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5 things you should know before the stock market opens on Thursday, July 11

  • Delta entered the earnings season with a forecast that fell short of analysts’ estimates.
  • Samsung has launched, among other things, the Galaxy Ring and the latest version of its foldable phones.
  • For the first time in seven years, Costco member prices are rising.

Here are five important things investors need to know at the start of the trading day:

The S&P 500 hit a new milestone on Wednesday, closing above 5,600 for the first time thanks to a surge in semiconductor stocks. The broad market index rose 1.02%, marking a seventh straight day of gains. The Nasdaq Composite, meanwhile, rose 1.18%, also hitting a new all-time high, while the Dow Jones Industrial Average joined the trend, gaining 429.39 points, or 1.09%. Chip stocks led the day, with Taiwan Semiconductor gaining 3.5% and Nvidia gaining 2.7%, while Qualcomm and Broadcom gained about 0.8% and 0.7%, respectively. Follow market updates live.

Budrul Chukrut | Light rocket | Getty Images

Delta shares fell nearly 10% in premarket trading Thursday morning after the airline opened earnings season with a forecast that fell short of analyst estimates. Delta forecast record third-quarter revenue, thanks to booming summer travel demand, but expects flight capacity to increase 5% to 6% year over year, less than the 8% expected in the second quarter. Airlines are seeing record-high travel demand, but profits have fallen due to higher costs in the industry. Meanwhile, Delta also reported earnings in line with expectations and adjusted revenue of $15.41 billion, slightly less than the $15.45 billion expected, based on consensus estimates from LSEG.

An attendee films Samsung Electronics’ Galaxy Smart Ring during the unveiling ceremony in Seoul, South Korea on July 8, 2024.

Kim Hong-ji | Reuters

Samsung wants to put a ring on that. The tech giant on Wednesday launched the Galaxy Ring, a lightweight “smart ring” equipped with sensors designed for 24/7 health monitoring. The ring starts at $399.99. The announcement follows rival Apple’s foray into this space and comes at a time when users are keeping smartphones for longer and longer, inspiring device makers to look to additional electronics. Among other things, Samsung also unveiled its latest foldable smartphones packed with AI features at an event in Paris. The Samsung Galaxy Z Fold6 starts at $1,899.99 and opens like a book to reveal a larger screen, while the Z Flip6 is a more traditional folding phone with a bendable screen and starts at $1,099.99.

Pavlo Gonchar | Light rocket | Getty Images

Shares of software company Hubspot plunged 12% on Wednesday after Bloomberg reported that Google parent Alphabet has shelved plans to buy the company. Alphabet had expressed interest in a deal earlier this year, “but the sides did not get to detailed discussions about due diligence,” the report said, citing people familiar with the matter. Hubspot, which makes software that other companies use to automate marketing and target prospects, has seen strong revenue and sales gains in recent quarters. An acquisition would have helped Google boost revenue from its enterprise software and cloud infrastructure, but U.S. regulators have snubbed deals with Big Tech companies.

Customers enter a Costco Wholesale Corp. warehouse in Hawthorne, California on June 12, 2024.

Patrick T. Fallon | Afp |

Costco is getting more expensive. The retailer said Wednesday that the price of a standard annual membership in the U.S. and Canada would rise by $5, from $60 to $65, starting Sept. 1. The higher tier of membership, the “Executive Plan,” would rise by $10, from $120 to $130 per year. It’s the first time in seven years that Costco has raised its membership fees. The usual schedule of raising prices every five and a half years was pushed back as consumers grappled with high inflation.

— CNBC’s Brian Evans, Leslie Josephs, Arjun Kharpal, Jordan Novet, Jennifer Elias and Melissa Repko contributed to this report.

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