CNBC Business News Update - Market Midday: Stocks Rally, Dow Up 600 Points, Apple iPhone 16 Expected Today 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 stocks are rallying on Wall Street this afternoon with Dow popping up 600 points, recovering a big chunk of last week's losses. There's a lot of buying going on this afternoon. The Dow up 620 points, one and a half percent. The S&P 500 index up 68 points. That's one and a quarter percent. And the Nasdaq is up almost 200 points, 199 points. That's one and a quarter percent. Stocks whose shares have hit fresh all-time highs today include Travelers, General Dynamics, and Boston Scientific. CNBC's Bob Passati says investors have to just hang on through this volatile period. Everyone knows we are slowing down.

The question is how much. The problem is it's impossible to argue that the bottom is in right now. The bears have not proven the case that there is a very serious slowdown occurring. The bottom line is we're just going to have to get through September and part of October before we can get to a seasonally stronger period and see just how the economy is really shaping up. And investors are watching what might happen if the Fed announces an interest rate cut next week. The markets have been pricing in Fed cuts for a while. We do think the Fed cuts rates, markets are going to be a little disappointed. And we do see markets pulling back again. September seasonality, political uncertainty going forward.

All this together, pull back. That's Cetera's Gene Goldman on CNBC. We get the latest on inflation the day after tomorrow with the CPI, the Consumer Price Index. Starbucks has a new CEO today, Brian Nickel. He left his job running Chipotle to try and go and fix the struggling coffee giant. Apple expected to announce a new iPhone 16 today. Four versions using AI, Apple intelligence tools, they're calling it. They should have dedicated camera buttons and come in new colors like perhaps teal. A lot of what we will see today has already been leaked out. It's a little different

than it used to be in the days when there was such incredible secrecy around Cupertino. So we pretty much know the product lineup. Last year with the 15, it was just the pro models. This time, even the base 16 model will have the sufficient memory to be able to run all of the AI functionality. So that was one of the key questions we needed to learn. We already know that answer. Moffitt Nathanson's Craig Moffitt on CNBC. Boeing shares leading the Dow higher. It has a deal with the union that represents more than 30,000 of its workers

in the Pacific Northwest averting a possible strike. The International Association of Machinists and Aerospace Workers rank and file still have to approve the new contract. Big Lots filed for bankruptcy. It sold its business to private equity firm Nexus Capital. Big Lots operates more than a thousand discount stores in the U.S. and employs about 30,000 people. Freight Railroad Norfolk Southern's board examining allegations that CEO Alan Shaw had an inappropriate workplace relationship. An activist investor earlier this year tried to force Shaw out of the top job over his handling of the toxic train derailment in East Palestine, Ohio. The S&P 500 index making some changes. Palantir and Dell are replacing American Airlines and Etsy. Etsy's

been struggling, but many are surprised that American is moving down to the S&P mid-cap 400 index. It's all based on the value of the company. Delta Airlines and United Airlines are worth twice as much as American now based on market cap. Number one at the weekend box office, Plan B's. And Warner Brothers, Beetlejuice, Beetlejuice. Jessica Ettinger, CNBC. September 10th, CNBC and Boardroom host a high-powered event exploring the intersection of sports, business, and entertainment. Be there for Game Plan.

Get in on the action. Get in on the Game Plan. Register now at CNBCEvents.com slash Game Plan.