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HOW APPLE STOCK COULD GAIN FROM FRIDAY'S S&P 500 REBALANCING: WHAT INVESTORS
SHOULD KNOW

by Chris Katje, Benzinga Staff Writer



September 20, 2024 9:48 AM | 2 min read | Make a Comment


ZINGER KEY POINTS

 * Several market index funds complete quarterly rebalances Friday, which could
   benefit Apple.
 * Apple is expected to be the top holding in S&P 500 tracking funds after the
   rebalance.



Apple Inc

AAPL+1.19%
+ Free Alerts
is one of the stocks that could be volatile Friday with S&P 500 and several
market indexes rebalancing along with the quarterly triple witching event that
sees the expiration of stock options, index futures and index options.

What Happened: The S&P 500, tracked by the SPDR S&P 500 ETF Trust 

SPY-0.20%
+ Free Alerts
, will complete a quarterly rebalance on Friday. This task is traditionally done
on the third Friday of March, June, September, and December.

Apple could be one of the biggest beneficiaries of the rebalancing by the S&P
500 and other market indexes.

The technology giant is currently the second-largest holding in the SPY, with
6.7% of assets and trailing Microsoft Corporation

MSFT-0.30%
+ Free Alerts
at 6.8%.

The rebalance will see Apple take the lead in the holdings, as the company's
market capitalization of $3.48 trillion is ahead of Microsoft at $3.26 trillion.

Friday's new rebalancing will coincide with upcoming S&P index-capping rules
that will adjust how allocations for the largest companies are determined,
according to Bloomberg.

The reshuffling of $250 billion in shares in index-tracking funds is expected to
benefit the technology sector and companies like Apple the most, the report
said.

Piper Sandler estimates that the technology sector will see $40 billion in net
buying, as the only sector with a net gain, according to the Bloomberg report.

Apple will account for a large portion of the $40 billion in net buying thanks
to its market capitalization, new rules, and recent sales by Warren Buffett and
Berkshire Hathaway.

The sale by Berkshire Hathaway has changed the float of Apple stock, with more
shares available to investors. Rules from indexes, in some cases, use
float-adjusted market capitalizations, which take into account large stakes held
by fund managers.

Did You Know?

 * Congress Is Making Huge Investments. Get Tips On What They Bought And Sold
   Ahead Of The 2024 Election With Our Easy-to-Use Tool

Why It's Important: Apple and Microsoft have battled back and forth over the
last several years as the world's most valuable company. Both companies were
briefly passed by Nvidia earlier this year.

Friday's rebalancing is expected to bring market volatility and reshape many
index funds moving forward.

For Apple, the event comes as the iPhone 16 is publicly released. Investors and
analysts are expressing concerns as consumers grapple with whether the new
features and the rollout of Apple Intelligence are worth the upgrade from their
existing device.

AAPL Price Action: Apple stock trades at $229.02 versus a 52-week trading range
of $164.08 to $237.23. Apple stock is up 23% year-to-date in 2024.

Read Next:

 * Apple Revenue Growth ‘Just Too Slow For Investors To Get Excited About’:
   Analyst Highlights Advertising As Future Catalyst

Photo: Shutterstock

--------------------------------------------------------------------------------

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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights
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BUFFET SHIFTS TO CASH, DOJ LAUNCHES NVIDIA INVESTIGATION – IS IT TIME TO INVEST
IN GOLD AND OTHER STORES OF VALUE?

by Austin DeNoce, Benzinga Staff Writer


September 19, 2024 8:15 AM | 4 min read | Make a Comment

Partner Disclosure

Get your hands on gold with an IRA or delivered to your door with Preserve
Gold!  As market volatility surges and concerns over a potential U.S. recession
intensify, investors are increasingly looking for a store of value to help
protect their assets. Recent events, including a significant rise in the VIX and
a Department of Justice (DoJ) investigation into the market darling Nvidia NVDA,
have amplified fears of a broader market downturn Adding to these concerns is
renowned investor Warren Buffett's decision earlier this year to increase his
cash position by selling a large portion of his Apple AAPL stake, signaling
caution in one of the most experienced market players. With these developments
unfolding, gold seems to be emerging as a compelling investment. Here's why
investors might consider adding gold to their portfolios The volatility index
(VIX), which measures expected volatility in the S&P 500 over the next month,
has recently soared to levels not seen since the COVID-19 pandemic. This surge,
driven by a dramatic 12% decline in Japan’s Nikkei index and a subsequent global
asset selloff, resulted in the VIX experiencing a record single-day increase of
181 points. Even surpassing levels observed during the 2008 financial crisis,
this spike demonstrated the heightened bearish sentiment across global markets.
The VIX futures market remains in backwardation, indicating that investors
expect elevated volatility to persist in the short term A recent antitrust
investigation by the Department of Justice (DoJ) into Nvidia, a key driver of
market gains earlier this year, has added another layer of uncertainty. In
September, Nvidia experienced a massive $279 billion decline in market
capitalization, one of the largest single-day drops in history. The DoJ’s probe
focuses on potential anti-competitive practices, including exclusive chip usage
penalties and restrictions on supplier switching
Read More



--------------------------------------------------------------------------------




TRADERS BRACE FOR FRIDAY VOLATILITY AS OVER $5 TRILLION IN OPTIONS EXPIRE: COULD
'TRIPLE WITCHING' SPOIL FED'S RALLY?

by Piero Cingari, Benzinga Staff Writer


September 19, 2024 4:54 PM | 3 min read | Make a Comment


ZINGER KEY POINTS

 * Friday’s Triple Witching will see over $5 trillion in notional options
   expire, including $605 billion in single-stock options.
 * The S&P 500 has consistently fallen during the last three Triple Witching
   events.


After a bullish session on Thursday, with both the S&P 500 and the Dow Jones
hitting record highs, spurred by increased risk appetite following a bold 0.5%
rate cut by the Federal Reserve, traders are gearing up for a volatile end to
the week. Friday marks a notorious “Triple Witching” day, when stock index
futures, stock index options and individual stock options expire simultaneously
— a convergence that historically stirs market turbulence Goldman Sachs
estimates than more than $4.5 trillion in notional options exposure will expire
on Friday, including $605 billion in single-stock options According to
Bloomberg, using estimates from derivatives analytical firm Asym 500, the
overall notional options expiring Friday reach $5.1 trillion when including
options tied to ETFs While the September expiration will set a new record, it’s
expected to be smaller than the previous quarterly expirations of 2024
Read More



--------------------------------------------------------------------------------




INVESTMENT FIRM TO PAY $80M FOR OVERVALUING CMOS, ACCOUNTING OUTFIT TO PAY $2M
FOR CRYPTO AUDIT SCAM: FINANCIAL CRIME WEEKLY

by Michael Juliano


September 20, 2024 10:45 AM | 3 min read | Make a Comment


ZINGER KEY POINTS

 * Macquarie Investment Management Business Trust will pay $79.8 million for
   overvaluing about 4,900 collateralized mortgage obligations.
 * Prager Metis misrepresented compliance with auditing standards regarding FTX,
   a now-defunct crypto asset trading platform.


An investment adviser has been ordered to pay tens of millions of dollars for
overvaluing thousands of largely illiquid collateralized mortgage obligations
(CMOs) and giving preferential treatment to clients. Macquarie Investment
Management Business Trust (MIMBT) will pay $79.8 million to settle charges for
overvaluing approximately 4,900 largely illiquid CMOs held in 20 advisory
accounts, including 11 retail mutual funds, the Securities and Exchange
Commission said on Thursday MIMBT was also charged with executing hundreds of
cross-trades between advisory clients that favored certain clients over others
MIMBT managed the Absolute Return Mortgage-Backed Securities strategy, a
fixed-income investment strategy primarily invested in mortgage-backed
securities, CMOs and treasury futures from January 2017 through April 2021 The
order finds that MIMBT had no reasonable basis to believe it could sell the odd
lot CMOs at the pricing vendor's valuations, and thousands of odd lot CMO
positions were marked at inflated prices. This resulted in MIMBT overstating the
performance of client accounts holding the overvalued CMOs
Read More



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