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Nike shares rise on news of new CEO, iPhone 16 hits stores: Morning Brief

On today’s episode of Morning Brief, hosts Seana Smith and Brad Smith break down the market open and discuss some of the biggest stories of the trading week. U.S. stocks (^DJI, ^IXIC, ^GSPC) opened in negative territory, just one morning after the market rebounded from the Federal Reserve’s rate-cutting cycle and the S&P 500 and Dow Jones Industrial Average hit new all-time highs. Emily Roland, co-chief investment strategist at John Hancock Investment Management, explains: “It’s six straight days of gains that are driving markets higher (and) riskier assets are really celebrating the idea that the Fed can avert a hard landing, can prevent a contraction from happening, can do it proactively before we see more weakness in the labor market.” While mega-cap tech stocks are surging and September’s rate cut has sent markets higher, Matt Orton, chief market strategist at Raymond James Investment Management, still likes the Big Tech sector: “There are a lot of reasons why clients still want to own the mega-cap tech names, particularly the high-quality ones that are generating $50 billion, $60 billion, $70 billion of free cash flow a year. But what I’ve really encouraged clients to do over the last three months or so is that we have an opportunity to build a little bit more balance into our portfolios.” Shares of Nike (NKE) are rising after the company announced that CEO John Donahoe will step down next month after five rocky years at the company. Nike veteran Elliott Hill is coming out of retirement to take on the role of CEO and president starting Oct. 14. Barclays consumer discretionary analyst Adrienne Yih believes Hill will prioritize relationships with wholesale retail partners if he takes on the role: “It’s the foundation for the strength of the brand going forward. And while it’s margin-diluting, as a brand with a $50 billion global footprint, you have to make both channels work to your advantage.” She argues Hill is the right person for the job, explaining that he is well-liked at the company and that his roles at Nike before his retirement focused on the global market. Apple’s (AAPL) iPhone 16 range is here and consumers are already flocking to get their hands on the new device. Yahoo Finance host Josh Lipton reports live from the Fifth Avenue Apple Store in New York City, where the new iPhones are already on sale, an occasion marked by CEO Tim Cook opening the doors to customers. Investors can brace for more volatility in Friday’s trading session, as more than $5 trillion in options expires. The event, known on Wall Street as “Triple Witching,” sees contracts tied to individual stocks, indexes and exchange-traded funds expire. Yahoo Finance’s Madison Mills joins Morning Brief to analyze the trading phenomenon. This post was written by Melanie Riehl