iT's Here

Wall Street is rounding off the week with some big tech news--but early this morning, investors are taking in fresh inflation data. Personal income grew 0.4% and personal spending grew 0.5%. That was slightly lower than expected but shows Americans are not being unduly affected by the slumping housing market and high gasoline prices.

Meanwhile, concerns over gas supplies pushed the price of crude past the $70-a-barrel mark. Earlier this week, the government reported a drop in gasoline inventory--when most analysts were expecting a gain.

The Apple iPhone's much-anticipated debut is 6 p.m. tonight, in whatever U.S. time zone you live in--iManiacs in other countries will have to wait until later this year. Wall Street, however, is dealing with the earnings results of two companies that suddenly become Apple's rivals: smart phone makers Research In Motion and Palm . Both companies reported their latest earnings after the closing bell yesterday, but with very different results.

RIM's stock is already off to the races. Its first-quarter earnings jumped 73% due to strong sales. However, Palm's fourth-quarter profit plunged 43%. Rising expenses were said to be the reason. Although it may eat into the handheld market, many analysts and investors alike question how the iPhone will affect these stalwarts. Concern remains over whether the iPhone can do the job for business users--and if it doesn't burrow into the business market, it may be too expensive for wide appeal among your average Joes at $500 a pop.

Some companies are trying to claw onto the coattails of Apple's latest gadget. Playboy Enterprises has new "iPlayboy" offerings: free downloads of wallpaper photos and videos made especially for the iPhone.

And Nicole Kidman is swearing off Chanel and lending her face to ... Nintendo ? Yes, it's true. Get that story, along with other bizarre business news, here on the Forbes.com Video Network.

We'll be back later with another market update.