Futures suggest the Australian stock market will start the new trading week on the back foot, after US shares capped off last week with a disappointing finish. US inflation data, as well as Australian jobs figures will prove talking points, while Apple new iPhone comes right after an adverse ruling against its App Store.

Economic calendar and news

The biggest news item on the economic agenda this week will almost certainly be the latest jobs data for August. With New South Wales, the ACT and Victoria in the midst of ongoing lockdowns, employment numbers from last month are expected to show the full impact that restrictions have had on employees and businesses from a wide range of industries. 

Some estimates put the number of job losses upwards of 300,000, which could push the unemployment rate back above 5%. Not only have job advertisements been trending lower in these locations, but data on payrolls has also suggested a sombre picture at the same time the Reserve Bank of Australia has been warning that the unemployment rate will increase over coming months.

Elsewhere, business and consumer confidence readings are tipped to show deteriorating sentiment across the Australian economy, while fresh data on house prices and new home sales will also feature.The economic agenda for the United States includes industrial production, retail sales, business inventories, as well as export and import prices, but it is the latest round of inflation figures that may hold the largest sway over the market. While the numbers are predicted to largely follow those from the month prior, any upside shock' could unsettle the markets on account of concerns about what role it might have in driving the QE outlook of the Federal Reserve, which meets a week later.

Stocks on watch

Tech stocks have been under pressure in recent days, with that momentum potentially set to flow through to the ASX during at least Monday trading session. Sentiment was hurt by a modest pull-back in the share price of Apple (NASDAQ: AAPL) last week, brought on by a US court decision that may have an impact across the rest of the tech industry. 

The tech giant was hit by an injunction that will prohibit it denying developers the right to direct users to alternative payment methods outside the App Store. These fees contribute strongly towards Apple services division, which boasts high gross margins of around 70%. 

Unsurprisingly, the news had a near-immediate impact on the company share price, and also hit Alphabet (NASDAQ: GOOGL), which could be vulnerable given its own anti-steering provisions. Apple will also be in the spotlight as the iPhone 13 is officially unveiled at its Keynote presentation early Wednesday AEST.Meanwhile, shares in AMC Entertainment (NYSE: AMC) made another strong move higher last week, up 14% for the week. The stock is now up more than 60% from early August, with trading still being driven by a frenzy of interest from stock market discussion sites such as Reddit. But it also comes at a time when the company invests heavily in a multimedia campaign, including advertising on TV, and with audiences gradually returning to cinemas and driving pandemic-era attendance and box-office records.AMC Entertainment hasn't been the only Reddit stock doing the rounds over recent days and heading into the new trading week. Other stocks featuring prominently include  Clover Health (NASDAQ: CLOV), GameStop (NYSE: GME), apparel retailer Lululemon Athletica (NASDAQ: LULU), uranium producer Cameco (NYSE: CCJ), aerospace company Rocket Lab USA (NASDAQ: RKLB), and sports data firm Genius Sports (NYSE: GENI).Closer to home, despite the market sliding last week, there were a number of annual highs for a host of names, including South32 (ASX: S32), Domino Pizza (ASX: DMP), Alumina (ASX: AWC), Whitehaven Coal (ASX: WHC), Novonix (ASX: NVX), Liontown Resources (ASX: LTR) and Vulcan Energy Resources (ASX: VUL).

At the other end of the spectrum, there were new 52-week lows for the likes of Magellan Financial Group (ASX: MFG), AGL (ASX: AGL), Polynovo (ASX: PNV), Appen (ASX: APX), not to mention gold trio Evolution Mining (ASX: EVN), St Barbara (ASX: SBM) and Regis Resources (ASX: RRL).

Finally, Sydney Airport (ASX: SYD) has invited its takeover suitors to review its books after the consortium led by IFM Investors submitted a third bid for the company, valued at $8.75 per share. That comes after the two prior bids were knocked back with haste, although this latest development may signify a shift in the stance of the Sydney Airport Board. While a long way from indicating a deal is done, should the transaction proceed, at $32 billion it would be one of the largest deals in Australian corporate history.