Here are the most important news items that investors need to start their trading day:
1. A bright spot
2. More bites at the Apple
Apple announced a range of new products Monday, as it tries to boost sales of its all-important iPhone. It unveiled multiple new versions of the device — the iPhone 16, iPhone 16 Plus, iPhone 16 Pro and iPhone 16 Pro Max. Preorders for the iPhones will start Friday, and the devices will launch Sept. 20. Among other announcements, the company also unveiled the Apple Watch Series 10 and the AirPods 4. Here’s more about the features to expect in the new products. It wasn’t all good news for Apple this week: the European Union’s top court ruled the company has to pay up to $13 billion in back taxes in Ireland.
3. A jolt for Starbucks
Brian Niccol has major challenges to overcome as he takes the top job at Starbucks. The former Chipotle CEO started the same role at the coffee giant on Monday. He joins Starbucks as sales slump and its shares have fallen about 4% this year — buoyed by a more than 20% spike on the day Niccol’s hiring was announced. To turn the coffee chain’s business around, Niccol will have to iron out its mobile app problems, improve its China business and convince customers Starbucks products are worth higher prices. Read more about the path ahead for Niccol here.
4. Dawn of an era
SpaceX took a major step toward a breakthrough on Tuesday. The company launched its Polaris Dawn mission, which will attempt the first private spacewalk. Only government astronauts have ever before attempted activities outside a spacecraft. The spacewalk is expected to last about two hours. The mission is part of an effort from billionaire and Shift4 founder Jared Isaacman, who bought three missions from SpaceX in 2022.
5. Another consumer crack
Big Lots filed for bankruptcy protection Monday and said it would sell its business to private equity firm Nexus Capital Management. The discount home goods retailer’s troubles are just the latest for companies that cater to lower-income consumers as high inflation persists and interest rates remain elevated. In a statement, Big Lots said its “core customers curbed their discretionary spending on the home and seasonal product categories that represent a significant portion of the company’s revenue.” The company said it will continue to operate its business but has started to close nearly 300 stores.
– CNBC’s Brian Evans, Hayden Field, Ashley Capoot, Kif Leswing, Todd Hasleton, Amelia Lucas, Michael Sheetz and Gabrielle Fonrouge contributed to this report.