Apple recently unveiled its latest slate of iPhones, Apple Watches, and AirPods, but investors didn’t seem impressed with the event. The stock initially fell as the event kicked off, but staged a late-day rally to close in the green. This comes after shares hit an all-time high in mid-July, and they are almost 7% from those levels. Despite this, Apple has been the second-best performing “Magnificent Seven” stock over the last three months. The group has been led to the downside by Google-parent Alphabet and Nvidia, with Apple trailing only Tesla in terms of performance in that period.
Meanwhile, the “old school” tech giant Oracle reported earnings that beat expectations. Shares were up in after-hour trading following the announcement. This positive news comes after Oracle shares jumped 13.3% after its last earnings report in June. The stock is up 11% in the last three months, and it’s up nearly 33% this year. By comparison, the iShares Expanded Tech-Software Sector ETF and Technology Select Sector SPDR Fund have had mixed performances in the market recently.
Brian Niccol Takes the Helm at Starbucks
Monday marked Brian Niccol’s first day as CEO of Starbucks, with shares up a little over 1% following the announcement. Niccol takes over from embattled former chief Laxman Narasimhan, who saw SBUX shares decline during his tenure. Prior to joining Starbucks, Niccol was the CEO of Chipotle, where shares saw a significant increase. Starbucks’ performance under Niccol’s leadership will be closely watched in the coming months.
Summit Therapeutics Surges After Positive Trial Results
Shares of Summit Therapeutics soared 56% on very heavy volume after its lung cancer drug showed significantly better results than Merck’s Keytruda in Phase 3 trials. This surge marked the best day for the stock since May. Shares are trading at an all-time high, up more than 630% this year, outperforming key biotech ETFs. Similarly, Relay Therapeutics also saw a significant increase in its stock price following positive results for its breast cancer drug.
Airlines were among the best performing stocks on Monday, with the US Global Jets ETF gaining 2.6% and JetBlue being the biggest gainer, up over 7%. This positive momentum came after Bank of America upgraded JetBlue’s stock to neutral from underperform. United Airlines also saw gains, posting its highest close since late June. American Airlines, which is set to move from the S&P 500 to the midcap S&P 400, saw a nearly 4% increase in its stock price.
Two of the three newest members of the benchmark S&P 500 closed higher on Monday, with Palantir and Dell Technologies seeing positive movement in their stock prices. However, insurance company Erie Indemnity was down slightly despite its overall positive performance this year. The addition of new members to the S&P 500 will continue to influence market dynamics moving forward.
Upcoming Earnings Reports and Market Speculations
Looking ahead, the video game retailer GameStop is set to report earnings on Tuesday afternoon, with shares currently 63% from their May high. CNBC’s Leslie Picker will report on potential news for banks on Tuesday, with key players like Wells Fargo, Citigroup, Bank of America, Morgan Stanley, and JPMorgan all seeing varying performances in the market. CEO Jamie Dimon’s remarks will also be closely monitored for insights into the banking sector.
The stock market remains dynamic with various sectors experiencing fluctuations in performance. It is crucial for investors and analysts to closely monitor market trends, earnings reports, and key events to make informed decisions and capitalize on potential opportunities in the ever-changing landscape of the financial markets.
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