Stock market highs

On June 10, 2024, one of the biggest business news events wa the significant performance in the stock market, highlighted by record highs for both the S&P 500 and Nasdaq Composite. The market's positive movement was driven by investor enthusiasm and key sector performances despite some notable declines in specific stocks.

The day saw Apple Inc. experience a 1.9% drop after unveiling its new AI system, Apple Intelligence, integrated into its latest devices. Meanwhile, stocks related to artificial intelligence, like Constellation Energy and Enphase Energy, saw substantial gains, reflecting the continued investor interest in AI technologies. Constellation Energy, in particular, jumped 8.4% due to high demand for electricity to power AI models​.

Also with mentioning:

• Stock Market Performance: The S&P 500 and Nasdaq hit record highs, while Apple's stock dipped after its AI demo.

• Southwest Airlines Shake-up: Activist investor Elliott Investment Management disclosed a significant stake in Southwest Airlines and called for changes in leadership.

• UAW Contract Agreement: The United Auto Workers union reached a tentative contract agreement with GM's electric vehicle battery venture, Ultium Cells.

• Banking Industry Concerns: Huntington Bancshares lowered its full-year net interest income forecast due to elevated deposit costs and sluggish lending activity, impacting other banks as well.

Overall, the day was marked by a mix of positive and negative developments in the business world.