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Stock Market Today: Dow Surges on Tesla and Big Tech Gains; Apple Event in Focus

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In today’s stock market update, the Dow Jones Industrial Average surged. This led by impressive gains from Tesla and major technology companies. This robust start to the week comes as investors eagerly await Apple’s highly anticipated iPhone 15 launch scheduled for tomorrow. Additionally, market participants are keeping a keen eye on forthcoming inflation data. Stay tuned as we delve into the key highlights of the day’s trading action. Including significant developments in the automotive, tech, and media sectors, as well as a notable multi-billion-dollar deal.

Dow Rides Tesla and Big Tech Gains Higher

The Dow closed higher Monday, driven by Tesla and major tech companies. This setting a positive tone for the week ahead of Apple’s much-anticipated iPhone 15 launch scheduled for Tuesday, along with impending inflation data.

  • The Dow Jones Industrial Average showed a 0.3% gain, adding 88 points to its value.
  • The Nasdaq rallied impressively, surging by 1.2%.
  • The S&P 500 saw a healthy 0.7% increase.

Tesla Accelerates on Autonomous Driving Software Optimism

Tesla (NASDAQ:TSLA) experienced a significant surge of more than 10% following Morgan Stanley’s upgrade from equalweight to overweight. The upgrade is based on optimism surrounding Tesla’s supercomputer, Dojo. The company know to process data from Tesla vehicles on the road to train AI models for self-driving cars. This development is expected to boost the adoption of ‘robotaxis’ and network services. Potentially increasing Tesla’s market value by up to $500 billion.

“We believe that Dojo can add up to $500 billion to Tesla’s enterprise value, expressed through a faster adoption rate in Mobility (robotaxi) and Network Services (SaaS),” noted Morgan Stanley analysts in a client note.

Qualcomm Shines Bright Despite Dull Day for Chips

Qualcomm Incorporated (NASDAQ:QCOM) outperformed other chip stocks with a 4% increase. This surge was attributed to Qualcomm’s expanded deal to supply Apple with 5G modems for its iPhones through 2025.

This development comes just one day before Apple’s (NASDAQ:AAPL) eagerly awaited launch event, scheduled for Tuesday at 1 pm ET. At the event, Apple is expected to unveil the highly anticipated iPhone 15, which some analysts believe will lead to a surge in customer upgrades.

According to Wedbush, approximately 25% of Apple’s 1.2 billion installed base has not upgraded their iPhones in the past 4 years, creating an opportunity for Apple to increase prices for the iPhone 15 Pro and Max models, potentially triggering a new “mini super cycle.”

Media Stocks Rise as Disney and Charter End Cable-Feud

Disney and Charter Communications (NASDAQ:CHTR) have reached a resolution in a dispute over cable fees that had led to Charter’s cable customers losing access to several Disney-owned channels, including ESPN and ABC, this month.

Although specific financial terms of the deal were not disclosed, Charter has stated that some of its Spectrum customers will gain access to ad-supported apps Disney+ and ESPN+ as part of their packages.

This development has had a positive impact on media stocks, including Fox Corp Class A (NASDAQ:FOXA), Paramount (NASDAQ:PARA), and Warner Bros Discovery Inc (NASDAQ:WBD).

Deal News: JM Smucker in $5.6 Billion Deal to Buy Hostess

JM Smucker (NYSE:SJM) has struck a deal to acquire Hostess Brands (NASDAQ:TWNK) for $34.25 per share, valuing the latter at approximately $5.6 billion. Following the announcement, Smucker’s stock fell by 6%, while Hostess’s stock surged by 19% to reach a fresh 52-week high.

JM Smucker emerged as the victor in a competitive bid against General Mills (NYSE:GIS) for the acquisition of Hostess Brands, which returned to the public markets in 2016 after going private.

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Disclaimer: This article serves solely for informational purposes and should not be construed as financial advice. Thus, we strongly advise readers to conduct thorough research. In addition to, consult with financial professionals before making any investment decisions.


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