09, 2023 in San Francisco, California. 
Justin Sullivan | Getty Images News | Getty Images
A sign is posted in front of an apartment building with available rentals on June 09, 2023 in San Francisco, California. 

Apartment rents have been cooling off and could even fall in price compared to current rates. Rents in August were just 0.28% higher than they were a year ago, according to real estate tech platform RealPage. That's a drastic difference from August 2022, when they were posting 11% annual growth. Part of the reason rents are increasing at a slower pace is that a huge number of apartments are being built, increasing supply. The number of new units being constructed is at a 50-year high, with more than 460,000 getting finished this year alone.

5. Earthquake in Morocco

A resident navigates through the rubble following a 6.8-magnitude quake in Marrakech on September 9, 2023.
Fadel Senna | Afp | Getty Images
A resident navigates through the rubble following a 6.8-magnitude quake in Marrakech on September 9, 2023.

Morocco is dealing with the aftermath of a historic 6.8 magnitude earthquake that hit Friday and has killed more than 2,100 people. The death toll is expected to rise, and the United Nations estimates that 300,000 people were affected by the quake. Sunday saw another 3.9 magnitude aftershock, according to the U.S. Geological Survey, although it wasn't immediately clear if that caused more damage. Fearing the consequences of such aftershocks, many people were sleeping outside in the streets for a third night in Marrakech. Residents and officials were most worried about help getting to hard-to-reach areas outside of the city, including rural communities that rely on unpaved roads through mountainous terrain that are covered by fallen rocks.

CNBC's Tanaya Macheel, Kif Leswing, Ryan Browne, Hayden Field, Diana Olick and the Associated Press contributed to this report.

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