Stock futures rose Monday after the S&P 500 fell 4.2% last week as concerns have grown over a possible economic slowdown following weaker-than-expected economic data, including from the U.S. employment sector.
These stocks were poised to make moves Monday:
Palantir Technologies Inc. was up 7.2%, Dell Technologies Inc. gained 6.2%, and Erie Indemnity rose 1.8% after it was announced the stocks would be added to the S&P 500 before the start of trading on Sept. 23. Palantir will be replacing American Airlines, Dell will replace Etsy, and Erie will replace Bio-Rad Laboratories in the benchmark index.
NVIDIA Corp was gaining 1.3% in premarket trading after shares of the chip maker dropped 13.9% last week, and shed $406 billion from its market capitalization. It was the largest weekly market cap loss for any company on record. The Wall Street Journal, meanwhile, reported the Justice Department’s antitrust division has contacted Nvidia, the leader in AI chip development, to ask questions about the terms of its AI contracts and partnerships as part of an early examination on how big tech companies are using their leverage to establish dominance over the AI market. The Journal report cited people familiar with the matter.
Apple will be unveiling new iPhone 16 models at a launch event Monday. The “It’s Glowtime“ event will stream at 1 p.m. Eastern time on both the company’s website and YouTube. What is likely to interest investors most will be the company’s generative artificial-intelligence plans. Apple is expected to promote its new AI feature, called Apple Intelligence, at the event. Apple shares rose 1%.
Apple’s latest iPhone also will include the company’s A18 chip, which has been developed using the newest V9 chip design from Arm Holdings, the Financial Times reported. ARM Holdings Ltd jumped 2.4%.
Boeing was up 3.6%. The aircraft maker and the International Association of Machinists and Aerospace Workers Unionreached a tentative agreement to avoid a strikeat the company’s key Washington facilities.
Oracle and Rubrik Inc. are scheduled to report quarterly earnings on Monday. Oracle was up 0.7% ahead of its report scheduled for after the closing bell Monday, while Rubrik rose 1.1%.
Reports are expected later in the week from GameStop, Academy Sports & Outdoors, Inc., Petco Health and Wellness Company, Inc., Adobe, Lennar, and Kroger.
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