The biggest gains and losses in the S&P 500 today
1 hour 45 minutes ago
Here are the S&P 500 stocks that gained and lost the most today.
Dow Jones Falls Ahead of Fed Rate Decision
2 hours 2 minutes ago
Ahead of the Federal Reserve’s interest rate decision, the Dow Jones Industrial Average slipped 0.3%, or about 107 points, as investors wait for clues on the likelihood of further rate hikes. interest later this year.
Shares of IBM (IBM) rose 1%, making it the best-performing stock in the Dow 30. Apple (AAPL) rose 0.6% and Salesforce (CRM) added 0.3%. . Technology has been one of the best performing sectors in the market, with the sector now losing less than 0.1%.
Honeywell (HON) gained 0.5%, while shares of Amgen (AMGN) rose 0.4%.
Shares of Intel (INTC) fell 4.3% following the demonstration of a new chip, expected in December, designed to run generative artificial intelligence (AI) chatbots on a laptop, rather than in have access to cloud data centers.
Shares of Walt Disney Co. (DIS) plunged 3.6% after announcing it would double its investment in its parks to more than $60 billion over the next 10 years, as the entertainment giant seeks to boost its largest profit center.
Shares of Goldman Sachs (GS) fell 0.4% despite being the lead underwriter of Instacart’s (CART) initial public offering (IPO), which saw its stock price rise by 12% from its first day of trading.
Microsoft (MSFT) fell 0.1% after it was revealed that the company’s AI research team accidentally exposed a large amount of private data on GitHub, a software development platform.
-Terry Lane
Treasury yields hit highest level since before financial crisis
3 hours 17 minutes ago
Treasury yields rose to their highest level since 2007 as traders stepped up bets on higher interest rates for longer amid a recent rise in inflation.
5-year Treasury yields hit 4.52% on Tuesday and 10-year yields hit an intraday high of 4.37%, the highest since before the financial crisis.
Yields rise in anticipation of persistent inflation and, subsequently, a prolonged period of higher interest rates. US inflation reached 3.7% in August, following the rise in oil prices.
Tuesday’s Treasury rout came after data showing price increases in Canada accelerated to 4% last month.
The 10-year Treasury yield is a key benchmark that influences interest rates across the economy, affecting everything from mortgage rates to the interest charged on credit card balances and auto loans.
Rocket Lab shares sink after rocket failure
3 hours 56 minutes ago
Shares of Rocket Lab USA (RKLB) plunged 7% Tuesday afternoon after a failed satellite delivery following a rocket malfunction.
Rocket Lab’s Electron rocket successfully lifted off before a problem about two and a half minutes into the flight resulted in “the end of the mission,” the company said.
Rocket Lab said its next flight, currently scheduled for the end of this quarter, “will be postponed until we implement corrective measures.” The company added that it expects to provide revised revenue guidance for the third quarter “in the coming days.”
Despite Tuesday’s drop, Rocket Lab shares remained higher for 2023.
-Bill McColl
Y Charts
Midday market movers
4 hours 30 minutes ago
Instacart (CART): Shares rose 32% in their first day of trading after the grocery delivery platform priced shares at $30.
Enphase Energy Inc. (ENPH): Shares of the solar company rose more than 4% after an SEC filing revealed that Thurmond Rodgers, a member of its board of directors, purchased $4 million worth of stock last week .
Cboe Global Markets Inc. (CBOE): Shares of the exchange operator gained more than 3% after CEO Edward Tilly resigned after the board found he failed to disclose his “personal relationships with colleagues.”
Planète Fitness Inc. (PLNT): Shares of the gym chain fell 5%, adding to their losses since last week’s surprise firing of CEO Chris Rondeau by the company’s board of directors.
Halliburton Co. (HAL): Shares in the oil services company fell 3% after the Guardian reported that $7.1 million of the company’s equipment was exported to Russia after it closed its operations there.
Disney will invest $60 billion in parks and cruises over the next decade
5 hours 30 minutes ago
Walt Disney Co. (DIS) said in an SEC filing Tuesday that it will nearly double its investments in its parks and experiences businesses over the next decade, bringing total capital spending into its $60 billion vacation destinations.
Disney Parks has been a boon for the company as it has struggled to adapt to a changing entertainment environment dominated by streaming services. The Parks and Experiences division reported double-digit growth in revenue and net income in the most recent quarter, while Disney Media’s sales and profits contracted.
Shares of the entertainment giant fell nearly 4% in early trading Tuesday.
Instacart jumps into the ring with an IPO at $30 per share
8 hours 37 minutes ago
Instacart today priced its IPO at $30 per share, valuing the grocery delivery company at just under $10 billion.
The company had forecast a price between $28 and $30, a range it increased last week after shares of Arm Holdings Plc (ARM) gained about 25% on their first day of trading. Arm raised nearly $5 billion in its IPO, making it the largest IPO of the year despite its relatively conservative pricing.
Instacart has adopted a more aggressive pricing strategy, but its valuation still pales in comparison to the $39 billion valuation it achieved at the height of the pandemic.
Diminished ambitions aside, Instacart’s listing today could encourage even more companies to go public later this year and give wind to marketing automation company Klaviyo and German shoemaker Birkenstock , both of which are expected to go public in the coming weeks.
Stocks Make Biggest Moves Premarket
9 hours 21 minutes ago
Winners:
- Stellantis NV (STLA): Shares of the automaker gained more than 2% after the United Auto Workers (UAW) threatened to expand their strike against it and peers General Motors (GM) and Ford (F ).
- Royal Caribbean Group (RCL): Shares of the cruise operator rose nearly 2% after Trust analysts upgraded their outlook for the cruise industry and upgraded Royal Caribbean to buy from hold. Carnival Corp. (CCL) also gained almost 2%.
- U.S. Steel Corp. (X): Shares of the steel maker climbed 1% after it said it expected to earn between $1.10 and $1.15 per share this quarter, down from last year . The company expected its profits to be affected by the United Auto Workers strike launched last week.
Losers:
- Rocket Lab USA Inc. (RKLB): Shares of the aerospace company lost 18% after a failed satellite launch, the first in more than two years.
- Nio Inc. (NIO): Shares of the electric car maker fell about 7% after announcing a $1 billion convertible bond offering.
- Arm Holdings Plc (ARM): Shares of the chip designer fell 4%, continuing their slide after surging 25% on their first day of trading last week. Arm is expected to open around $56, just 9% above its IPO price.
5 things to know before the markets open
9 hours 46 minutes ago
Here’s what investors need to know to start their day:
- Grocery delivery company Instacart, which is expected to list on Nasdaq under the symbol “CART,” has priced its IPO at $30 per share, valuing the company at around $10 billion.
- Alphabet’s (GOOGL) Google has rolled out new features for its artificial intelligence (AI) chatbot Bard, including the ability to verify its responses and analyze users’ personal data on Google.
- Chinese electric vehicle maker NIO (NIO) said it would offer investors $1 billion in convertible bonds, which could be converted into company stock but could also dilute the value of existing shares.
- Online clothing service Stitch Fix reported a 22% drop in revenue as the company’s active customer base fell to 3.3 million from 3.4 million in the previous quarter and 3, 8 million compared to the same period last year.
- Housing starts fell to 1.28 million in August from 1.45 million in July, a bigger drop than economists expected. But building permits, a forward-looking indicator, increased 7% compared to July to 1.54 million.
-Terry Lane
Futures advance as investors anticipate Fed meeting
10 h 14 min ago
Futures contracts linked to the Dow Jones Industrial Average rose less than 0.1% in premarket trading.
S&P 500 futures rose just as slightly.
Nasdaq 100 contracts remained stable.
