U.S. stocks slid lower last week amid a sell-off in tech stocks that have lifted the market this year and concerns that recent economic data may be running too hot for the Federal Reserve to stop raising interest rates. For the week, S&P 500 and the Dow Jones lost 1.3% and 0.8%, respectively, while the tech-laden Nasdaq Composite tumbled 1.9%. Energy and utilities were the only S&P 500 sectors to notch positive gains on the week, while the tech sector was among the worst performers with a 2.3% decline (though it is still up over 41% on the year).

Apple has become the latest to be caught up in the U.S.-China economic war, amid concerns that its Chinese business will be hit by a ban on iPhone use by government workers and preferential treatment given to Chinese competition. Apple dropped $200B in market cap over two days after Beijing announced the ban. It is a move seen as retaliatory as the U.S. government had banned the use of certain Chinese products by government agencies, including TikTok and Huawei. The ban also comes days ahead of the iPhone 15 launch this week. And the biggest antitrust case in a generation kicks off as the Justice Department takes on Google over whether the tech giant used its dominance in search to crush rival search engines.

In addition to geopolitical and regulatory concerns, rising interest rates have also posed a headwind to the stock market rally recently. The 10-year U.S. Treasury pushed back above 4.25% last week, up from 4.17% in the week prior and 3.81% at the end of last quarter, as U.S. economic data continues to surprise to the upside. Last week’s report from the Institute for Supply Management showed that the U.S. service sector expanded for an eighth straight month in August. Meanwhile, weekly initial jobless claims fell to the lowest level since February last week.

This week’s economic highlight is the CPI on Wednesday, where a 0.6% headline rise is expected, but the core is expected to have increased just 0.2%. It’s also decision day for the European Central Bank. Even with eurozone inflation running high, economists expect the central bank to hold interest rates steady for the foreseeable future. On Thursday, the release of August retail sales data and the Producer Price Index will offer more information on the pace of inflation ahead of next week’s Fed rate-setting meeting.

Yesterday was the 22nd anniversary of the terrorist attack on the Twin Towers in New York City and the Pentagon in Washington D.C. Over 3,000 lives were lost that day.