Apple shares slip after new iPhone launch

The news: Apple shares ended lower on Wall Street after investors were left somewhat disappointed the company did not deliver any blockbuster surprises with the launch of a new series of iPhones and Apple watches.

The numbers: Apple rolled out the latest series of phones, which includes the iPhone 15 and iPhone 15 Plus, sporting 6.1-inch and 6.7-inch displays, respectively. The higher-end iPhone 15 Pro and iPhone 15 Pro Max models, priced at USD999 ($1,555) and USD1,199 will sport an "action button" in place of the mute switch and use titanium instead of stainless steel for the side bars. Apple shares ended 1.7% lower at USD176.30 each.

The context: While Apple did not raise prices for the most expensive iPhone Pro Max model, it has eliminated the lower-price 128-gigabyte model. The launch comes amid lingering economic uncertainty, especially in China, Apple's third-largest market, where it faces challenges from expanded restrictions on using its phones. The company still relies on the iPhone for more than half of its sales, but the global smartphone market has slumped, shipping 268 million total phones in the second quarter from 294.5 million a year ago.