Traders operated on the New York Stock Exchange floor on September 9, 2024, as seen in a Reuters photo by Brendan McDermid. Here’s a recap of the day’s highlights and a preview of what’s on the horizon.
Apple’s "Glowtime" Event: Apple’s latest iPhone, Watch, and AirPods launch didn’t impress investors initially, but the stock recovered by the end of the day. Apple shares, which peaked mid-July, are now 7% below those levels but still up over 12% in the past three months, second only to Tesla’s 22% gain in the "Magnificent Seven" stocks.
Oracle Earnings: Oracle’s post-earnings rally boosted its after-hours trading, with the company exceeding earnings and revenue expectations. Oracle’s shares are up 11% over three months and nearly 33% this year, outperforming tech sector ETFs.
Starbucks Leadership Change: Brian Niccol officially took over as CEO on Monday, with Starbucks shares rising over 1%. The company’s stock is down 14% from last November’s high. Niccol’s previous role as Chipotle’s CEO saw CMG shares soar nearly 750% during his tenure.
Biotech Highlights: Summit Therapeutics soared 56% on positive lung cancer drug trial results, marking the stock’s best day since May and up over 630% this year. Merck slipped 2%. Relay Therapeutics also surged 52% on its breast cancer drug results.
Airline Sector Gains: Airlines were top performers with the US Global Jets ETF climbing 2.6%. JetBlue led with a 7% rise following an upgrade from Bank of America. United Airlines and American Airlines also posted significant gains.
New S&P 500 Entrants: Palantir and Dell Technologies closed higher, with Palantir up 14%. Erie Indemnity, despite a 0.6% dip, remains up over 50% this year.
Upcoming CEO Interviews: CNBC will feature interviews with AT&T’s John Stankey, Ares Management’s Michael Arougheti, and GE Aerospace’s Larry Culp on Tuesday.
Apple Suppliers: Following Apple’s event, key suppliers like Arm Holdings, Taiwan Semiconductor, and Broadcom saw stock increases.
GameStop Earnings: GameStop reports Tuesday afternoon, with its stock up 11% in the past month but 63% below the May high.
Bank Sector Updates: Banks like Wells Fargo, Citigroup, and Bank of America await possible significant news from Basel III regulations. JPMorgan CEO Jamie Dimon will provide insights on Tuesday morning.
Boeing Orders and Deliveries: August data will be released at 11 a.m. Tuesday. Boeing shares increased 3.36% Monday but are down 6.2% in September.
Stay tuned to CNBC for these crucial updates and more financial insights.
Original Story https://www.cnbc.com/2024/09/09/tuesdays-big-stock-stories-whats-likely-to-move-the-market.html
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