This week's data: Apple's September event and central banks meetings

Stock markets will face more turmoil this week. Investors will return to Wall Street on Tuesday for a shortened trading week. U.S. stock exchanges will be closed for business on Monday in honor of Labor Day.

All three major indexes ended Friday’s session in negative territory, marking the third consecutive week of decline. This was affected by the release of the Labor Department data, according to which the nonfarm payrolls rose by 315,000 in August and the unemployment rate climbed to 3.7 percent. 

The calendar will be full of international economic events as the European Central Bank, Reserve Bank of Australia and Bank of Canada will hold meetings on September 8, 6 and 7, respectively, to touch upon the issue of rising inflation. 

The ECB is projected to deliver 75 basis points at the meeting. Such a forecast is based on the fact that inflation in the eurozone reached a new all-time high.

Apple will hold its annual fall launch event in Silicon Valley on Wednesday, Sept. 7. For the first time in two years, the in-person event will take place at the corporate headquarters located in Cupertino. 

Apple is expected to unveil two updated iPhones, an Apple Watch and new AirPods models. Next month, users can expect to see a significant update to the Mac and iPad lineup.

Apple stocks are considered the most heavily weighted stocks in the S&P 500 Index as they account for more than 7 percent of the index.  

Nevertheless, the upcoming events will not change the focus on the next Fed meeting, which is scheduled for September 21. According to the recent volatility seen in the markets, traders are preparing for another significant Fed's interest rate hike. Powell's remarks about officials' desire to restore price stability have had a huge impact on it. 

As stated by Nancy Vanden Houten and Kathy Bostjancic of Oxford Economics, the shift to a  more moderate pace of job growth in August may be welcome by the Federal Reserve. Despite this fact the Fed will continue to support significant rate hikes in the upcoming months. “Fed Chair Powell made clear last week that the FOMC plans to push rates well into restrictive territory to bring down inflation and prevent an unmooring of inflation expectations”, they claimed.

The August employment report keeps hope alive that Fed officials would refrain from raising interest rates by 75 basis points and opt to hike them only by 50 basis points at their September meeting. The data on the Consumer Price Index (CPI) that will be published September 13, next week, may lower those expectations.

According to EY Parthenon Chief Economist Gregory Daco, the Fed could slow the pace of monetary policy tightening in September and raise the key rate by 50 basis points if the consumer price index does not show a strong trend.