5 things to know before the stock market opens on Tuesday, September 17


Stock futures rise as Wall Street awaits retail sales data and Fed policy meeting

Here are five key things investors need to know to start the trading day:

1. Such great heights

The Dow Jones Industrial Average touched a new all-time high on Monday, as the 30-stock index gained 228.30 points, or 0.55%, for the day. S&P 500 It was just slightly off its all-time high, closing up 0.13% at 5,633.09. Meanwhile, the Nasdaq Composite lost 0.52% as chip stocks declined, including nvidiafell. Apple Shares fell 2.8% as analysts suggested demand for iPhone 16 Pro models may be lower than expected. Follow live market updates.

2. Welcome to the new work week

Amazon CEO Andy Jassy speaks to CNBC's Andrew Ross Sorkin (not pictured) on April 11, 2024.

CNBC

Amazon Amazon is saying goodbye to hybrid working schedules. CEO Andy Jassy said Monday that corporate employees must be in the office five days a week starting Jan. 2. That's a significant change from the previous requirement to be in the office three days a week. “Before the pandemic, it was not a given that people could work remotely two days a week, and that will remain true going forward — our expectation is that people will be in the office except in exceptional circumstances,” Jassy said in a memo. He said Amazon is aiming to streamline its corporate structure and eliminate bureaucracy by having fewer managers in each organization. Also on Monday, hundreds of Amazon delivery drivers at a facility in Queens, New York, joined the International Brotherhood of Teamsters in an expansion of organizing efforts.

3. Intel Intel

Intel CEO Pat Gelsinger delivers a speech at Taipei Nangang Exhibition Center during Computex 2024 on June 4, 2024 in Taipei.

I-Hwa Cheng | AFP | Getty Images

Intel Shares jumped after hours on Monday as the company revealed plans to spin off its foundry business into an independent unit. Intel said it will have its own board and could potentially raise outside capital. The restructuring is part of CEO Pat Gelsinger's plan to transform the chipmaker and comes as Intel's stock has lost about 60% of its value through 2024. The company has spent about $25 billion on the foundry business over the past two years, which Intel plans to use to make chips for other customers. Intel also said on Monday it had struck a deal with Amazon to make custom chips for AI. It said it would pause some efforts in Poland and Germany, but said U.S. manufacturing projects are unaffected.

4. Boeing freezes hiring

Boeing factory workers and supporters gather to picket near the entrance of the Boeing production facility in Renton, Washington, US, on September 15, 2024, the third day of the strike.

David Ryder | Reuters

Boeing Boeing on Monday unveiled sweeping cost-cutting measures as it deals with more than 30,000 factory workers in Washington and Oregon who went on strike last week. The manufacturer said it would freeze hiring, restrict nonessential employee travel and reduce supplier spending to save money. CFO Brian West also told employees the company would “significantly reduce” supplier spending and pause most purchase orders for its 737 Max, 767 and 777 jetliners. He said Boeing was not cutting funding for safety, quality and direct customer support work.

5. Charter's charm offensive

Christopher L. Winfrey, CEO of Charter Communications.

Courtesy: Charter Communications

Charter Communications wants customers to view its cable and broadband provider in a more positive light. To that end, the company — known to customers as Spectrum — is launching new broadband, cable TV and mobile bundles and pricing; boosting internet speeds; offering credits for service interruptions; and promising better reliability for customers. “When you're providing a critical service to the home, a physical infrastructure that costs more than $100 a month, it's hard to find love,” Chris Winfrey told CNBC's Lillian Rizzo. These changes come as Charter and others in the industry are dealing with slowing broadband subscriber growth and a continued exodus from cable TV bundles. Read more about Charter's plans here.

— CNBC's Hakyung Kim, Annie Palmer, Kiff Leswing, Rohan Goswami, Leslie Josephs and Lilian Rizzo contributed to this report.

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