S&P 500 backs away from record as Fed cheer fizzles

Live8 updates

• Fri, September 20, 2024 at 9:59 AM PDT

  Dow turns positive as stocks waver near record highs

  Dow Jones Industrial Average (^DJI) climbed into green territory on Friday afternoon, hovering near record highs.

  The major averages opened slightly lower Friday morning after the S&P 500 (^GSPC) and the Dow notched all-time high record closes.

  By almost 1 p.m. Eastern stocks had pared some of their morning losses. However the S&P 500 and tech-heavy Nasdaq Composite (^IXIC) were still in red territory.

• 

  Fri, September 20, 2024 at 9:45 AM PDT

  Apple iPhone 16 and iPhone 16 Pro review: Camera control and larger screens, Apple Intelligence not ready yet

  Yahoo Finance’s Dan Howley reports:

  Apple’s (AAPL) iPhone 16 and iPhone 16 Pro lineups hit the market on Sept. 20, and they bring a handful of updates that, if you’re using an older iPhone, make them worth the upgrade. There’s a new camera button, improved camera performance, bigger screens on the Pro models, and better battery life all around.

  I’ve spent some time using both the iPhone 16, starting at $799, and the iPhone 16 Pro, starting at $999. If you’re coming from an outdated iPhone, you’ll appreciate the new phones’ refinements. But the biggest upgrade to Apple’s newest iPhones is the company’s Apple Intelligence platform.

  Read more here.

• 

  Fri, September 20, 2024 at 9:07 AM PDT

  Trump media company stock falls as lock-up period expires

  Trump Media & Technology Group (DJT) stock dropped to new lows on Friday after the company’s six month lock-up period expired.

  As of Thursday, former President Donald Trump and other stakeholders were allowed to sell their shares of the social media company for the first time since it went public in March.

  Trump, who owns more than half of the company, recently said he wouldn’t sell his stock.

  “I have absolutely no intention of selling,” Trump told reporters at a press conference last week. “I love it. I use it as a method of getting out my word.”

  The stock has been volatile, often moving in tandem with any development related to the Republican presidential candidate. On Friday shares dropped as much as 5%.

• 

  Fri, September 20, 2024 at 8:36 AM PDT

  Utilities outperform while the rest of market slumps

  Utilities (XLU) rose 1.5% while the rest of the sectors were flat or dipped during Friday’s market action.

  Technology (XLK) stocks slipped 0.9% after fueling a massive market rally in the previous session.

  On Friday the S&P 500 (^GSPC) and Dow Jones Industrial Average (^DJI) pulled back from record highs.

• 

  Fri, September 20, 2024 at 8:15 AM PDT

  Trump keeps hammering Fed over rate cut: ‘It was a political move’

  Yahoo Finance’s Jennifer Schonberger reports:

  Republican presidential candidate Donald Trump is not letting up in his criticism of the Federal Reserve following a jumbo-sized half-percentage-point interest rate cut made less than two months before the November election.

  “It really is a political move,” the former president said Thursday during an interview with Newsmax.

  Read more here.

• 

  Fri, September 20, 2024 at 7:51 AM PDT

  Constellation Energy soars to all-time high on deal to sell nuclear power to Microsoft

  Constellation Energy (CEG) stock soared to all-time highs on Friday after the company announced plans to restart a nuclear reactor at Three Mile Island (TMI) and sell the power to Microsoft (MSFT) for its data centers.

  Wall Street had been anticipating that Constellation would ink a deal this year with one of the Big tech players as they seek more energy to run their technology infrastructures amid an artificial intelligence boom.

  Constellation bought the TMI Unit 1 reactor, located in Pennsylvania, in 1999. It is situated next to Unit 2, a reactor that was shut down after experiencing a partial meltdown in 1979.

  “TMI Unit 1 is a fully independent facility, and its long-term operation was not impacted by the Unit 2 accident,” Constellation said in its announcement on Friday.

  Before Unit 1 was shut down for economic reasons in 2019, the plant had a generating capacity of 837 megawatts, which is enough to power more than 800,000 average homes, the company said.

  Constellation Energy was up as much as 15% on Friday. The stock is up more than 100% year to-date.

• 

  Fri, September 20, 2024 at 6:46 AM PDT

  Nike shares jump 7% on CEO replacement

  Nike (NKE) shares jumped on Friday after the sneaker and sports apparel giant announced CEO John Donahoe plans to retire. He will be replaced by Elliott Hill, the company’s former president for consumer and marketplace, effective Oct. 14.

  Wall Street analysts cheered the return of Hill, who left Nike in 2020. Shares of the company rose more than 7% in early trading.

  As Yahoo Finance’s Brooke DiPalma reports, the leadership change comes as Nike’s board — which includes founder Phil Knight, former longtime CEO Mark Parker, and Apple CEO Tim Cook — sees it fit to focus on improved product and reestablishing relationships cast aside by Donahoe, such as that with Foot Locker (FL).

  Read more here.

• 

  Fri, September 20, 2024 at 6:30 AM PDT

  Stocks retreat from record highs as Fed rate-cut rally fades

  Stocks fell slightly in early trading Friday, backing away from record highs on the S&P 500 (^GSPC) and the Dow Jones Industrial Average (^DJI).

  The tech-heavy Nasdaq Composite (^IXIC) also slipped after a monster rally in the prior session on the heels of a jumbo rate cut from the Federal Reserve.

  The market euphoria fizzled on Friday after delivery giant FedEx (FDX), a bellwether for the US economy, reported disappointing quarterly results on Thursday evening.

  FedEx stock tumbled in early trading.