S&P 500 Gains and Losses

Here are 🌠th𓄧e S&P 500 stocks that gained and lost the most today.

Dow Loses Nearl𝄹y 400 Points on Interest Rate Jitters, Consumer Worr▨ies

A larger-than-expected drop in both 澳洲幸运5官方开奖结果体彩网:consumer confidence and new home sales helped send the 澳洲幸运5官方开奖结果体彩网:Dow Jones Industrial Average lower by 388 points, or 1.14%, in the index’s largest 𒅌drop since March. 

JPMorgan Chase (JPM) 澳洲幸运5官方开奖结果体彩网:CEO Jamie Dimon likely didn’t help matters when he said he’s warning clients that interest rates could go as high as 7%. The federal funds rate is currently within a range of 5.25% to 5.5%. Shares of JPMorgan fell about 1% after it 澳洲幸运5官方开奖结果体彩网:agreed ♋to pay the U.S. Virgi༒n Islands $75 million to settle charges related to its business dealings✨ with Jeffrey Ep🍬stein. 

Tech stocks led the Dow lower, with shares of Apple (AAPL) dropping 2.3% and IBM (IBM) falling 2.2%. Salesforce (CRM) lost 1.9% and Microsoft (MSFT) fell 1.7%. 

Shares of Intel (INTC) declined 1.3% after reports that it was having difficulty staffing its ꦏplanned semiconductor facility in Germany. 

Honeywell (HON) shares fell 2.1% while construction equipment maker Caterpillar (CAT) declined 1.7%. 

Walmart (WMT) shares slipped 0.3%—making it the Dow’s third-best-performing stock—after it said it would partner with MobileX, a low-cost prepaid phone service launched by Boost Mobile cofounder Peter Adderton earlier this year. MobileX wil𒊎l be available for purchase from Walmart online and in stores.

Amgen (AMGN) and Travelers Companies (TRV) were the only components of the Dow 30 to close in the green, rising 0.8% and 🤪0.1✱%, respectively.

-Terry Lane

Dollar Rises to Highest Level This Year

The dollar climbed Tuesday to its highest level since last November as the expectation of higher interest rates pushed up bond yields and sent investors to possibly the safest of all 澳洲幸运5官方开奖结果体彩网:safe havens. 

The 澳洲幸运5官方开奖结果体彩网:U.S. Dollar Index gained 0.21% to about 106.2. And the dollar gained 0.2% on the euro,꧟ 🎉rising to its highest level since March. 

Does the Big Bad Wage-Price Spiral Even Exist?

Policymakers have for months highlighted 澳洲幸运5官🌜方开奖结果体💧彩网:the importance of labor market “rebalancing” in its efforts to control inflation. But the 澳洲幸运5官方开奖结果体彩网:wage-price spiral officials are trying to avoid might not 🍃even exist, according to analysts at Morgan Stanley. 

The analysts, who analyzed IMF data from 38 countries over 60 years, found the correlation between wage growth and price increases in the U.S. has weakened over time. In the 1970s and 80s, a 100 basis point increase in wages increased core PCE by 75 basis points w♊ithin a year. But that effect began deteriorating in the 1990s. By 2019, a 100bp wage increase added just 10bps to inflation in the first year, after which the effects were negligible.

When isolating goods and services inflation, wage increases wꦓere found to have nextꦰ to no impact on goods inflation at all.

Midday Market Movers

Getty Images Holdings Inc. (GETY): Shares of the visual art marketplace rose more than 8% the day after it released its own AI image generator, made in partnership with Nvidia (NVDA).

Rivian Automotive Inc. (RIVN): Shares of the electric truck maker gained more than 5% after Baird named it a “fresh pick.” The firm exp🧔ects Rivian to beat Wall Street’s estimates when it reports third-quarter deliveries in the coming weeks.

Cintas Corporation (CTAS): Shares of ♉the businꦐess services provider lost more than 4% after its full-year revenue and earnings fell short of analysts’ estimates. 

Amazon.com Inc (AMZN): Shares fell more than 3% after the Federal🅠 Trade Commission sued the e-commerce giant, alle🐎ging it wields its monopoly power to stifle competition and boost sales.

Comerica Inc. (CMA): Shares of the regional lender after it was downgraded by Odeon Capital to ho♚ld from buy and lowꦕered its price target to $46. 

Consumer C⛎onfideꦡnce Lowest Since May as Expectations Worsened

Consumer confidence 澳洲幸运5官方开奖结果体彩网:fell to its lowest level since May, according to the Conference Board's monthly 澳洲幸运5官方开奖结果体彩网:Consumer Confidence Index, as respondents reported c💙oncerns about the outlook for their personal finances.

The index fell to 103 from a revised level of 108.7 in August, a larger drop than economists had expected. The dip in sentiment could be primarily attributed to deteriorating expectations for business conditions, job availability, and income in the near future. A 澳洲幸运5官方开奖结果体彩网:measure of consumers' expectations fell below 80, a level that historically signals a recession in the next ye🍷ar.

The disappointing print likely reflects a substantial amount of uncertainty. The proportion of consumers saying a recession was likely increased in September after falling last month. The proportion of respondents saying jobs were "plentiful" rose in September, but so did the share that said jobs were "hard to get."

"Notably, average 12-month inflation expectations have held steady over the past three months despite ongoing complaints about higher prices," according to the CCI release.

FTC Sues Amazon Over Alleged Marketplace Monopoly

The U.S. Federal Trade Commission on Tuesday filed a long-anticipated lawsuit against Amazon.com Inc. (AMZN), alleging the e-commerce giant operates an online marketplace monopoly that stifles competition.🎉 

The FTC and 17 states alleged in a complaint that Amazon uses its coꦆntrol of its marketplace to deter sellers and ൲competitors from offering lower prices than Amazon. They also allege it conditions prime placement for sellers on their use of its fulfillment services. 

Ultimaᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚtely, Am🐎azon’s practices, regulators say, stifle competition and force consumers to pay higher prices for inferior goods.

Fisker Ramps Up Deliveri⛄es, Boosting Shares o൲f the EV Maker 

Shares of Fisker (FSR) jumped over 20% in early trading on Tuesday after the electric vehicle maker announced it was 澳洲幸运5官方开奖结果体彩网:ramping up deliveries, and will likely exceed its guidance for 2023.

Fisker indicated it would be delivering 300 of its Ocean SUVs per day later this year. It has currently delivered 900 to its U.S. and European launch markets.

It added that it has already produced 5,000 of the Oceans after reporting early this month that 3,123 had been made. In that statement, Fisker noted that it expected to increase production to 300 units per day in the fourth quarter, up from 180 units per day.

Despit꧋e Tuesday’s gains, Fisker shares are down 7% for 2023. 

-Bill McColl

JPMorgan to Pay 🐽US Virgin Islands $𝄹75 Million to Settle Epstein Charges

JPMorgan Chase (JPM) agreed to pay the U.S. Virgin Islands a total of $75 million to settle charges related to its dealings with deceased sex offe🐼nder Jeffrey Epstein.

The USVI had sought $190 million in damages according to a July court filing. The $75 million JPMorgan will pay includes $30 million for human trafficki♛ng♌ charities, $25 million for law enforcement, and $20 million in legal fees.

Tuesday's settlement brings the bank's total costs from Epstein-related charges to more than $350 million. JPMorgan agreed in June to pay $290 million to Epstein's victim to settle allegations it helped facilitate his crimes. Including internal expenses and reputational damage, the cost of the bank's 15-year relationship with Epstein is likely much higher.

Ford Puts $3.🏅5 Billion Michigan EV Battery Plant💎 on Hold

Amid heightened political scrutiny and a 澳洲幸运5官方开奖结果体彩网:strike by the United Auto Workers🌜 (UAW) union, Ford (F) said it will put on ho🐎ld its $3.5 billion electric vehicle (EV) battery plant in Michigan.

The move comes as the 澳洲幸运5官方开奖结果体彩网:Big Three Detroit automakers—Ford, General Motors (GM), and Stellantis (STLA)—face an ongoing strike by the UAW in which the transition to EVs has become a sticking point in n✱egotiations.

"Closing 65 plants over the last 20 years wasn’t enough for the Big Three, now they want to threaten us with closing plants that aren’t even open yet," said union president Shawn Fain in a statement.

-Fatima Attarwala

Stocks Making the Biggest Moves Premarket

Gains: 

• Liberty Media Corp. (LSXMA): Shares of Liberty Media, the majority shareholder in Sirius XM Holdings (), proposed a plan to spin off its Sirius XM 澳洲幸运5官方开奖结果体彩网:tracking stock group and merge it with SiriusXM to make a new publicly traded company, New SiriusXM. 
• Fisker Inc. (FSR): Shares of the electric vehicle maker rose more than 7% after it said it was ramping up production and delivery of its Ocean SUVs, aiming to deliver 300 vehicles a day by the end of this year. The company has produced 5,000 and delivered about 900 vehicles to date.
• DraftKings Inc. (DKNG): Shares of the online sports betting company rose more than 3% after analysts at JPMorgan upgraded the stock to overweight from neutral, citing the company’s 澳洲幸运5官方开奖结果体彩网:wide moat and its stock’s underperformance over the last two months.

Losses:

• Thor Industries Inc. (THO): The RV maker’s shares slipped about 3% after unit sales and its full-year revenue and sales forecast fell short of Wall Street’s expectations.
• Tesla Inc. (TSLA): Shares of the EV maker fell about 1% after reports indicated it is under scrutiny by EU regulators investigating Chinese EV subsidies. Tesla this year has shipped nearly 100,000 cars to Europe from China. 
• Intel Corp. (INTC): Shares of the chipmaker fell nearly 1% after reports it is having difficulty finding workers capable of staffing the plant it's constructing in Germany, a project the government doled out significant incentives to secure. 

5 Things to Know Before Markets Open

Here's 澳洲幸运5官方开奖结果体彩网:what investors need to know to start their day:

1. Ford (F) said it would pause work on a $3.5 billion electric battery plant in Michigan as it negotiates with the 澳洲幸运5官方开奖结果体彩网:striking United Auto Workers. UAW President Shawn Fain criticized the move as a threat by Ford to cut jobs.
2. The 澳洲幸运5官方开奖结果体彩网:Consumer Confidence Index is expected to drop to a reading of 105.5 for September, down from August’s 106.1, when that data is released at 10 a.m. ET.
3. Shares of recreational vehicle maker Thor Industries (THOR) fell 2.4% after its 澳洲幸运5官方开奖结果体彩网:full-year guidance for profit and sales fell short of analyst expectations on forecasts of lower consumer demand in the coming months.
4. Intel (INTC) shares moved 0.4% lower after reports that the company was having problems finding and training staff for a semiconductor plant in eastern Germany.
5. Pfizer (PFE) shares declined nearly 0.4% in pre-market trading after the drug maker said it had restarted production at a North Carolina facility damaged by a tornado in July, but that some medications won’t be in full supply until next year.

-Terry Lane

Stock Futures Lower Before the Open

Futures contracts connected to the💙 Dow Jones ꦓIndustrial Average were 0.3% in premarket trading Tuesday.

S&P 500 futures were down 0.3%.

Nasdaq 100 contracts also lost 0.3%.