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Here are 5 vital points capitalists require to understand to begin the trading day:
1. Victor winner
The S&P 500 and Nasdaq Composite closed at record highs on Monday, moving 0.26% and 0.35% higher to close at 5,360.79 and 17,192.53, respectively. The Dow Jones Industrial Average also moved higher, increasing 0.18% to end the day’s trading session at 38,868.04. For its first trading day following a 10-for-1 stock split, Nvidia moved 0.8% higher, raising other tech stocks along with it. The gains come as investors look ahead to the Fed’s interest rate decision this week. Follow live market updates.
2. The race is on
Apple CEO Tim Cook (L), John Giannandrea (C), senior VP of machine learning and AI strategy and Craig Federighi (L), senior VP software engineering, speak during Apple’s annual Worldwide Developers Conference (WDC) in Cupertino, California on June 10, 2024.Â
Nic Coury | AFP | Getty Images
3. Elliott strikes again
Southwest Airlines airplanes are serviced at their gates at Fort Lauderdale-Hollywood International Airport on May 18, 2024, in Fort Lauderdale, Florida.
Gary Hershorn | Corbis News | Getty Images
Elliott Management has a new stake, and this time it’s one of the airlines. The activist hedge fund has taken a $1.9 billion stake in Southwest Airlines, which makes it one of the airline’s biggest investors. The firm said in a letter and presentation on Monday that it’s also seeking to replace both CEO Bob Jordan and Chairman Gary Kelly with outside candidates. Believing the airline has shifted from being “best-in-class” to one of the biggest laggards, Elliott wants Southwest to announce a transition for those positions with “immediate” effect. This follows a number of other stakes the firm has built within the past two months, such as a $2.5 billion stake in Texas Instruments, a $2 billion stake in SoftBank and a $1 billion stake in Anglo American.
4. Showing promise
A nurse fills a syringe with Moderna Covid-19 vaccine.
Fred Tanneau | Afp | Getty Images
A new vaccine may be on its way to hitting the market next year. Moderna said its combination vaccine that aims to protect against both Covid-19 and the flu was more effective in a late-stage trial than already existing vaccines that target each virus separately. This makes it the first biotech company to release positive phase three data on a combination Covid, flu vaccine. The company’s CEO, Stephane Bancel, said in an interview that Moderna plans to file the shot for approval in the U.S. this summer, anticipating that it may even hit the market next year.
5. Restored
The remains of the Francis Scott Key Bridge on March 26, 2024 in Baltimore.Â
Michael A. McCoy | The Washington Post | Getty Images
Baltimore’s main shipping channel is now open again. The Army Corps of Engineers said late Monday that the Fort McHenry Federal Channel â which was impacted by the Francis Scott Key Bridge collapse on March 26 â was cleared for commercial transit through the Port of Baltimore. The restoration comes after a clean-up process that began days after the collapse removed around 50,000 tons of wreckage from the Patapsco River and paved the way for the channel’s reopening. Six people were left dead following the bridge’s collapse.
â CNBC’s Lisa Kailai Han, Sarah Min, Rohan Goswami, Kif Leswing, Todd Haselton, Leslie Josephs, David Faber, Annika Kim Constantino, Ruxandra Iordache, Ryan Anastasio and Laya Neelakandan contributed to this report.
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