Charles Payne's Market Commentary

Afternoon Note

Arm IPO Pops in its debut

By Charles Payne, CEO & Principal Analyst
9/14/2023 1:32 PM

Arm Holdings (ARM) started trading today, opening at $56.10, and it has been climbing higher ever since. The opening price was 10% above the initial public offering price of $51 a share and at the top of the expected range of $47 to $51. Semiconductors are getting a boost on Arm’s first day of trading on optimism for the sector and the artificial intelligence hype.

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All eleven sectors are trading in positive territory led by Real Estate. The momentum in Utilities continues, working on its 7^th straight green day. This is something it hasn’t done since July of last year.

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On the economic front, the Atlanta Fed GDPNow cut its Q3 GDP estimates to 4.9% from 5.6% on September 8. We are still early to get a good sense of Q3 real growth.

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