Summer may unofficially be over, but a few fireworks are still poised to pop off on Wall Street.
And they are wasting no time lighting up markets after the Labor Day weekend.
A Federal appeals court ruled Friday against the Trump administration's tariffs. But it left them in place until Oct. 14, allowing the White House time to appeal the case to the Supreme Court.
“This tariff saga continues with even more uncertainty, as we now move from speculating on “who, what, when, where, and how” related to tariffs to an even more uncertain “whether,” Citi retail analyst Paul Lejuez said.
Here's what else the Opening Bid team is watching.
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Challenging the Trump tariff. How the tariff uncertainty is priced into stocks is now in focus. “If the Supreme Court agrees to review the case, this could leave the tariffs in place until as late as June 2026. Legal uncertainty could lead the Trump administration to shift tariffs to other statutory bases but, however the Supreme Court ultimately rules, the president will retain substantial authority to impose tariffs,” Goldman Sachs chief economist Jan Hatzius said.
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Positioning for an easier, perhaps less independent Federal Reserve. Gold prices have hit fresh records above $3,500 an ounce. The price has now doubled since the start of 2023. The latest push reflects investors bracing for a steady drumbeat of rate cuts from the Fed, which historically is bullish for gold. Any weakening in the Fed's independence — amid challenges from Trump — is also viewed as bullish for gold.
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When the CEO misbehaves. The 2025 string of misbehaving CEOs rages on. Nestlé (NESN.SW) over the weekend booted CEO Laurent Freixe over an inappropriate relationship with a subordinate. The CEO of alcohol giant Suntory Tak Niinami reportedly resigned today as his home was searched for illegal supplements.
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Apple gets nibbles. Somewhat under the radar, Apple's (AAPL) stock is rallying into the expected Sept. 9 unveiling of the latest iPhone. Shares are up about 10% in the past month. Citi analyst Atif Malik says he's expecting a strong replacement cycle for the upcoming iPhone, given that almost 50% of iPhone users are on the iPhone 14 or earlier models. Consumers will need a new model to take advantage of the many AI features Apple is working on, Malik notes.
Media mogul and Liberty Media (LLYVK) chair John Malone still sees more upside in Formula One after eight years of ownership.
Liberty Media introduced Formula One racing to a US-based audience through races held in Miami and Las Vegas and branched out to living rooms and smart devices courtesy of F1 TV and direct-to-consumer streaming options.
