News of the day for September 16, 2024

Nvidia (NVDA) shares are in investors' sights after the chipmaker's stock surged last week; Air Canada averts a shutdown with a tentative deal with pilots; Disney (DIS) and DirecTV end their two-week stalemate with a new carriage deal; a Pfizer (PFE) drug aimed at treating fatal weight loss and muscle wasting in cancer patients succeeds in a Phase 2 clinical trial; and a Novartis (NVS) breast cancer drug is found to help prevent recurrence of the disease. U.S. stock futures are little changed after the S&P 500 and Nasdaq posted their best week of 2024. Here's what investors need to know today.

1. Nvidia in Focus After Dip-Buying Surge Last Week

Nvidia (NVDA) is in focus after the artificial intelligence (AI) star's stock surged last week on investor dip buying following favorable Wall Street commentary on its growth prospects. Nvidia jumped almost 16% last week after slumping 23% between late August and early September as the chipmaker's better-than-estimated quarterly results failed to match investors' lofty expectations amid a temporary waning of enthusiasm around AI. Nvidia shares are down 1.5% in premarket trading.

2. Air Canada Avoids Shutdown After Tentative Deal With Pilots

Air Canada reached a tentative deal over the weekend with its pilots union, avoiding a strike that could have shut most of its operations. The country's biggest carrier said the terms of the four-year deal with the Air Line Pilots Association (ALPA)—which represents more than 5,200 pilots at Air Canada and Air Canada Rouge—"will remain confidential pending a ratification vote by the membership, expected to be completed over the next month, and approval by the Air Canada Board of Directors." 

3. Disney, DirecTV Strike Deal After Two-Week ESPN, ABC Blackout

The Walt Disney Co. (DIS) and DirecTV struck a new distribution deal over the weekend in which the satellite broadcaster once again will carry the entertainment giant's channels, including ABC and ESPN, ending a nearly two-week blackout. Disney will charge "market-based" fees to DirecTV, whose customers will be able to "tailor their video experience through more flexible options." The deal was reached in time for viewers to watch college football on Saturday and the Emmy Awards last night. Disney shares are edging higher in premarket trading.

4. Pfizer Drug Treating Fatal Weight Loss in Cancer Patients Found Effective

Shares of Pfizer (PFE) are up nearly 1% in premarket trading after the pharma giant said this weekend that a drug aimed at helping cancer patients losing appetite and muscle mass showed positive results in a Phase 2 trial. Pfizer said ponsegromab will start late-stage trials next year. The drug aims to treat cancer cachexia, the life-threatening wasting condition that often affects patients with the disease.