Apple’s recent event showcasing the latest iPhones, Apple Watches, and AirPods seemed to leave investors underwhelmed as the stock fell initially before staging a late-day rally to close in the green. Despite hitting an all-time high in mid-July, Apple is now almost 7% below those levels. However, Apple remains the second-best performing stock among the “Magnificent Seven” over the last three months, with a gain of more than 12%. This performance is trailing only behind Tesla, which saw a 22% increase in the same period.
Oracle reported earnings after hours, beating expectations and causing shares to rise in after-hour trading. The stock has shown an 11% increase in the last three months and almost 33% growth this year. In comparison, the iShares Expanded Tech-Software Sector ETF (IGV) has only risen about 5% in the last three months, and the Technology Select Sector SPDR Fund (XLK) is down about 4% in the same period. This contrast highlights Oracle’s outperformance within the tech sector.
Brian Niccol’s first day as CEO of Starbucks saw shares increase by a little over 1%. Niccol took over from the previous CEO Laxman Narasimhan, who oversaw a 7.6% decline in SBUX shares during his tenure. In contrast, Niccol’s previous role as CEO of Chipotle resulted in nearly a 750% increase in CMG shares. Despite these achievements, Chipotle shares have decreased by 21% from their all-time high in June.
Summit Therapeutics experienced a significant 56% increase in share value after their lung cancer drug showed better results than Merck’s Keytruda in Phase 3 trials. This surge led to an all-time high for Summit, with shares up more than 630% this year. On the contrary, Merck shares were down 2% on the same day, showcasing the market’s favor towards Summit’s accomplishments.
Airlines emerged as top performers on Monday, with the US Global Jets ETF (JETS) gaining 2.6% and JetBlue leading the pack with over a 7% increase. This positive trend followed Bank of America’s upgrade of JetBlue stock from underperform to neutral, and United Airlines also saw a substantial 6% increase. American Airlines, transitioning from the S&P 500 to the midcap S&P 400, observed a nearly 4% rise in share value.
Recent Additions to the S&P 500
The latest additions to the benchmark S&P 500, Palantir and Dell Technologies, closed higher on Monday. Palantir saw a 14% increase in shares, marking its best performance since February. Dell Technologies, although up nearly 40% this year, remains down 40% from its record high in late May. On the other hand, Erie Indemnity experienced a slight 0.6% decline despite being up more than 50% this year.
Significant figures in the market, such as AT&T’s John Stankey, Michael Arougheti of Ares Management, and Larry Culp of GE Aerospace, are scheduled to provide insights during specific hours. While AT&T experienced a 2.5% increase on Monday, GE Aerospace saw a 2.5% jump but remains down 5.3% so far in September. These upcoming events present opportunities for investors to gain valuable information and potentially influence market movements.
Following Apple’s event unveiling new products, several suppliers experienced positive movements in their stock prices. Arm Holdings, a key player in the new iPhone, saw a 7% increase, while Taiwan Semiconductor, Broadcom, AMD, and Cirrus Logic all recorded gains ranging from 1.7% to 3.8%. These reactions indicate the interconnected nature of the tech industry and the impact of major product launches on various companies.
GameStop, a video game retailer known for its fluctuating stock prices, is set to report earnings. Despite being 63% below the May high, the stock has shown an 11% increase in the last month. This volatility presents both risks and opportunities for investors tracking GameStop’s performance.
CNBC’s Leslie Picker will report on potential developments in the banking sector, with major players like Wells Fargo, Citigroup, Bank of America, Morgan Stanley, and JPMorgan experiencing varying distances from their recent highs. CEO Jamie Dimon’s insights at JPMorgan are particularly awaited, as they could provide valuable market insights.
Analyzing daily market trends provides valuable insights for investors looking to make informed decisions. The performance of key players in various sectors, reactions to significant events, and upcoming market reports all contribute to the dynamic nature of stock markets. By closely monitoring these trends and understanding the underlying factors driving market movements, investors can better navigate the complexities of the financial landscape.