Apple unveiled its latest slate of products, including iPhones, Apple Watches, and AirPods at a much-watched event. Despite the impressive lineup, investors didn’t show much excitement as the stock fell during the event. However, it managed to rally later in the day, closing in the green. Apple’s shares hit an all-time high in mid-July but have since dropped by almost 7%. Despite this, Apple remains the second-best performing stock among the “Magnificent Seven” over the last three months.
The “old school” tech giant, Oracle, reported earnings after hours, exceeding expectations. After the last earnings report in June, Oracle’s shares jumped by 13.3%. The stock has been performing well over the last three months, up by 11% and showing a 33% increase year-to-date. In comparison, tech sector ETFs like IGV and XLK have shown more moderate gains and losses in the same periods.
Brian Niccol Takes Over Starbucks
Brian Niccol’s first day as CEO of Starbucks saw a slight increase of over 1% in shares. Niccol took over from the previous CEO, Laxman Narasimhan, whose tenure saw a decline in Starbucks’ shares. Niccol’s successful stint as CEO of Chipotle, where shares soared by nearly 750%, brings hope for Starbucks shareholders. Starbucks stock is currently down by 14% from its 52-week high.
Summit Therapeutics experienced a significant surge in its stock after positive results for its lung cancer drug, outperforming other biotech stocks. Airlines also saw positive movement, with the US Global Jets ETF gaining 2.6% and JetBlue being the biggest gainer. Airline stocks like United Airlines and American Airlines also posted gains on Monday.
Recent S&P 500 Changes
Recently added members to the S&P 500, Palantir, and Dell Technologies closed higher, with Palantir showing the most significant increase. While Palantir more than doubled in price this year, Dell Technologies remains strong in its performance despite being down 40% from its record high. Erie Indemnity, on the other hand, saw a slight decline despite being up by over 50% this year.
Company Executives in Focus
AT&T’s John Stankey saw a surge in the stock price, hitting a new 52-week high. Ares Management’s Michael Arougheti and GE Aerospace’s Larry Culp also remain in investors’ spotlight. While Ares Management is 10% down from its high, GE Aerospace experienced a slight drop in September.
Following Apple’s latest event, some of the suppliers saw positive movement in their stocks. Companies like Arm Holdings, Taiwan Semiconductor, Broadcom, AMD, and Cirrus Logic all showed gains on Monday, reflecting potential growth in the respective markets.
Video game retailer GameStop is expected to report its earnings, with shares currently down by 63% from the May high. CNBC’s Leslie Picker will provide insights into potential news for the banking sector, with major banks like Wells Fargo, Citigroup, and Bank of America showing varying degrees of distance from their previous highs.
The stock market continues to show volatility and uncertainty in various sectors. Investors must remain vigilant and informed about market trends to make informed decisions in this ever-changing landscape.