CNBC Business News Update - Market Close: Stocks Higher, Dow Rebounds Almost 500 Points, Apple Unveils iPhone 16 9/9/24

Episode Date: September 9, 2024

From Wall Street to Main Street, the latest on the markets and what it means for your money. Updated regularly on weekdays, featuring CNBC expert analysis and sound from top business newsmakers. Anchored and reported by CNBC's Jessica Ettinger.

I'm Jessica Ettinger, CNBC. Wall Street opens Tuesday morning after a Monday rally for stocks. Major averages all soaring. The Dow up almost 500 points, 1.25%. The S&P 500 index up 62 points, more than 1%. And the Nasdaq was up almost 200 points, more than 1%. Stocks are coming off their worst week of the year last week, as some investors worry the economy is slowing down too fast. But one major investor isn't worried.

I think it's a soft landing. And if I'm the Fed, I'm pleased because fundamentally, I think we're seeing just the type of moderate slowing which the Fed wants in terms of its goals on inflation. I know there's, you know, lots of concern as to whether it will weaken seriously. I don't see that. Evercore's Roger Altman on CNBC. The latest on inflation will be out Wednesday morning with the CPI, the Consumer Price Index. Apple unveiled its new iPhone 16. We just saw the iPhone 16. That's going to be the base model. But I'll tell you the main thing, it is built for artificial intelligence.

Some new colors are also coming and a new button on the side that controls the camera. The big reveal, same pricing as last year. It's $999 for the base level Pro, the smaller regular one. And then the Max, the one with the larger screen, that's going to start at $1,199, $1,200. CNBC's Steve Kovach and some investors say the Apple voice assistant, which is called Siri and is considered weak by many, just has to get better. It's basically, it's going to have to bet the house on an improvement to Siri. And, you know, is that going to come within the next year, two years? Well, I don't know if we have any evidence that they're going to be able to do it, given that the past with Siri has not been great. Yes, we have new technology. Yes, they can apply it, but they don't have the

track record on this technology in particular that leads me to have faith in their ability to execute on this, at least in the next, you know, one or two years big technologies alex kantrowitz on cnbc apple shares were lower monday down about one percent palantir shares soared more than 10 monday it's heading into the s&p 500 index along with dell and they will replace american airlines and etsy etsy's been struggling and many are surprised that american is moving down to the S&P Mid-Cap 400 index. It's just based on the value of the company. Delta and United are worth twice as much as American based on market cap. Eleven states now have $2 gas as prices at the pump continue to fall.

AAA says the national average for a gallon of regular is $3.27. On Tuesday's watch list, we get earnings from GameStop, Dave & Buster's, and Petco. We find out how small business owners are feeling about the economy with the latest National Federation of Independent Business survey. A presidential debate is scheduled Tuesday night between Democratic hopeful Vice President Kamala Harris and GOP hopeful former President Donald Trump. It's on ABC. And Tuesday night's Mega Millions jackpot is $800 million. Jessica Ettinger, CNBC. CNBC unveiling its inaugural NFL valuations list. Dallas Cowboys number one at $11 billion. The NFL is the biggest and most profitable sports league in the world.

Exclusive NFL team valuations now on cnbc.com slash sport.