Apple investors and customers today will be watching the company's annual September iPhone event, which starts at 11am, but probably won't feature the iPhone at all. Calling it "Time Flies," Apple is likely to reveal its latest watch and an updated iPad, but delay its 5G phone.  There are also rumblings of a bundled subscription service called "Apple One" that would give users a discount and the ability to manage all their subscriptions in one place. Apple has enjoyed a strong 2020 rally, with shares up 54% on the year, though the stock has pulled back 16% from a Sept. 1 closing high due to a broad tech selloff. (SA)

There's no shortage of wild stuff happening in the market right now. The roller-coaster action in Tesla. Traders pouring money into the triple-leveraged Nasdaq 100 ETF at the fastest clip ever. The Nikola fraud saga.  But, one thing to watch here is just how solidly the back to normal trades are doing. Just yesterday, the S&P hotels index hit its highest level since early June, having surged over 4% yesterday, and industrials hit their highest level YTD. This is probably one of the charts to watch to see if conviction really starts taking hold among investors about the crisis coming to an end.

The International Energy Agency added its voice to warnings over future demand for oil in its monthly report this morning. It said the market has grown "even more fragile" as it cut its demand forecast for the fourth quarter by 600,000 barrels a day. Yesterday OPEC cut the consumption outlook for its products in 2021 by 1.1 million barrels a day. Trafigura Group, the world's second-largest oil trader, warned that the oil market is about to go back into surplus. (IEA)

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Josh Fenili.