Investors are starting the trading day with the S&P 500 and Nasdaq Composite closing at record highs on Monday. The Dow Jones Industrial Average also increased, all eyes are on the Fed’s interest rate decision this week as well as Nvidia’s stock split. Apple also introduced “Apple Intelligence,” its own AI software at their annual Worldwide Developers Conference. Elliott Management has taken a $1.9 billion stake in Southwest Airlines, seeking to replace both the CEO and Chairman. Moderna announced positive phase three data on their combination Covid-19 and flu vaccine, which may hit the market next year. Baltimore’s main shipping channel has been restored following the collapse of the Francis Scott Key Bridge.
The financial markets are off to a strong start as major indices such as the S&P 500, Nasdaq Composite, and Dow Jones Industrial Average closed at record highs on Monday. Investors are eagerly awaiting the Federal Reserve’s interest rate decision this week and keeping a close eye on Nvidia’s stock split. Tech stocks are also on the rise, with Nvidia’s stock increasing by 0.8%, lifting other tech stocks along with it.
Apple made waves at their annual Worldwide Developers Conference by unveiling their new AI software, “Apple Intelligence.” Apple CEO Tim Cook emphasized privacy and personalization with the system, moving beyond traditional AI into “personal intelligence.” The new system will bring various new capabilities to its users, such as asking it to perform tasks within apps and creating generative photos based on personal libraries. Siri is also getting an upgrade with Apple Intelligence, tapping into ChatGPT through the company’s partnership with OpenAI.
Elliott Management, known for its activist investments, has taken a $1.9 billion stake in Southwest Airlines. The hedge fund is seeking to replace both the CEO and Chairman of the airline, citing a shift from being “best-in-class” to underperforming. This move comes as part of a series of investments Elliott has made in various companies within the past few months, including stakes in Texas Instruments, SoftBank, and Anglo American.
Moderna announced positive results from a late-stage trial of its combination Covid-19 and flu vaccine. The vaccine was found to be more effective than existing vaccines that target each virus separately, making it the first biotech company to release positive phase three data on a combination vaccine. Moderna plans to file for approval in the U.S. this summer, with hopes of the vaccine hitting the market as early as next year.
Baltimore’s main shipping channel is now open again after the Army Corps of Engineers cleared the Fort McHenry Federal Channel for commercial transit through the Port of Baltimore. This comes after the channel was impacted by the collapse of the Francis Scott Key Bridge in March, which resulted in a cleanup process to remove debris from the Patapsco River. The restoration of the shipping channel is a positive development for the Port of Baltimore and the local economy.
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