- All three major stock indexes are on four-day winning streaks.
- The Department of Justice is taking a shot at Apple.
- Nelson Peltz has a key player in his corner in the battle against Disney CEO Bob Iger.
Here are the most important news items that investors need to start their trading day:
All three major stock indexes are on four-day winning streaks. The Dow Jones Industrial Average gained about 0.7% Thursday, while the S&P 500 rose roughly 0.3% and the Nasdaq Composite added 0.2%. All three averages also notched new records, both intraday and at market close. Headed into the final session of the week, the Dow is up 2.7% since Monday, the S&P has gained 2.4% and the Nasdaq is 2.6% higher. Follow live markets updates.
Apple products are offered for sale at an Apple store on March 21, 2024 in Chicago, Illinois.
Scott Olson| Getty Images
The Department of Justice is taking a shot at Apple, claiming the iPhone maker has built a monopoly at the expense of consumers, developers and competitors. The antitrust lawsuit extends beyond Apple phones and Watches and calls into question its advertising, browser, FaceTime and news products as well. “Each step in Apple’s course of conduct built and reinforced the moat around its smartphone monopoly,” the DOJ said in its lawsuit, which was joined by 16 state attorneys general. Apple said in a statement that the lawsuit “threatens who we are and the principles that set Apple products apart in fiercely competitive markets.” Its stock fell 4% Thursday after the challenge.
Reddit CEO Steve Huffman hugs mascot Snoo as Reddit begins trading on the New York Stock Exchange (NYSE) in New York on March 21, 2024.
Timothy A. Clary | AFP | Getty Images
Shares of Reddit jumped almost 50% in their first day of trading Thursday, ending their debut session at $50.44 apiece. At that price level, the company has a market value of about $9.5 billion. It’s the latest sign that the IPO market — dried up for years during Covid uncertainty and a tough borrowing landscape — is finally loosening up. The stock traded as high as $57.80 intraday Thursday, a 70% increase over its IPO price of $34, which was already at the high end of expectations.
Nelson Peltz speaking at the 2019 Delivering Alpha conference in New York on Sept. 19, 2019.
Adam Jeffery | CNBC
Nelson Peltz has a key player in his corner in the battle against Disney CEO Bob Iger. Proxy advisory firm Institutional Shareholder Services on Thursday recommended that Disney shareholders elect Peltz to the Mouse House board. Peltz’s Trian Fund Management has taken issue with Disney’s failed succession planning, among other concerns, and ISS agrees. “Dissident nominee Peltz, as a significant shareholder, could be additive to the succession process, providing assurance to other investors that the board is properly engaged this time around,” the ISS report said. The advisory firm didn’t, however, recommend Trian’s other board nominee, former Disney CFO Jay Rasulo.
A Target store stands in Manhattan on March 05, 2024 in New York City.
Spencer Platt | Getty Images
Target is doubling bonus payments for its salaried employees this year, citing improved profits after a rocky couple of years. Eligible employees will receive 100% of their annual bonus amounts after receiving 50% last year. “Based on Target’s performance in 2023, including the $2 billion in additional profit growth our team delivered that exceeded the goals we set at the beginning of the year, we’re rewarding our team accordingly,” the company said in a statement.
– CNBC’s Lisa Kailai Han, Kif Leswing, Rohan Goswami, Jonathan Vanian, Michele Luhn and Melissa Repko contributed to this report.
— Follow broader market action like a pro on CNBC Pro.
