S&P 500 pulls back from record as Fed cheer whistles

live7 updates

• Friday, September 20, 2024 at 12:45 PM EDT

  Apple iPhone 16 and iPhone 16 Pro review: Camera control and bigger screens, Apple Intelligence isn’t ready yet

  Dan Hawley of Yahoo Finance reports:

  Apple’s ( AAPL ) iPhone 16 and iPhone 16 Pro lineup hit the market on September 20, and they bring a few updates that might be worth upgrading to if you’re using an older iPhone. There’s a new camera button, improved camera performance, bigger screens and better battery life on the Pro models.

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

  Read more here.

• 

  Friday, September 20, 2024 at 12:07 PM EDT

  Shares of Trump Media Co. fell as the lock-up period ended

  Shares of Trump Media & Technology Group ( DJD ) fell to new lows on Friday after the company’s six-month lock-up period ended.

  As of Thursday, former President Donald Trump and other shareholders were allowed to sell shares in 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 would not sell his shares.

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

  Any development related to a Republican presidential candidate can often turn the stakes. Shares fell as much as 5% on Friday.

• 

  Fri, Sep 20, 2024 11:36 AM EDT

  Utilities perform best when the rest of the market experiences declines

  Utilities ( XLU ) rose 1.5% while other sectors were flat or declined during market action on Friday.

  Tech ( XLK ) shares fell 0.9% after sparking a major market rally in the previous session.

  The S&P 500 (^GSPC) and Dow Jones Industrial Average (^DJI) retreated from record highs on Friday.

  

• 

  Friday, September 20, 2024 11:15 AM EDT

  Trump continues to hammer Fed over interest rate cuts: ‘It’s a political move’

  Jennifer Schoenberger of Yahoo Finance reports:

  Republican presidential nominee Donald Trump has not let up on his criticism of the Federal Reserve following a half-percentage-point interest rate cut less than two months before the November election.

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

  Read more here.

• 

  Fri, Sep 20, 2024 10:51 am EDT

  Constellation Energy hit an all-time high in a deal to sell nuclear power to Microsoft

  Shares of Constellation Energy ( CEG ) hit an all-time high on Friday after the company announced plans to restart a nuclear reactor at Three Mile Island ( TMI ) and sell power to its data centers to Microsoft ( MSFT ).

  Wall Street had been eyeing a deal with one of the big tech players this year as they seek more power to power their technology infrastructures amid an artificial intelligence boom.

  In 1999, Constellation acquired the TMI Unit 1 nuclear reactor located in Pennsylvania. It is located next to Unit 2, which was closed in 1979 after suffering a partial meltdown.

  “TMI Unit 1 is a fully independent facility and its long-term operation has not been affected 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 MW, enough to power more than 800,000 average homes, the company said.

  Constellation Energy rose up to 15% on Friday. As of today, the share is more than 100%.

• 

  Friday, September 20, 2024 at 9:46 am EDT

  Nike shares rise 7% on CEO change

  Shares of Nike ( NKE ) rose Friday after sneaker and sportswear giant John Donahoe announced plans to retire. He will be replaced by Elliott Hill, the company’s former head of consumer and marketing, effective October 14.

  Wall Street analysts cheered the arrival 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 fits Nike’s board — which includes founder Bill Knight, former longtime CEO Mark Parker and Apple CEO Tim Cook — to focus on improved product and re-establishing relationships vacated by Donahoe. Like Foot Locker (FL)

  Read more here.

• 

  Friday, September 20, 2024 at 9:30 a.m. EDT

  Stocks pull back from record highs as Fed rate cut rally fades

  Stocks fell slightly in early trading on Friday, retreating from record highs in 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 session ahead of a jumbo rate cut from the Federal Reserve.

  Market euphoria died down on Friday after US economy bellwether FedEx ( FDX ) reported disappointing quarterly results on Thursday evening.

  FedEx shares fell in early trading.