Stocks rebounded Monday, as market participants bought back into growth stocks following one of the worst trading week's of the year. The Dow Jones Industrial Average soared over 480 points, while the S&P 500 Index and Nasdaq Composite each rose about 1.2%.
Here's how the market settled on Monday:
S&P 500 Index (NYSE: SPY): +1.16% or +62.63 points to 5,471.05
Dow Jones Industrial Average (NYSE: DIA): +1.20% or +484.18 points to 40,829.59
Nasdaq Composite Index (NASDAQ: QQQ): +1.16% or +193.77 points to 16,884.60
Apple Event:
Apple (NASDAQ: AAPL) announced a series of updates and upgrades at its Glowtime launch event held at its headquarters in Cupertino, California, unveiling new versions of the iPhone, AirPods and Apple Watch.
Notably, the iPhone 16's A18 CPU is up to 60% faster than the CPU in the iPhone 12, with speeds that challenge powerful desktop PCs, Apple said. The A18 has 3-nanometer technology and four efficiency cores, which power the tech giant's highly anticipated artificial intelligence software, Apple Intelligence.
In Single-Stock News:
Shares of Palantir Technologies (NYSE: PLTR) and Dell Technologies (NYSE: DELL) jumped higher Monday after the S&P Dow Jones Indices announced the companies will join the S&P 500 Index, replacing American Airlines (NASDAQ: AAL) and Etsy (NASDAQ: ETSY). The change take effect on Sept 23, with both companies joining the Information Technology sector on the broader market index.
Boeing (NYSE: BA) and the International Association of Machinists and Aerospace Workers reached a tentative agreement over the weekend that includes 25% raises over four years and other changes to health-care costs and retirement benefits. A vote is scheduled for Sept. 12, according to the union.
"The contract offer provides the largest-ever general wage increase, lower medical cost share to make healthcare more affordable, greater company contributions toward your retirement, and improvements for a better work-life balance," said Stephanie Pope, chief executive of Boeing Commercial Airplanes, in a statement.
Best Buy (NYSE: BBY) is expected to benefit from anticipated interest rate cuts from the Federal Reserve, Loop Capital analyst Anthony Chukumba wrote in a Monday note to clients, reiterating the firm's Buy rating on the stock on its competitive pricing.
"We are incrementally more bullish on near-term demand given the beginning of the US Federal Reserve's rate cut campaign next week, which we believe will benefit Best Buy through better housing turnover and higher consumer confidence," Chukumba wrote.
For Tuesday:
Market participants will trade ahead of August's key consumer price index and producer price index readings later in the week, which will help investors assess the Fed's next moves ahead of its Sept. 17-18 Federal Open Market Committee meeting.