AP
- 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.