Apple recently unveiled its latest products to a lukewarm reception from investors. Despite hitting an all-time high back in July, the stock has since dipped almost 7%. However, Apple still remains the second-best performing stock among the “Magnificent Seven” over the last three months, outpacing companies like Google-parent Alphabet and Nvidia. The company’s stock saw an interesting reaction after its earnings report, with shares initially down but rallying in after-hours trading after beating expectations.
Monday marked Brian Niccol’s first day as CEO of Starbucks, with shares edging up slightly. Niccol took over from the previous CEO, Laxman Narasimhan, who saw a dip in Starbucks stock during his tenure. Before joining Starbucks, Niccol served as the CEO of Chipotle, where he oversaw a significant increase in the company’s stock price. Despite the positive change in leadership, Starbucks shares are still down from their 52-week high hit last November.
Summit Therapeutics saw a massive surge in its stock price after positive results from its lung cancer drug trials, outperforming companies like Merck. The company’s stock is trading at an all-time high and has soared more than 630% this year. Meanwhile, in the pharmaceutical sector, Relay Therapeutics showed promise with a 52% increase in its stock price based on positive results for its breast cancer drug.
Airlines were among the best performing stocks on Monday, with companies like JetBlue and United Airlines seeing significant gains. The US Global Jets ETF also posted a solid day, reaching its highest close since July. In addition, new members of the S&P 500, like Palantir and Dell Technologies, closed higher on Monday, continuing their upward trajectory. However, insurance company Erie Indemnity experienced a slight dip despite an overall positive year.
AT&T’s John Stankey, Ares Management’s Michael Arougheti, and GE Aerospace’s Larry Culp are scheduled to make appearances on Tuesday, potentially influencing their companies’ stock performance. Additionally, Apple’s supplier companies, like Arm Holdings and Taiwan Semiconductor, saw positive movements following the recent iPhone event. Video game retailer GameStop is set to report on Tuesday, with shares currently sitting at 63% below their May high.
CNBC’s Leslie Picker will be reporting on potential news impacting banks on Tuesday, with companies like Wells Fargo, Citigroup, and Bank of America all trading below their recent highs. Investors will be closely watching CEO Jamie Dimon’s remarks, as well as the upcoming financial reports from these major players in the banking industry.
Overall, the stock market experienced a mix of ups and downs on Monday, with various sectors showing signs of growth and volatility. As investors and analysts continue to monitor these market movements, the coming days will be crucial in determining the overall trajectory of the stock market and individual companies.
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