S&P 500 Gains and Losses Today

Here are the S&P 500 stocks that gained and lost the most today, 澳洲幸运5官方开奖结果体彩网:and the stories behind their moves.

Dow Rallies to Break Three-Day Losing Streak

The Dow Jones Industrial Average rallied in afternoon trading to finish higher by 127 points, or about 0.4%, breaking a three-session losing streak after Treas♉ury yields pulled back from 16-year highs.

Microsoft (MSFT) shares rose 1.8% to lead the index higher. ﷺ;

Shares of Amgen (AMGN) gained 1.7% after it and 30 other pharmaceutical organizations and companies, including fellow Dow component Merck & Co. (MRK), launched the Partnership for the U.S. Life Sciences Ecosystem (PULSE), a coalition aimed at fꦐighting the F𝕴ederal Trade Commission and Justice Department’s proposed changes to biopharma merger guidelines. Merck shares gained 0.4%. 

Apple (AAPL) shares rose more than 0.7% despite a downgrade to “sector weight” from “overweight” by KeyBanc analysts in antiඣcipation o⛎f soft U.S. sales growth this quarter. CEO Tim Cook also reported 澳洲幸运ဣ5官方开奖结果体彩网:selling $88 million of company stock earlier this week in🎐 his largest sale since 2021. 

Intel (INTC) shares moved up about 0.7% after the chipmaker said it would operate its Progr🌜🔴ammable Solutions Group (PSG) as a separate business, with plans🃏 to spin it off through an initial p✤ublic offering within two to three years. 

Chevron (CVX) was the worst performer of the Dow 30, fal🌼ling 2.3% on the back of a 5% drop in crude oil prices.

-Terry Lane

Travel Stocks Rebound as Oil Prices Retreat

Airlines were some of the day’s best-performing stocks Wednesday, buoyed by a more than 5% drop in oil prꦗices.

American Airlines (AAL) stock gained about 4%, while Delta Airlines (DAL) and United Airlines (UAL) each gained about 2.5%. Airline stocks have been sliding since early Ju🌠ly, shortly after oil prices began to൩ steadily rise from about $68 a barrel to more than $93 at the end of September. 

Rising fuel prices forced most major airlines to 澳洲幸运5官方开奖结果体彩网ꦚ:lower their margin and earnings🌱 forecasts last month. Tod𝓀ay’s reprieve, if it lasts, could give those companies and their investors room for optimism heading into the holiday travel season. 

What Does McCarthy’s Ouster Mean For Markets?

Republican speaker of the U.S. House of Representatives Kevin McCarthy 澳洲幸运5官方开奖结果体彩网:was removed from his role Tuesday as members of his own party rebuked the the 🙈speaker for working with Democrats to avert a government shutdown over the weekend.

澳洲幸运5官方开奖结果体彩网:Congress passed a bill Saturday that extended government funding tᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚhrough Nov. 17, giving both parties more time to agree on a budget for the next fiscal year. 

But McCarthy’s removal raises the odds𓃲 Congress hasn’t so much averted a shutdown as delayed it, say Goldman Sachs analysts, who are treating a fourth-quarter shutdown as their base case. 

“With many policy disputes remaining and a $120bn difference between the parties on the preferred spendin🥃g level for FY2024, it is difficult to see how Congress can pass the 12 necessary full-year spending bills before funding expires,” analysts wrote in a commentary Tuesday.

While Goldman expects the shutdown to last no more than two or three weeks, any shutdown would 澳洲幸运5官方开奖结果体彩网:deliver a small hit to consuꦆmer spℱending and GDP. It could also further erode confidence in U.S. governance and, subsequently, 澳洲幸运5官方开奖结果体彩网:creditworthiness. Though it could give some relief to Treasurys, historically a safe haven in🍌vestment that investors flock to inꦍ times of uncertainty. 

Apple Shares Waver on KeyBanc Downgrade

Apple (AAPL) shares wavered between gains and losses Wednesday 澳洲幸运5官方开奖结果体彩网:after KeyBanc downgraded the stock to "sector weight" from "澳洲幸运5官方开奖结果体彩网:overweight," anticipating soft sales growth in the U.S.

KeyBanc analyst Brandon Nispel reportedly suggested sales in the U.S. could "struggle" through the first quarter of fiscal year 2024 amid a slowdown in consumer spending. And while a demand shift in favor of premium iPhone models could raise average selling prices, it might have little impact on overall unit sales, Nispel warned.

KeyBanc wasn't the only firm to downgrade the company. Last month, Rosenblatt Securities in early September also downgraded Apple stock to "neutral," highlighting slower iPhone sales and uncertainty in new product categories.

Apple stock trailed mega-cap peers like Microsoft (MSFT), Amazon (AMZN), and Alphabet (GOOGL), all of which rose more than 1% Wednesday.

-Fatima Attarwala

Midday Market Movers

Tesla Inc. (TSLA): The electric vehicle maker’s shares gained more than 4%, leading the S&P 500 higher as market jitters subsided after yesterday’s sell-off. Fellow EV maker Rivian (RIVN) gained 6% after falling 8% yesterday. 

Carnival Corp. (CCL): Shares of the cruise operator rose 3% along with competitors Norwegian Cruise Line Holdings (NCLH) and Royal Caribbean Cruises (RCL),꧋ rebounding after tumbling yesterday when Morgan Stanley lowered its outlook for the industry, citing higher fuel costs and so🐬fter demand.

Exxon Mobil Corp. (XOM): Shares of the oil and gas giant lost 3% as oil prices sank to their lowest in over a month. Competitors Chevron Corp. (CVX) and ConocoPhillips (COP) fell 2% and 4%, respectively. 

Insulet Corp. (PODD): Shares of the insulin infusion device maker fell𒅌 more than 3% a day after the company said chief financial officer Wayde McMillan would step down to join industrial conglomerate 3M’s healthcare unit. 

Cal-Maine's Profit Plunges 99% as Egg Prices Slump

Shares of Cal-Maine Foods (CALM) 澳洲幸运5官方开奖结果体彩网:slumped over 6% in early trading as th🐬e egg producer’s profit plumm🐻eted along with the price of eggs.

Cal-Maine reported first-quarter fiscal 2024 earnings cratered 99% to $926,000, or $0.02 per share. Analysts had anticipated 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) of $0.33. Revenue sank 30.2% to $459.3 million, al🐬so missing estimates.

The company indicated that the 澳🧜洲幸运5官方开奖结果体彩网:net average selling price of a dozen eggs fell to $1.59 from $2.28 a year ago. Its sales of eggs d🦂ropped to 273,126 dozen versus 275,317 dozen in 2022.

Shares of Cal-Maine Foods✃ traded at 20-month lows folꦰlowing the news.

-Bill McColl

Crude Oil Slips, Taking Energy Stocks With It

Oil futures sank more than 3% Wednesday, dragging on energy stocks as the broade🔯r market turned higher. 

West Texas Intermediate contracts traded at about $86 a barrel Wednesday morning, while Brent slipped to about $88 a barrel. Just a week ago the two oil benchmarks traded above $93 and $94, respectively🍃. 

Prices are cooling off after surging more than 30% since June amid 澳洲幸运5官方开奖结果体彩网:OPEC+ production cuts. Oil could be under pressure from rising bond yields, which have surged internationally as economic data suggests central banks, including the U.S. Federal Reserve, will need to keep interest rates high for longer than markets expected. Interest rate hikes are 澳洲幸♏运5官方开奖结果体彩网:designed to weigh on economic activity and reduce 🍸demand for industrial inputs like oil.

Oil companies were among the S&P 500’s worst-performing stocks Wednesday morning. Refiner Phillips 66 (PSX) fell 5% in early trading, while exploration and production companies APA Corp. (APA) and Marathon Oil (MRO) lost 4% each. 

What Pu꧑rchasing M🙈anagers Are Saying About the Services Sector

The services sector grew for a ninth consecutive month in September, albeit at a slower rate than in August, according to the Instituteꦿ of Supply Management’s Services Purchasing Managers Index. 

ISM’s services PMI came in at 53.6 in September, slightly above the index’s 12-month average but down slightly from 54.5 the month before. According to ISM’s survey, business activity growth picked up in September while new orders growth slowed.

Here’s what purchasing managers had to say:

•  In health care: “I think the outlook of our company and the industry is a slow but steady improvement — from a plethora of unknowns to a daily sense of being able to manage the rigors of the supply chain.”
• in business management and support: “Bank and leasing company volume seems to be falling as credit tightens, thus causing a slowdown in related services industries. Bankruptcy work is picking up.”
• In construction: “Conditions remain favorable for mechanical contractors. New construction projects continue to launch. We are still seeing opportunities for cost reductions across many commodities. Inventory levels on finished goods remain strong.”

Services Business Activity Stagnant in September

The Federal Reserve’s rate hikes and two years of elevated inflation 💜are catching up to the U.S. services sector. 

Services business activity stagnated in September as domestic and foreign demand waned, according to the S&P Global U.S. Services 澳洲幸运5官方开奖结果体彩网:Purchasing Managers Index (PMI). The services business activity index ticked down in September to 50.1, its lowest since January. The composite index—including services and manufacturing—remained unchanged from August at 50.2.

Simultaneous🅠ly, input inflation remained well above average in September. Se💯rvice providers passed the higher cost of energy, fuel, wages, and food on to consumers in the form of price hikes.

None🙈theless, service providers added jobs at the fastest pace in three months in anticipation of strong output in the next year.

“The final PMI data for September add to indications that the US economy has started to cool again after a resurgence of growth earlier in the summer,” concluded Chris Williamson, Chief Business Economist at ⛄S&P Global Market Intelligence. 

Stocks Making the Biggest Moves Premarket

Intel Corp. (INTC): Shares of the chipmaker rose more than 2.5% after it said it would spin off its Programmꦇable Solutions Group in the next two to three years.

On Holding AG (ONON): Shares of the athleti༺cs apparel maker rose more than 3% after saying at an investor event it aims to double s෴ales between 2023 and 2026, as well as hit a gross profit margin of over 60%. 

Cal-Maine Foods Inc. (CALM): Shares of the egg company fell more than 12% after it said sales in its fiscal first quarter dropped about 30% as egg prices—buoyed last year after 澳洲幸运5官方开奖结果体彩网:bird flu decimated chicken flocks—fell.

Novartis AG (NVS): Shares of the drug maker fell 🍸3% after it completed the spin-ofಞf of its generics unit Sandoz.

BP Plc. (BP): The oil giant’s shares lost nearly 2% after reports it was weighing selling its stake in its U.S. oil and gas pipeline network for an estimated $1 billꦫion.

ADP Payroll Data Offers Counterpoint to JOLTS

U.S. private employers added 89,000 jobs in September, the fewest since January 2021, according to private payroll company ADP.

The lower-than-expected reading offers a counterpoint to yesterday's Job Openings and Labor Turnover Survey (JOLTS), which showed 澳洲幸运5官方开奖结果体彩网:job openings unexpected♑ly jไumped in August to their highest level since May. That report tanked markets on concerns that a tight labor market could pressure the Federal Reserve to continue ꦚraising interest rates and hold them higher even longer than anticipated.

More paradoxically good news for markets: Wage growth slowed for a twelfth consecutive month, according to ADP. Wages in September were 5.9% higher than a year ago for those who stayed in one job, the smallest year-over-year increase since October 2021.

While 澳洲幸运5官方开奖结果体彩网:some research suggests the impact of wage growth on price increases may be negligible, the Fed still 澳洲幸运5官方开奖结果体彩网:wants wage growth to slow to bring inflation down to its 2% target.

Stock Futures Up as Bond Yields Retreat

Fuꦆtures contracts connected to the Dow Jones Industrial Average were u🍸p 0.1% in premarket trading.

S&P 500 futures gained 0.2%.

Nasdaq 100 contracts were also up 0.2%.