Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, USA, September 9, 2024.
Brendan McDiarmid | Reuters
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Here’s what CNBC producers were watching as stocks surged on Monday, and what to watch in the coming session.
Apple’s big iPhone launch
apple Apple unveiled its latest iPhones, Apple Watches and AirPods at a highly-anticipated “Glow Time” event on Monday, but investors seemed unimpressed. The company’s shares fell as the event began but rebounded at the end of the day to close in the positive. The stock hit an all-time high in mid-July and has since fallen nearly 7%. Still, Apple is the second-best performing of the “Magnificent Seven” over the past three months. The group was pushed lower by a drop in shares of Google’s parent company, Apple. alphabetIt has fallen by about 15% in three months. NVIDIAhas fallen nearly 12%. Meanwhile, Apple is up more than 12% over the past three months. TeslaIt increased by 22% over the same period.
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Apple’s performance over the past month
Oracle Revenue
The “old school” tech giant reported earnings after the close tonight. Shares rose in after-hours trading after the company reported better-than-expected earnings and revenue. ORCL shares rose 13.3% the day after its last earnings report in June. The company’s shares are up 11% over the past three months and nearly 33% this year. That compares to iShares Extended Technology Software Sector ETF (IGV) It’s up about 5% over the past three months and 4% this year. Technology Select Sector SPDR Fund (XLK) It’s down about 4% in three months and is up 7% this year. Nasdaq Composite Index It’s down about 1.5% over three months and is up just over 12% this year.
A tall order
Monday marked Brian Niccol’s first day as CEO. StarbucksThe shares rose just over 1%. Nicol takes over from embattled CEO Lakshman Narasimhan, who took over in March last year. Under Narasimhan’s leadership, SBUX shares have fallen 7.6%. The stock is down 14% from its 52-week high hit in November. Nicol previously said chipotle pepperHe took the role in March 2018. During his tenure, CMG’s stock price has risen nearly 750%. Chipotle’s stock hit an all-time high in June, just before a 50-for-1 stock split took effect. The stock has fallen 21% since that peak.
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Starbucks’ financial results for 2024
Anticancer drug results
Stock Summit Therapeutics The stock soared 56% after its lung cancer treatment showed significantly better results than competing products. Merck Keytruda is in Phase 3 trials. It was the best day since May, when shares soared more than 270%. The shares are trading at all-time highs and are up more than 630% this year. Merck, meanwhile, was down 2% on Monday. Summit was the best-performing stock in both quarters. SPDR S&P Biotechnology ETF (XBI) and iShares Biotechnology ETF (IBB)The second best-performing biotech stock on Monday was Relay TherapeuticsThe company’s shares rose 52% following positive results for its breast cancer treatment.
take off
Airlines were among the best-performing stocks on Monday. US Global Jets ETF (JETS) It rose 2.6% to close at its highest level since July 31st.JetBlue The stock was the biggest gainer, rising more than 7%, with the latest move coming after Bank of America upgraded the stock to neutral from underperform after raising its earnings outlook last week.United Airlines The stock rose about 6%, the biggest gain among the S&P 500 index, and closed at its highest level since late June.American AirlinesThe company, which will move from the S&P 500 to the mid-cap S&P 400 on Sept. 23, rose nearly 4%.
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JETS ETF performance over the past month
New S&P companies
Speaking of S&P upheaval, two of the three newest components of the benchmark S&P 500 closed higher on Monday.Palantir It rose 14% to its highest since February, and its highest closing price since February 2021. Prices have more than doubled so far this year.Dell Technologies Insurance companies are up nearly 4% this year, but are down 40% from their all-time highs hit in late May. Ellie Liability Insurance The stock is still up more than 50% so far this year, hitting its highest price since its 1995 IPO during trading hours.
—Kavita Shastry
CNBC will be interviewing some of the biggest market-moving CEOs on Tuesday.
AT&T’John Stankey will be on at 10 a.m. ET. The stock rose 2.5% on Monday to hit a new 52-week high, and is up 8% in a week. AT&T’s dividend is paying out 5.2%. Ares Management It’s still rising at 10 a.m. The stock is up 10% from its high on July 31. Larry Culp GE Aerospace It will go live at 1 p.m. The stock is up 7% from its 52-week high, and after gaining 2.5% on Monday, it is down 5.3% since the start of September.
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GE Aerospace’s financial results for 2024
Apple Suppliers
Apple’s event about the new iPhones left shares flat, but some suppliers made moves.Arm Holdings The company will be the centerpiece of the new iPhones. The stock rose 7% on Monday and is up 33.5% from its July high.Taiwan Semiconductor The stock is up 3.8% since its 52-week high hit in July.Broadcom It rose 2.8% on Monday. The stock has risen 24% since its June high.Am It’s up 2.8%, a 40% increase from its March high.Cirrus Logic It rose 1.7% on Monday and is up 8.7% from its Aug. 29 high.
GameStop reported after the close of trading on Tuesday.
The up-and-down video game retailer reported earnings on Tuesday afternoon, with its shares down 63% from their May highs.GameStop It rose about 11% last month.
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GameStop’s one-month performance
Basel III
CNBC’s Leslie Picker will report on what could be big news for banks on Tuesday. Wells Fargo That’s up 12.7% from its 52-week high recorded in May.Citigroup It’s up 12.2% from its high on July 17th.Bank of America The stock has fallen 11% from its 52-week high hit on July 17.Morgan Stanley It has risen 10% from its high on July 16th.J.P. Morgan It’s up 3.85% from its high on August 30. We’re scheduled to hear from CEO Jamie Dimon in the morning.
Boeing August orders and deliveries
CNBC’s Phil LeBeau will be keeping an eye on the numbers when they are released at 11 a.m. The stock has fallen 39% from its Dec. 21 high.Boeing It rose 3.36% on Monday and is now down 6.2% since the start of September.
—Jason Gewirtz
