The stock market is rebounding from last Friday’s drop. The S&P 500 rallied 1.28% while the tech-heavy Nasdaq Composite added 1.19%. The Dow Jones Industrial Average gained 1.55%. The Russell 2000 Index rose 1.04%.
Market watchers are waiting for today’s Apple Event at 1 p.m. U.S. Eastern Time and Wednesday’s Consumer Price Index numbers.
Trending stocks:
Apple declined 0.3% before its big event and Alphabet lost 0.8%. Other Mag 7 stocks were up midday.
Palantir and Dell popped on the S&P 500 inclusion announcement. Boeing gained after reaching a labor deal that possibly avoided a strike.
Dell was included in the S&P 500 index from 1996 to 2013.
S&P 500 big stock movers today
Five S&P 500 stocks making big midday moves are:
Moderna (MRNA) +6.4% Super Micro Computer (SMCI) +5.6% United Airlines (UAL) +5.3% Paycom Software (PAYC) +5.1% Delta Air Lines (DAL) +4.2%
The worst-performing five S&P 500 stocks with the largest midday drops are:
Humana (HUM) -3.2% Enphase Energy (ENPH) -2.9% Bath & Body Works (BBWI) -2% CVS Health (CVS) -1.8% Pacific Gas & Electric (PCG) -1.7%
Stocks also worth noting include:
Nvidia (NVDA) +2.6%Apple (AAPL) -0.3%Palantir (PLTR) +13.6%Dell (DELL) +4.8%Boeing (BA) +3.8%
Palantir and Dell rally after S&P 500 inclusion announcement
Palantir and Dell rallied 14% and 5%, respectively, after an announcement Friday after the market closed that the stocks would join the S&P 500 index. The move takes effect Sept. 23.
Palantir will replace American Airlines, while Dell will replace Etsy. To join the S&P 500, a company must have reported positive earnings in the most recent quarter and year, among other criteria.
Related: Analysts revise Dell stock price target ahead of earnings
Dell’s move into the benchmark index marks a return; it was included from 1996 to 2013, when it went private. Dell returned to the public market in 2018.
Apple falls before iPhone rollout
Apple stock dropped 0.3% midday before its Apple Event, an easing from a 1% decline in the morning.
Apple is scheduled to unveil its next-generation iPhone at 1 p.m. EDT, with highlights expected to include the integration of its AI feature, Apple Intelligence.
Related: Billionaire fund manager unveils bold Apple stock price forecast
Wedbush estimates that about 20% of consumers globally will engage with generative AI apps within the Apple ecosystem in the coming years, starting with the iPhone 16 this week.
On the other hand, Jefferies suggests that the market’s expectations of double-digit iPhone growth might be ‘too aggressive,’ according to thefly.com.
Boeing gains after reaching labor deal
Boeing stock added 4% after the aerospace stalwart reached a deal with a union that represents 33,000 of its employees on the West Coast, potentially averting a strike scheduled for this Friday.
The agreement provides raises totaling 25% over the four-year life of the contract, “the largest-ever general wage increase,” Boeing said in a press release. The deal also improved contributions to 401(k) plans, lowered employee contributions for health insurance, and provided more time off.
More Tech Stocks:
Palantir stock leaps on big S&P 500 boost for data analytics groupAnalyst revises Amazon stock price target on advertising estimatesAnalyst says Intel should drop a key business to survive
“This proposal is the best contract we’ve negotiated in our history,” the International Association of Machinists and Aerospace Workers said Sunday in a statement,
“Financially, the company finds itself in a tough position due to many self-inflicted missteps. It is IAM members who will bring this company back on track.”
Related: Veteran fund manager sees world of pain coming for stocks
