Stocks Rise Ahead of Fed Decision; Big Movers Include Robinhood, EchoStar, and Broadcom

U.S. stocks edged higher Monday as investors awaited key inflation data that will help shape the Federal Reserve’s rate decision next week.

Index Changes Drive Action
AppLovin jumped 12%, Robinhood Markets surged 16%, and Emcor Group slipped 0.6% after S&P Dow Jones Indices said the three will join the S&P 500 on Sept. 22, replacing MarketAxess, Caesars Entertainment, and Enphase Energy. Of the removals, Enphase fared worst, down 2.1%.

Corporate Headlines

• Tesla fell 1.3% after last week’s 5% gain, as investors weighed a proposed $1 trillion pay package for CEO Elon Musk.

• EchoStar soared 20% on news it will sell $17 billion in spectrum licenses to SpaceX. Telecom rivals Verizon, AT&T, and T-Mobile fell 2.4%–3.9% in response.

• Broadcom gained 3.2%, extending Friday’s 9.4% surge after securing a $10 billion AI chip order, reportedly from OpenAI.

• Nvidia rose 0.8% after six declines in the past seven sessions, despite Citi cutting its price target to $200 from $210.

• MicroStrategy (rebranded as Strategy) fell 1.8% as Bitcoin dipped to around $112,000. The company missed out on S&P 500 inclusion despite posting a profit last quarter.

• Apple slipped 0.8% ahead of Tuesday’s iPhone event, where it is expected to unveil four new models including the thinner, lighter iPhone 17 Air.

High Flyers

• Planet Labs rocketed 48% after beating revenue expectations and raising guidance.

• QuantumScape jumped 21% after showcasing its solid-state EV batteries with Volkswagen’s PowerCo unit at the IAA Mobility auto show.

Looking Ahead
Investors are bracing for inflation data midweek and earnings reports from Oracle, Adobe, GameStop, Synopsys, Rubrik, Kroger, Chewy, Core & Main, SailPoint, AeroVironment, and RH.