Mondays in the stock market are rarely dull, and this one was no exception. As the buzz about the Federal Reserve’s upcoming policy meeting keeps traders on their toes, Apple’s soaring stock has become the apple of Wall Street’s eye.

Let’s talk Apple first. The tech giant’s shares jumped by a notable 2.5% recently, and the credit? A seemingly insatiable demand for the iPhone 15. The word on the street is that the rush of pre-orders for this newest gadget indicates demand is speedily overtaking supply. Goldman Sachs strategists didn’t hold back their enthusiasm, highlighting the prolonged wait times for the iPhone 15 Pro versions as a positive nod to the voracious consumer appetite.

Switching gears, all eyes are now on the Federal Reserve as it gears up for its two-day policy meeting starting Tuesday. If you’re betting on interest rate movements, the consensus is almost unanimous. The CME’s FedWatch Tool showcases a whopping 99% trader consensus against any rate adjustments this week. However, when November rolls around, a potential 25-basis-point hike is in the cards, with market odds sitting at about a third.

Victor Masotti, a maestro of repo trading at Clear Street, weighed in, “Expect Jay Powell to maintain a cautious yet firm stance come Wednesday. While a rate hike might not be on the immediate horizon, we predict an upward trajectory in the dot plot. Plus, it’s clear: every Federal meeting remains significant until the 2% inflation target gets hit.”

Rounding off, Masotti hinted at future prospects, suggesting that interest rate futures markets are already aligning their sights on a quarter-point rate cut, possibly by the July 31, 2024 rendezvous.

In a nutshell? Whether you’re an Apple aficionado or an eagle-eyed Fed follower, the market’s current landscape is serving up enough action to keep every investor intrigued.