S&P 500 Gains and Losses

Here are the S&P 500 companies 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 Gains Nearly 300 Points Despite Jobs Report

The 澳洲幸运5官方开奖结果体彩网:Dow Jones Industrial Average rose 288 points, or about 0.9%, as stocks rebounded from an early morning sell-off following a report showing 澳洲幸运5官方开奖结果体彩网:hiring surged in September, possibly giving the Federal Reserve more reason to hike rates a💫gain or hold them higher for longﷺer.

The day’s gains weren’t enough to erase losses from e♈arlier in the week. The Dow finished the week 0.3% lower, its third consecutive losing week.

Salesforce (CRM) gained 2.7% to lead the Dow higher, while Microsoft (MSFT) shares moved up 2.5% and Apple (AAPL) rose 1.5%.

Walt Disney Company (DIS) shares climbed 2.6% after two separate analysts started coverage of the media company with positive ratings. Seaport Global Securities issued a “buy” rating, citing the company’s leadership in sports and amusement parts, while Bernstein rated the company as “outperfoওrm” on the strength of its intellectual property. 

Conglomerate Honeywell (HON) moved higher by 2.6% while Caterpillar (CAT) gained 2%. 

Walmart (WMT) was the worst performer in the Dow 30, fa✃lling 1.7% a day after reports that it’s already seeing weig🌊ht loss drugs like Ozempic eating into its snack and grocery sales.

McDonald's (MCD) shares dropped 1.6%.

-Terry Lane

Rate Hikes Are Done, Says Goldmꩵan Despite Jobs Reports Suꦇrprises

Despite two surprisingly strong jobs reports this week, Goldman Sachs analysts don't see the Fed raising rates again this year.

"Following today’s data and Tuesday’s JOLTS report, we estimate that the jobs-workers gap has fallen from a peak of 6mn to around 2.6mn based on an average of JOLTS and alternative web-based measures of job openings," wrote analysts in a note Friday.

"The continued rebalancing of the labor market despite solid GDP growth and strong job growth is consistent with our view that the July hike in the Fed funds rate was the last of the cycle," they added.

They're in the majority, according to CME's FedWatch Tool, which uses federal funds rate futures data to calculate the market's expectations of monetary policy. But that majority is shrinking. A week ago, traders thought there was an 81.7% chance the Fed won't raise rates at its next meeting at the end of the month. Today, that figure is 73.4%.

Natural Gas Jumps to 8-𝕴Month High as Winte🐭r Approaches

Na🅺tural gas continuous futures contracts jumped 6% to about $3.36 Friday, as winter approached and threats to supply piled up. 

Workers voted to 澳洲幸运5官方开奖结果体彩网:resume stri꧑kes at two Chevron facilities in Australiaꦗ൲ that account for about 7% of global supply.

According to oil field services company Baker Hughes, the number of U.S. oil and gas rigs in operation declined for a third straight week. As of the end of this week, there are almost 20% fewer rigs—and 25% fewer natural gas rigs—operating in the U.S. than last year.

Consumer Staples T🎃rail the Market on Economy, Ozempic Concerns

Big retailers and packaged food companies missed out on a broad rally Friday afternoon as investors considered the impact that popular weight loss 🥃drugs could have on sales. 

The consumer staples sector was the only sector in the red Friday afternoon, weighed on by retailers like Walmart (WMT) and Costco (COST), both down more than 2%. 

Meanwhile, Domino’s Pizza (DPZ) and Wingstop (WING) were the large-cap 澳洲幸运5官方开奖结果体彩网:Russell 1000’s worst-performing stocks, each falling about 6%. Domino’s has lost 10% this week alone amid a pull-back in stocks that could be impacted by the widespread use of a𝔍ppetite-suppressing drugs like Ozempic and Wegovy.

The drugs exploded in popularity this year, making their manufacturer Novo Nordisk (NVO) 澳洲幸运5官方开奖结果体彩网:Europe’s most valuable company. And analysts expect uptake to pick up, with Morgan Stanley estimating that 7% of the U🎀.S. population could be taking a weight loss dr🔯ug a decade from now.

Coca-Cola (KO) shares fell 5% yesterday to a 3-year low. Competitor PepsiCo (PEP) also lost 5%, falling to a one-year low.

Midday Market Movers

PDD Holdings Inc. (PDD): Shares of the Chinese e-commerce company rose more than 8% amid buzz about the meteoric growth of its subsidiary Temu, an online everyt꧅hing store famous for its ultra-low p🥃rices. 

AMC Entertainment Holdings Inc. (AMC): The theater chain’s shares rose 10% after it said the Taylor Swift Eras Tour concert film has already sold more than $100 million in advance ⛄tickets, a week before the movie’s release.

MGM Resorts International (MGM): Shares of the casin🦩o operator gained more than 5% after it said it expected a recent cyberattack would cost it $100 million in profit, but that the costs of fighting the attack would likely be covered by insurance and the full-year financial impact would be negligible. 

Koninklijke Philips N.V. (PHG): The Dutch cong💃lomerate’s shares fell more than 7% after the FDA said ❀it needed to conduct more testing to confirm the safety of the respirators it recalled in 2021. 

Church & Dwight Co. Inc. (CHD): Shares of the Arm & Hammer baking soda maker fell nearly 5💝% after a surprisingly strong September jobs report stoked fears the Federal Reserve will remain aggressive in its effort to fight inflation, signaling tougher times ahead for consumers. 

Philips ADRs Slide as FDA Says It's Unsatisfied With Sleep Apnea Machine Recall

澳洲幸运5官🏅方开奖结果体彩网:American depositary receipts (ADRs) of Koninklijke Philips (PHG) 澳洲幸运5官方开奖结果体彩网:sank in early trading on Friday as the 澳洲幸运5官方开奖结果体彩网:Food and Drug Administration (FDA) ruled the Netherlands-based health tech ♉firm’s handliܫng of a recall of sleep apnea devices was not sufficient.

Philips initiated the recall 🔴after U.S. regulators warned in June 2021 that millions of ventilators, BiPAP machines, and CPAP machines contained potentially harmful polyurethane foam.

The FDA indicated that it does not believe “the testing and analysis Philips has shared to date are adequate to fully evaluate the risks posed to users of the recalled devices.” Officials added that addi🎶tional testiღng is needed and that Philips has agreed to do so.

Koninklijke Ph𒆙ilips ADRs were down 7% Friday afternoon but were✤ over 22% higher for 2023.

-Bill McColl

Tesla Shares Fall After Slashing Model 3 an💧d Model Y Prices in the US

Tesla (TSLA) 澳洲幸运👍5官方开奖结果体彩网:shares🐷 lost ground in early trading Friday after it slashed prices on its Model 𝓡3 and Model Y vehicles in the U.S. to boost demaﷺnd.

The EV maker cut prices by about 2.7% to 4.2%, lowering the cost of its Model 3 rear-wheel drive to $38,990 from $40,240. The Model Y Performance SUV now starts at $52,490, down from $54,490.

Tesla shares were 2.2% lower late Fri🃏day morning, though theyꦗ were still up over 130% year-to-date.

-Fatima Attarwala

Tech Stocks Lead Rebound from Morning Sell-Off

Conventional wisdom says tech companies should be hit hard by hig✃her interest rates, which increase the cost of borrowing money to finance growth initiatives. That was the narrative un﷽derpinning lasꦆt year’s tech sell-off.

And yet tech stocks led the way as markets rebounded from a dramatic drop Friday morning, even with Treasury yields jumping to near their highest levels since 2007. Microsoft (MSFT), Salesforce (CRM), and Cisco Systems (CSCO) were among the Dow’s best-performing stocks about an hour into the session. While cloud-based service providers like Palo Alto Networks (PANW), Arista Networks (ANET), and Paycom Software (PAYC) were leaders in the S&P 500. 

Some analysts, like those at Goldman Sachs, think the sell-off that began in August is overdone, setting tech stocks, especially 澳洲幸运5官方开奖结果体彩网:mega caps, up for a rebound this quarter. Goldman said in a research note earlier this week that the seven largest tech stocks have a 澳洲幸运5官方开奖结果体彩网:PEG ratio, a comparison of a stock’s price and the company’s future earnings growth, of 1.3 versus the S&P 500’s ratio of 1.9, offering tech investors the bigg𒆙est discount since 2017.

Stocks Making the Biggest Moves in Early Trading

Pioneer Natural Resources Co. (PXD): Shares gained 9% on reports that oil giant Exxon Mobil (XOM) is in talks to 🍷acquire the shale driller for about $60 billion. Exxon sha♑res fell 2.5% in early trading.

Apellis Pharmaceuticals Inc. (APLS): The drug maker’s shares rose more than 7% after the company reported growing sales of its macular degeneration drug Syfovre and JPMorgan upgraded the stock to over꧟weight from neutral.

Shell Plc (SHEL): The oil giant’s shares rose a little more than 1% after it said it expeౠcted third-quarter earnings to be higher𓆉 than anticipated thanks to a rebound in oil prices and natural gas profits.

Utilities: Utilities stocks were crushed Friday morning as bond yields surged. Utilities companies operate in a capital-intensive sector, making them highly sensitive to changes in borrowing costs. AES Corp. (AES) was the S&P 500’s worst-performing stock in early trading, falling more than 7%. NextEra Energy (NEE) and Dominion Energy (D) both lost more than 3%.

Tesla Inc. (TSLA): Theꦜ electric vehicle maker's shares lost 3% after it lowered prices on its Model 3 and Model Y. The company missed analysts’ estimates with its third-quarter production and delivery report earlier this week. 

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. The U.S. added 336,000 jobs in September, the most since January and twice what economists had predicted. The unemployment rate held steady at 3.8% and average hourly wages ticked up at a rate consistent with expectations.
2. 澳洲幸运5官方开奖结果体彩网:Exxon Mobil (XOM) shares declined 3% in pre-market trading following reports that the oil giant is in talks to acquire shale driller Pioneer Natural Resources (PXD) in a $60 billion deal.
3. After weaker-than-expected third-quarter deliveries, 澳洲幸运5官方开奖结果体彩网:Tesla (TSLA) cut prices on its Model 3 vehicles to $38,990 from $40,240 and reduced the price of its Model Y vehicles to $48,490 from $50,490.
4. The National Highway Traffic Safety Administration (NHTSA) reportedly wants to recall about 20 million General Motors (GM) vehicles to replace potentially faulty airbag inflators.
5. Levi Strauss & Co. (LEVI) shares fell nearly 2% in pre-market trading after the jeans maker cut its 澳洲幸运5官方开奖结果体彩网:annual forecast for the second time after the company missed third-quarter sales estimates.

-Terry Lane

Stock Futures Update: Indexes Fall Off a Cliff on 𒈔Jobs Report

Stock futures, which were up earlier Friday morning, sank immediately upon the release of September's jobs report at 8:30 a.m. ET.

Dow futures fell to trade 0.6% lower.

The S&P 500 plummeted more than 0.8%.

And Nasdaq 100 futures 𓄧tanღked, falling more than 1%.

September Hiring Blows Past Predictions

The U.S.🃏 added twice as many jobs in September as economists expected.

Nonfarm payrolls increased 336,000 last month and the unemployment rate held steady at 3.8%. Economists predicted an increase of 170,000 jobs and for the unemployment rate to tick down to 3.7%.

The huge addition💛 of jobs is unwelcome news to markets, as it increases the odds of a hawkish Federal Reserve when its policymakers meet later this month to decide whether to raise interest rates yet again.

Futures Rising Ahead of Jobs Report

Futures contracts connected tౠo the Dow Jones Industrial Ave🐽rage were up a little more than 0.1% Friday morning.

S&൲;P 500 futures were similarly rising in pre🀅market trading.

Nasdaq 100 contracts also advanced about 0.15%.