S&P 500’s biggest gains and losses today
1 hour 54 minutes ago
Here are the S&P 500 stocks that had the biggest gains and losses today.
Dow falls ahead of Fed rate decision
2 hours 11 minutes ago
Ahead of yesterday’s Federal Reserve interest rate decision, the Dow Jones Industrial Average fell 0.3%, or about 107 points, as investors await signs of the possibility of further interest rate hikes later this year.
Shares of IBM (IBM) rose 1%, making it the best-performing stock in the Dow 30. Apple (AAPL) rose 0.6% higher, and Salesforce (CRM) added 0.3%. Tech was one of the better-performing corners of the market, with the sector down less than 0.1% today.
Honeywell (HON) rose 0.5%, while Amgen (AMGN) shares rose 0.4%.
Shares of Intel (INTC) fell 4.3% after it in December demonstrated a new chip designed to run generative artificial intelligence (AI) chatbots on laptops rather than access cloud data centers.
Shares of Walt Disney Co. (DIS) fell 3.6% after it said it would double its investment in its parks over the next 10 years to more than $60 billion, as the entertainment giant looks at its biggest profit center. Wants to supercharge it.
Shares of Goldman Sachs (GS) fell 0.4% despite serving as lead underwriter for Instacart’s (CART) initial public offering (IPO), which saw its share price lose 12% in its first day of trading. Increase was observed.
Microsoft (MSFT) fell 0.1% after it was revealed that the company’s AI research team accidentally exposed large amounts of private data on GitHub, a software development platform.
-Terry Lane
Treasuries yields hit highest since before the financial crisis
3 hours 26 minutes ago
Treasury yields rose to their highest level since 2007 as traders bet on higher interest rates for longer periods of time amid a recent surge in inflation.
5-year Treasury yields rose to 4.52% on Tuesday and 10-year yields hit an intraday high of 4.37%, the highest since before the financial crisis.
Yields are rising on expectations of persistent inflation and, consequently, an extended period of higher interest rates. US inflation rose to 3.7% in August as oil prices rose.
The Treasury’s crushing defeat on Tuesday came after data showed prices in Canada rose 4% last month.
The 10-year Treasury yield is a key benchmark that influences interest rates throughout the economy, influencing everything from mortgage rates to interest charged on credit card balances and car loans.
Rocket Lab shares sink after rocket failure
4 hours 4 minutes ago
Shares of Rocket Lab USA (RKLB) fell 7% Tuesday afternoon after a rocket malfunction caused satellite delivery to fail.
Rocket Lab’s Electron rocket successfully blasted off about two and a half minutes before takeoff, resulting in “end of 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 actions.” The company said it plans to provide revised third-quarter revenue guidance “in the coming days.”
Despite Tuesday’s decline, Rocket Lab shares remain bullish for 2023.
-Bill McCall
YCharts
midday market movers
4 hours 39 minutes ago
Instacart (Cart): Shares soared 32% in their first day of trading after the grocery delivery platform priced its shares at $30.
Enphase Energy Inc. (ENPH): The solar company’s stock rose more than 4% after SEC filings revealed that its board of directors member Thurmond Rodgers bought $4 million worth of stock last week.
CBOE Global Markets Inc. (CBOE): Shares in the exchange operator rose more than 3% after CEO Edward Tilley stepped down after the board found he failed to disclose “personal relationships with colleagues.”
Planet Fitness Inc. (PLNT): Shares of the gym chain have fallen 5% since the company’s board surprisingly fired CEO Chris Rondeau last week, widening their losses.
Halliburton Company (HAL): Shares in the oilfield services company fell 3% after the Guardian reported that $7.1 million worth of the company’s equipment was exported after it closed its operations in Russia.
Disney to invest $60 billion in parks and cruises over the next decade
5 hours 39 minutes ago
Walt Disney Co. (DIS) said in an SEC filing Tuesday that it will nearly double its investment in its parks and experiences business over the next decade, bringing total capital spending at its vacation destinations to $60 billion.
Disney’s parks have 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 revenue and net income growth in the most recent quarter, while Disney Media sales and earnings declined.
Shares of the entertainment giant fell nearly 4% in early trading Tuesday.
Instacart jumps into the ring with $30 per share IPO
8 hours 46 minutes ago
Instacart priced its initial public offering today at $30 a share, valuing the grocery delivery company at just under $10 billion.
The company had forecast a price between $28 and $30, a range that came after shares of Arm Holdings PLC (ARM) surged nearly 25% on their first day of trading last week. Arm raised nearly $5 billion in its IPO, making it the biggest debut of the year despite relatively conservative pricing.
Instacart has adopted a more aggressive pricing strategy, but its valuation is still lower than the $39 billion it secured at the height of the pandemic.
Scaled ambitions aside, Instacart’s listing today could encourage even more companies to go public later this year and raise the stakes for marketing automation company Klaviyo and German shoemaker Birkenstock, both of which are coming Ready for IPO in the coming weeks.
Stocks that made the biggest moves in the premarket
9 hours 30 minutes ago
Beneficiaries:
- Stellantis NV (STLA): Shares of the carmaker rose more than 2% after the United Auto Workers (UAW) and its allies threatened to extend their strike against General Motors (GM) and Ford (F).
- Royal Caribbean Group (RCL): Shares of the cruise operator rose nearly 2% after The Trust’s analysts upgraded their outlook for the cruise sector and upgraded Royal Caribbean to buy from hold. Carnival Corp (CCL) also gained about 2%.
- US Steel Corp. (X): Shares of the steel maker rose 1% after it said it expects to earn between $1.10 and $1.15 per share in the quarter, down from a year earlier. The company expected earnings to be affected by the United Auto Workers strike that began last week.
Losers:
- Rocket Lab USA Inc. (RKLB): The aerospace company’s shares fell 18% after a satellite launch failed, the first in two years.
- Nio Inc. (NIO): The electric car maker’s stock fell nearly 7% after announcing a $1 billion convertible bond offering.
- Arm Holdings PLC (ARM): Shares of the chip designer fell 4%, continuing their decline after jumping 25% in the first day of trading last week. Arm is set to open around $56, just 9% higher than its IPO price.
5 things to know before the market opens
9 hours 55 minutes ago
Here’s what investors need to know to start their day:
- Grocery delivery company Instacart, which is set to begin trading on the Nasdaq under the symbol “CART,” has priced its IPO at $30 a share, valuing the company at about $10 billion.
- Alphabet’s (GOOGL) Google rolled out new features for its Bard artificial intelligence (AI) chatbot, including the ability to fact-check its answers and analyze a user’s personal data on Google.
- Chinese electric vehicle maker NIO (NIO) said it will offer investors $1 billion in convertible bonds, which can be converted into company shares but also dilute the value of existing shares of stock.
- Online clothing service Stitch Fix reported a 22% decline in revenue as the company’s active customer base fell to 3.3 million, down from 3.4 million last quarter and 3.8 million from the same period a year earlier.
- Housing starts fell to 1.28 million in August from 1.45 million in July, a bigger decline than economists expected. But building permits, a forward-looking indicator, rose 7% from July to 1.54 million.
-Terry Lane
Futures inch higher as investors anticipate Fed meeting
10 hours 22 minutes ago
Futures contracts tied to the Dow Jones Industrial Average were up less than 0.1% in premarket trading.
S&P 500 futures also made a similar small move.
Nasdaq 100 contracts were flat.
Source: www.investopedia.com
