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 behind the day's biggest move𒐪rs.

Dow Drops on Higher-than-Expected Inflation Print

The 澳洲幸运5官方开奖结果体彩网:Dow Jones Industrial Average fell 0.5%, or about 174 points, after 澳洲幸运5官方开奖结果体彩网:inflation data for September came in higher than exp🥀ected. It’s the first decline in five sessions for♎ the index.

Shares of Walgreens Boots Alliance (WBA) soared 7% after the pharmacy chain announced a 澳洲幸运5官方开奖结果体彩网:$1 billion cost-cutting plan. It was the fourth consecutive winning session for the company that yesterday tapped former Cigna executive Tim Wentworth as its new CEO. Still, the stock has lost more than a third of its vaﷺlue this year.

Nike (NKE) shares moved higher by 0.6%. The stock has risen every day since Tuesday when the brand was nameꦡd teens’ favorite footwear and apparel brand in Piper Sandler’s semi-annual teen survey. 

Amgen (AMGN) shares gained 0.5%, moving up for a second session following an upgrade from Lee༺r💛ink Partners yesterday. 

Apple (AAPL) gained 0.5% while Cisco Systems (CSCO) moved higher by 0.4%. 

Boeing (BA) shares dropꦇped 2.4% after missing third-quarter delivery estimates on Tuesday. The company delivered just 15 of its best-selling 737 MAX jets in September. European airline Ryanair also said today it expects delayed Boeing deliveries would hurt its capacity next summer.

澳洲幸运5官方开奖结果体彩网:McDonald's (MCDඣ) dropped 1.9%, extending the fast food chain’s recent decline. Shares are down 𝄹more than 12% in the last month.

Shares of Honeywell (HON) declined nearly 1.9% two days 💟after the 🌜conglomerate said it would realign its business to focus on three leading trends: automation, aviation, and the energy transition.

-Terry Lane

Walgreens Share♒s Surge After Saying It Will Slash Costs

Shares of Walgreens Boots Alliance (WBA) advanced on Thursday after the biggest U.S. pharmacy chain 澳洲幸运5官方开奖结果体彩网:announced a major cost-cutting progr💛am as it struggles to overcome recent challenges, inclu🍷ding a CEO shakeup.

Walgreens reported fiscal 2023 fourth-quarter profit of $0.67 cents a share, missing forecasts as demand waned for COVID-19 vaccines and tests. Revenueಞ rose 9.🐠2% year-over-year to $35.42 billion, more than expected.

Interim CEO Ginger Graham said performance in 2023 “has not reflected WBA’s strong assets, brand legacy, or our commitment to our customers and patients.” She added that the company is slashing expenses by at least $🔯1 billion and lowering its capital expenditures by about $600 million.

Even with Thursday's gains, Walgreens shares have lost more than one-third of their value this year.

-Bill McColl

Bonds Tanked by Underwhelming Treasury Auction

Bond yields renewed their upward surge and stocks tumbled immediately after the Treasury auctioned off about $20 billion of 30-year bonds. The reason: The Treasury’s 澳洲幸运5官方开奖结果体彩网:market makers made up a larger share of buyers꧙ than they have in any other sale this year. 

澳洲幸运5官方开奖结果体彩网:Primary dealers, the big banks that act as market makers in Treasury auctions, walked away with 18% of the bonds auctioned today, a sign of lackluster demand among the foreign and international entities that make up the majority of U.S. 𓆏debt buyers. 

The auction results come at a volatile time for bond prices, with 澳洲幸运5官方开奖结果体彩网:yields rising to 16-year highs in recent weeks, which helps to explain Thursday's muted demand. The sheer size o💞f U.S. debt issuance, the value of whꦿich has already surpassed every other year in the last decade (excluding 2020’s pandemic-relief debt.)

The auction results sent bond yieldsꦕ even higher, with the yield on 30-year Treasurys surging to nearly 4.9% in the hour after the auction closed. Stocks, subsequently, sank on the threat of higher rates.

Midday Market Movers

Fastenal Co. (FAST): Shares of the hardware distrib꧟utor jumped 7%, putting it on track for its bes꧙t day since March 2020, after reporting better-than-expected third-quarter earnings. 

Albemarle Corp. (ALB): Shares rose more than 3% after the lith🙈ium miner was given an extension to complete due diligence on its proposed $4 billion acquisition of Australia’s Liontown Resources.

Broadcom Inc. (AVGO): Shares of the chip company rose about 5% on reports alleging Chinese regulators were close to approving its $61 billion acquisition of VMWare Inc. (VMW). VMWare shares were up more than 4%.

Hormel Foods Corp. (HRL): Shares of the packaged food company sank more than 9% after United Food and Commercial Workers union members ratified a🐓 new contract including the largest pay increase in the company’s history.

Birkenstock Holding Plc. (BIRK): The footwear maker’s shares fell 5% after losing more than 10% yesterday on their first day of tradi𒊎ng. 

Delta ♛Reports Big Profit Gains From Summer Travel, but Warns About Fuel Co𝓰sts

Delta Air Lines (DAL) reported third-quarter 2023 澳洲幸运5官方开奖结果体彩网:net income jumped 59% from a year ago to $1.11 billion, or $2.03 per share, beating estimates. Revenue increased 13.3% to a record $14.55 billion, in line with forecasts.

President Glen Hauenstein indicated that “robust demand for travel” is continuing into the December quaಌrter. However, Delta anticipates full-year profit of $6 to $6.25 per share, at the low end of its previously reported range of $6 to $7, as higher fuel prices crimp earnings. 

The airline's shares were 0.6% lower midday Thursday, but they remained in positive territory for 2023. 

-Bill McColl

Thousands Walk Out on Ford in Surpr෴i𝐆se Expansion of UAW Strike

Almost 9,000 workers walked off the job Thursday night at Ford’s Kentucky Truck Plant in ꦫLouisville, Kentucky. 

The United Auto Workers (UAW) said it called the strike because “Ford refused to make further movement in bargaining.” The Kentucky Truck Plant, where Ford assembles its popular Super Duty pickup trucks, Ford Expeditions, and Lincoln Navigators, is one of the carmaker's largest and most profitable factories.

The unannounced move represents a shift in strategy for the union, which up to now has expanded its 澳洲幸运5官方开奖结果体彩网:stand-up strike at predetermined times each week. 

Four weeks into the UAW strike, more than 30,000 union members were on strike and 澳洲幸运5官方开奖结果体彩网:5,000 workers had been laid off by the Big Three. 

Ford shares were down more than 2% Thursday. 

Mixed Inflation Report Sinks Bonds

Treasuries sank on Thursday's higher-than-expected inflation report, giving up almost all of yesterday's gains.

The yield on the 10-year note jumped from about 4.55% to as high as 4.65%. The 30-year bond yield rose in a similar fashion, spiking immediꦛately after the CPI rele🥂ase and rising 10 basis points within an hour and a half.

While Thursday's inflation report could give the Federal Reserve more reason to raise rates further, Fed officials have recently been emphasizing that higher yields, especially those of 10-year and 30-year Treasurys, could slow the economy themselves.

Higher term premiums, Dallas Fed President Lorie Logan said Monday, “could do some of the work of cooling the economy for us, leaving less need for additional monetary policy tightening.”

Stocks Making the Biggest Moves Premarket:

Gains:

• Delta Air Lines Inc. (DAL): Shares gained more than 3% after the airline reported third-quarter earnings rose nearly 60% from last year, a bigger-than-expected jump. 
• Target Corp. (TGT): Shares of the retailer rose 2.5% after Bank of America upgraded its stock to buy from neutral, citing its attractive valuation following a months-long sell-off.
• Walgreens Boots Alliance (WBA): Shares of the pharmacy chain rose more than 1% after it reported mixed results, beating Wall Street’s revenue estimates but missing on the 澳洲幸运5官方开奖结果体彩网:bottom line. Walgreens shares were trading near their lowest point in over a decade before Thursday’s results. 

Losses:

• Infosys Ltd. (INFY): Shares of the Indian IT services consultant fell more than 4% premarket after it cut its full-year revenue outlook for the second straight quarter.
• Ford Motor Co. (F): Shares of the carmaker lost about 3% after the United Auto Workers (UAW) union called on almost 9,000 workers to strike at Ford’s Kentucky Truck Plant, one of its most important factories. 

Inflation Slowed Less than Expected in September

The Consumer Price Index (CPI) rose 0.4% in September, a slowdown from last month's 0.6% increase but still faster than the 0.3% rise economists were expecting. That put the annual inflation rate at 3.7%, the same as the prior month.

🌊The core prices index, which excludes volatile food and energy prices, increased 0.3%, the same as in August. Housing costs, car insurance, and new cars were some of the largest contributors to inflation last month.

According to the Bureau of Labor Statistics, rising housing costs accounted for more than half of September's increase.

Stock Futures Up Ahead of September CPI

Futures contracts connected to the Dow Jones Industr🎃ial Average were up 0.ꩲ4% and headed higher about half an hour before the CPI release.

S&P 500 futures were also up 0.4%.

Nasdaq 100 contracts were up about 0.3% higher.