Stocks were rising in intraday trading Tuesday, propelled higher by an extended rally in tech shares and as the Federal Reserve's two-day policy meeting kicks off.
The Fed begins a two-day meeting Tuesday, with a decision on interest rates expected Wednesday afternoon. The central bank is expected to hold rates near zero and reaffirm its new, more relaxed stance on inflation.
China's official statistics office said Tuesday that industrial production in the world's second-largest economy surged 5.6% in August, the strongest reading of the country's most important sector since the global coronavirus pandemic began there in early January. Retail sales in China in August rose for the first time this year.
Apple's event kicks off at 1 P.M. E.T. on Tuesday and the focus reportedly will be on hardware, but not a new iPhone from the tech giant.
Apple's all-virtual showcase, which is open to the public, is expected to precede another iPhone unveiling later in the fall.
The "Time Flies" event is a reference to the Apple Watch, according to reports. Apple is preparing new low-end and high-end watches, as well as a new iPad Air, all of which will launch this fall. The company also is expected to launch iOS14, watchOS 7, tvOS 14, and macOS Big Sur in the coming weeks.