Apple event, Arm Holdings IPO, UAW deadline, 9/11 anniversary top week ahead
Arm Holdings IPO to be largest since Rivian's in 2021
SlateStone Wealth Chief Market Strategist Kenny Polcari discusses whether investors should wait for Apple's stock to go lower or buy the dip now on "Varney & Co."
Monday will bring the 22nd anniversary of the 9/11 attacks with memorial ceremonies planned in New York, Washington, D.C., Shanksville, Pennsylvania, and elsewhere to commemorate the thousands killed in the terrorist attacks on U.S. soil.
Later in the week, earnings and economic data will ramp up; additionally, the largest IPO of 2023 is expected midweek, as well as a key deadline for the United Auto Workers.
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Meanwhile, the major U.S. stock indices finished the Friday session higher but still posted losses for the week.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 43958.19 | +47.21 | +0.11% |
| SP500 | S&P 500 | 5985.38 | +1.39 | +0.02% |
| I:COMP | NASDAQ COMPOSITE INDEX | 19230.725379 | -50.68 | -0.26% |
All three are down for the month, led by the tech-heavy Nasdaq Composite, which is off over 1.9%.
Monday, September 11
9/11 Anniversary
This year marks 22 years since the attacks that changed America forever.
9/11 memorials and museums around the country will honor the victims of the worst terrorist attack on U.S. soil, which will mark its 22nd year.
Elsewhere, Nvidia executives will speak at Bank of America’s Global A.I. Conference and JPMorgan CEO Jamie Dimon is on deck for the Barclays Global Financial Services Conference.
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Tuesday, September 12
Apple expected to unveil the iPhone 15
Apple is expected to unveil the iPhone 15 in Cupertino, California, on Tuesday. The event is closely watched by investors. Apple shares are up 37% this year, outpacing the S&P 500's 16% rise.
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Wednesday, September 13
Arm Holdings is expected to launch largest IPO of 2023
SoftBank Group's Arm Holdings is seeking a valuation of more than $52 billion in its initial public offering (IPO), which is expected to price Wednesday evening.
The stock will be listed on the Nasdaq and will trade under the symbol ARM.
Pedestrians walk past a SoftBank Group Corp. store in Tokyo on July 19, 2016. (File / Getty Images)
The Japanese conglomerate is offering 95.5 million American depository shares of the United Kingdom-based Arm for $47 to $51 each and is aiming to pull in $4.87 billion on the high end, according to a regulatory filing.
The IPO will be the largest since Rivian's 2021 debut.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| RIVN | RIVIAN AUTOMOTIVE INC. | 12.03 | +1.45 | +13.71% |
In economic news, new data on inflation comes with the Consumer Price Index. Economists expect a slight uptick with a month-over-month increase of 0.6% vs. 0.2% in the prior month. Annually, prices may rise 3.6% vs. 3.2%.
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Thursday, September 14
UAW deadline
Thursday marks the United Auto Workers’ (UAW) deadline for a new deal with Ford, Stellantis and General Motors.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| F | FORD MOTOR CO. | 11.11 | 0.00 | 0.00% |
| GM | GENERAL MOTORS CO. | 57.70 | +0.30 | +0.52% |
| STLA | STELLANTIS NV | 13.12 | -0.17 | -1.32% |
The labor union is seeking a 46% pay raise over the four-year contract along with an array of additional benefits, including a reduction of the workweek to 32 hours for 40 hours worth of pay at Ford, GM and Dodge parent Stellantis, whose latest offers the UAW rejected last month.
Shawn Fain, president of the United Auto Workers, center left, walks with demonstrators during a UAW practice picket outside the Stellantis Mack Assembly Plant in Detroit, Michigan, on Wednesday, Aug. 23, 2023. (Jeff Kowalsky / Bloomberg / Getty Images)
Meanwhile, economic reporting is expected on initial jobless claims and retail sales, which should hold fresh clues about back-to-school spending as well as the Producer Price Index, a measure of inflation at the wholesale level.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| WMT | WALMART INC. | 85.54 | +0.52 | +0.61% |
| TGT | TARGET CORP. | 154.99 | -0.77 | -0.49% |
| AMZN | AMAZON.COM INC. | 214.10 | +5.15 | +2.46% |
Friday, September 15
Economic reports on import and export prices are slated for the day.