Post-Bell | U.S. Stock Rise Over 1%; Nvidia Gains 3.5%; Palantir Surges 14%; Summit Soars 56%.

Market Movers
Palantir $Palantir (PLTR.US)$ , Dell $Dell Technologies (DELL.US)$ , Erie Indemnity $Erie Indemnity (ERIE.US)$ - Palantir Technologies surged 14.1%, Dell Technologies gained 3.8%, and Erie Indemnity fell 0.6% in response to news that thestocks would be added to the S&P 500 before the start of trading on Sept. 23. Palantir will be replacing American Airlines, Dell will succeed Etsy, and Erie will replace Bio-Rad Laboratories in the benchmark index.

Nvidia $NVIDIA (NVDA.US)$ - Nvidia gained 3.5% after shares of the chip maker dropped 13.9% last week, and shed $406 billion from its market capitalization. It was the largest weekly market cap loss for any company on record.

The Wall Street Journal, meanwhile, reported the Justice Department’s antitrust division has contacted Nvidia, the leader in AI chip development, to ask questions about the terms of its AI contracts and partnerships as part of an early examination on how big tech companies are using their leverage to establish dominance over the AI market. The Journal report cited people familiar with the matter.

Apple $Apple (AAPL.US)$ , ARM Holdings $Arm Holdings (ARM.US)$ - Apple $Apple (AAPL.US)$ unveiled new iPhone 16 modelsat a launch event Monday. Apple shares were closed flat. Apple’s latest iPhone also will include the company’s A18 chip, which has been developed using the newest V9 chip design from Arm Holdings, the Financial Times reported. U.S.-listed shares of Arm jumped 7%.

Boeing $Boeing (BA.US)$ - Boeing was up 3.4%. The aircraft maker and the International Association of Machinists and Aerospace Workers Unionreached a tentative agreement to avoid a strike at the company’s key Washington facilities.

Merck $Merck & Co (MRK.US)$ , Summit Therapeutics $Summit Therapeutics (SMMT.US)$ - Merck was down 2.1% after Summit Therapeutics said its cancer drug beat Merck’s Keytruda in a head-to-head trial. Summit said ivonescimab, an antibody treatment, reduced the risk of disease progression or death by 49% compared with Keytruda. Summit shares jumped 56%.

U.S. Steel $United States Steel (X.US)$ - U.S. Steel rose 5% after analysts at J.P. Morgan upgraded shares of the steel maker toOverweight from Neutral. “Following a period of underperformance amid weakening fundamentals, we think the risk/reward is more favorable for North American steel equities,” the analysts wrote in a research report.

Tilray $Tilray Brands (TLRY.US)$ - Cannabis stocks traded higher after former President Donald Trump said he would be supporting an amendment that would make recreational marijuana use legal in Florida for those over age 21. Tilray Brands rose 4.9%, and the AdvisorShares Pure US Cannabis ETF (MSOS) jumped 11.4%.

Market News
Apple iPhone 16 Event Shows off AI Muscle, New Watches and AirPods
Apple on Monday unveiled its long-awaited, artificial intelligence-boosted iPhone 16 and promised improvements in its Siri personal assistant as it rolled out new software, beginning in test mode next month.

"The next generation of iPhone has been designed for Apple Intelligence from the ground up. It marks the beginning of an exciting new era," Chief Executive Tim Cook said at a product launch.

Shares of Apple closed barely changed for the day at $220.91. Apple's event came hours before China's Huawei launches a tri-fold phone, underscoring the competitive challenge the iPhone maker faces. Apple has yet to announce an AI partner in China to power the 16s.