S&P 500 Gains and Losses Today

Here are the S&P 500 stocks that gained and lost the most today, and 澳洲幸运5官方开奖结果体彩网:the stories beh⛦ind the market's♛ biggest movers.

Dow Notches Fourth Straight Winning Day

The 澳洲幸运5官方开奖结果体彩网:Dow Jones Industrial Average gained more than 65 points, or about 0.2%, to move higher for the fourth consecutive s꧑ession as investors evaluated fresh wholesale inflation data and awaited tomorrow’s consumer inflation report. 

Amgen (AMGN) shares surged more than 4.5% after Leerink Partners upgraded it to “Outperform” from “Market Perform” on the potential of the pharmace෴utical company’s pipeline of cancer, obesity, and cardiovascular drugs.

Microsoft (MSFT) shares gained 1.2% after reports indicated EU regulators would accept Microsoft’s altered Activision Blizzard acquisition proposal, which it tweaked to win over UK regulators.

Shares of Walgreens Boots Alliance (WBA) moved higher by nearly 1% on news that the pharmaceutical chain hired former Cigna executive Tim Wentworth to be its ne♚w CEO. St🌠ill, Walgreens shares are down 40% year-to-date. 

Shares of Chevron (CVX) fell 3.3%, making it the Dow’s worst-performing stock. Oil prices fell more than 2% today as investors considered the impact th🌊e Israel-Hamas conflict could have on🎶 prices. 

Goldman Sachs (GS) shares declined 0.6% after the investment bank said its earnings would take a 19-cent per share hit from its deal to 澳洲幸运5官方开奖结果体彩网:sell fintec🥃ജh lending platform GreenSky to private equity firm Sixth Street.

-Terry Lane

Birkenstock Stumbles in First Day of Trading

Shares of footwear maker Birkenstock (BIRK) closed 13% below their offering price Wednesday, a possible stumblin🐽g block for an IPO market trying to break ℱfree of 2022’s deep freeze.

Birkenstock started trading at about $41 Wednesday afternoon and finished the day at $40 after 澳洲幸运5官方开奖结果体彩网:pricing shares at $46 yesterday. 

It’s the first major IPO in the last month to struggle on its first day of trading. Chip designer Arm Holdings Plc (ARM), whose debut was hailed as a watershed for the IPO market this year, rose almost 25% on its first day of trading in mid-September. Grocery delivery service Instacart (CART) and marketing software provider Klaviyo (KVYO) climbed 10% and 9%, respectively, when the♉y debuted just days later.👍 

Granted, of those three, only Klaviyo, at a price of about $33.50, traded anywhere near its first-day closing price on Wedne✤sday. Still, companies and underwriters want the stock to sizzle on its first day. Birkenstock’s fizzled. 

Highlights from Fed's September Meeting Minutes

Federal Reserve officials agree that rates are at or near their peak and that they'll need to stay elevated until policymakers are confident "inflation is moving down sustainably toward its [2%] objective," according to minutes from the Fed's September policy meeting.

Below are some highlights from the Fed minutes.

On wages: Nominal wage increases have "moderated," but wages are still rising at a rate historically inconsistent with the Fed's inflation target.

On tighter credit: Business activity and consumption are likely to be restrained by tighter financial conditions, but "the tightening of credit conditions resulting from the banking stresses earlier in the year was likely to be less severe than they previously expected."

On the policy path: A majority saw one more rate hike this year "would likely be appropriate, while some judged it likely that no further increases would be warranted." The Fed is following the economic data to confirm disinflation is continuing and labor markets are rebalancing.

Ozempic ﷺStudy Shakes Up Market for Kidney and Insulin Treatments

澳洲幸运5官方开奖结果体彩网:American ꧙depositary receipts (ADRs) of Novo Nordisk (NOVO) 澳洲幸运5官方开奖结果体彩网:jumped over 5% Wednesday, while shares of kidney dialysis machine and insulin pump makers tumbled, after the drug maker saidꦫ its diabetes medicine Ozempic showed signs of success as a treatment 🅘for kidney disease.

Novo Nordisk reported that a recommendation from the Independent Data Monitoring Co🉐mmittee (DMC) suggested a trial it initiated in 2019 be shut down almost a year early because of positive interim results that met pre-set criteria.

Novo Nordisk ADRs traded near their all-time high reached a month ago when it became 澳洲幸运5官方开奖结果体彩网:Europe's most valuable public co🐓mpany. Shares of dialysis machine manufacturers DaVita (DVA) and Baxter International (BAX) sank, along with shares of insulin pump makers DexCom (DXCM) and Insulet (PODD).

-Bill McColl

ExxonMo🍸bil Buys Pioneer Natural Resources for Nearly $60 Billion

ExxonMobil (XOM) agreed to buy 𓂃shale driller Pioneer Natu🎃ral Resources (PXD) in an all-stock deal for $59.5 billion or $253 per share, the companies jointly announced on Wednesday.

It's both the largest acquisition announced this year and the oil giant's biggest deal since Exxon bought Mobil for $81 billion in 1999.

The ⛦deal🐽 is expected to be finalized in the first half of 2024.

ExxonMobil shares were down 4% early Wednesday afternoon, while shares of Pioneer were up less than 1%. Pioneer shares 澳洲幸运5官方开奖结果体彩网:jumped 10% Monday when talks of the deal were first reported.

-Fatima Attarwala

What to Expect from Bank Earnings This Quarter

Banks will kick off earnings season in earnest later this week, and analysts are expecting t🌼he strain of higher int🦄erest rates to show in their results.

"Third-quarter earnings calls are likely to be marked much more by concerns about the impact of rising 澳洲幸运5官方开奖结果体彩网:10-year U.S. Treasury yields—the hit to capital as well as implications for the outlook including a potential 澳洲幸运5官方开奖结果体彩网:harder landing," JPM🐓organ said in its third-quarter bank earnin൲gs preview.

Leading Bank Q3 EPS Forecasts:

• JPMorgan Chase & Co. (JPM): $3.89 vs. $3.12 in Q3 2022
• Wells Fargo & Co. (WFC): $1.23 vs. $0.89 in Q3 2022
• Citigroup Inc. (C): $1.22 vs. $1.63 in Q3 2022
• Bank of America Corp. (BAC): $0.80 vs. $0.81 in Q3 2022
• Goldman Sachs Group (GS): $6.26 vs. $8.25 in Q3 2022
• Morgan Stanley (MS): $1.31 vs. $1.47 in Q3 2022
• PNC Financial Services Group (PNC): $3.11 vs. $3.78 in Q3 2022
• U.S. Bancorp (USB): $0.95 vs. $1.16 in Q2 2022

High interest rates are expected to have hit loan growth last quarter. Meanwhile, banks have had to raise what they pay on deposits to attract cash from customers.

With deposit costs rising and loan growth weakening, JPMorgan projects the industry's net interest income in the third quarter fell 3.5% compared with the second quarter.

-Lyle Niedens

Birkenstock Steps Into NYSE Today, Here's What To Expect From The IPO

Shares of German sandal maker, Birkenstock, will 澳洲幸运5官方开奖结果体彩网:make thei꧂r debut on the New Yꦍork Stock Exchange under the ticker "BIRK" today.

The company priced its initial public offering at $46 a share, the middle of its forecasted range, putting it on track to raise about $1.48 billion in a debut that will value the company at roughly $8.6 bill🌞ion.

A total of 32.25 million shares will start trading today, of which about 10.75 million are being sold by the company and roughly 21.5 million are being sold by its owner, private equity firm L Catterton, which is backed by LVMH Moët Hennessy Louis Vuitton (LVMUY) and the family hold🌸ing compan⛄y of its chair, Bernard Arnault.

Birkenstock's debut comes at 澳洲幸运5官方开奖结果体彩网:an in🧸flection point in the U.🎉S. IPO market, which has been sluggish amid rising interest rates. Flashy debuts by Arm (ARM) and Instacart (CART) in September possibly signaled a turnaround, and Birkꦐenstock's success—or lack thereof—could help set the tone for the IPO market heading into 2024.

-Vivian Medithi

Stocks Making the Biggest Moves Premarket

Gains:

• Plug Power (PLUG): Shares of the green energy tech company gained 9% after it said in an SEC filing it expects to generate revenue of about $6 billion in 2027 and $20 billion in 2030. The company forecasts $1.2 billion in revenue this year.
• Stellantis N.V. (STLA): Shares of the carmaker rose more than 3% after it announced a joint venture with Samsung to build a $3 billion battery factory in Kokomo, Indiana, where four existing Stellantis plants already employ about 5,000 workers building engines and transmissions.
• Walgreens Boots Alliance (WBA): Shares of the pharmacy chain climbed 2% after its board of directors appointed former Cigna executive Tim Wentworth to serve as CEO.

Losses:

• DaVita Inc. (DVA): Shares of the dialysis provider sank 17% after drugmaker Novo Nordisk said its weight loss drug, Ozempic, showed signs of success in a clinical trial targeting kidney failure in diabetes patients. German dialysis provider Fresenius Medical Cart AG (FMS) dropped 15%. Novo Nordisk (NVO) shares rose 3%, while competitor Eli Lilly (LLY), maker of weight loss drug Mounjaro, gained more than 2%.
• ExxonMobil Corp. (XOM): The oil giant’s shares lost 3% after it said it would buy oil and gas explorer and producer Pioneer Natural Resources (PXD) in a $59.5 billion all-stock deal. Pioneer shares rose about 1%.
• Humana Inc. (HUM): Shares of the healthcare company slipped 1.5% after it said Bruce Broussard would step down as CEO in the second half of 2024 after 11 years in the role.

PPI Unexpectedly Rose in September, Complicating Fed's Interest Rate Narrative

The 澳洲幸运5官方开奖结果体彩网:Producer Price Index (PPI), a measure of wholesale inflation, rose 0.5% in September, a slower month-over-month increase than in August but more than the 0.3% increase economists predicted.

The surprisingly high reading also pushed the annual inflation rate up to 2.2% last month, its highest since the index rose 2.3% in April. The annual rate of wholesale inflation has now accelerated for three consecutive months, raising questions about tomorrow's 澳洲幸运5官方开奖结果体彩网:Consumer Price Index (CPI) print and the path forward for the Federal Reserve as it 澳洲幸运5官方开奖结果体彩网:attempt🅺s to engineer a soft landing.

Stock Futures Up Ahead of Whoꦕlesale Inflation Data

Futures contracts connected to the Dow Jones Industrial Average were up 0.3% about an hour before market♓s opened.

S&P 500 futures were ꧙also about 0.3% higher.

Nasdaq 100 contracts gained slightly more, rising 0.4%🐻 before the open.