Biggest S&P 500 Movers on Monday

Decliners

• Concerns about the pace of interest-rate cuts weighed on stocks in the housing sector, with the likelihood of mortgage rates staying high dampening the outlook for real estate. Shares of construction materials supplier Builders FirstSource (BLDR) tumbled 5.2%, making the steepest loss of any S&P 500 constituent. Shares of homebuilders Lennar (LEN) and D.R. Horton (DHI) were down 4.4% and 4.2%, respectively, while numerous 澳洲幸运5官方开奖结果体彩网:real estat⛦e investment trusts (REITs) also lost ground.
• Cigna (CI) shares fell 4.7% following reports about a 澳洲幸运5官方开奖结果体彩网:resumption of merger negotiations with rival health insurer Humana (HUM). The two companies engaged in talks last year but failed to strike a deal, but according to Bloomberg, they are in the early stages of a new round of negotiations. Cigna announced in January that it plans to sell its Medicare Advantage business to Health Care Service Corporation, suggesting that the divestment could make a potential merger with Humana more palatable to regulators. Humana shares slipped 2.5% on Monday.
  
• Shares of Monolithic Power Systems (MPWR), a semiconductor maker specializing in power management solutions, lost 3.6%. Recent reports indicated that Monolithic Power insiders unloaded more than $300 million worth in shares of the company. Investors often interpret insider sales as a sign of limited confidence in a firm's future performance.

Advancers

• Monday's top performance in the S&P 500 belonged to shares of Kenvue (KVUE), the consumer health company that completed its separation from Johnson & Johnson (JNJ) in August, which surged 5.5%. The gains followed multiple reports that activist investor Starboard Value had 澳洲幸运5官方开奖结果体彩网:accumulated a significant position in Kenvue, home to well-known brands like Benadryl and Band-Aid. According to The Wall Street Journal, the hedge fund aims to push for changes to help boost Kenvue's stock price.
• Shares of AI semiconductor behemoth Nvidia (NVDA) added 4.1% in the wake of positive commentary from several Wall Street analysts. Bank of America and investment research firm CFRA boosted their price targets on Nvidia stock last week. Analysts at Bank of America highlighted Nvidia's partnerships with companies like Microsoft (MSFT) and Accenture (ACN), solidifying Nvidia's position as a go-to collaborator in the enterprise AI space. 

• Boeing (BA) shares jumped 3.1% after the company 澳洲幸运5官方开奖结果体彩网:reached a tentative deal with the union representing its machinists, potentially ending a strike that has persisted for five weeks and constrained the aircraft maker's operations. According to a statement released over the weekend, the union plans to vote Wednesday on the new deal, which includes a 35% increase in wages over four years—a step up from Boeing's prior offers but still below the union's stated goal of 40%.

-澳洲幸运5官方开奖结果体彩网:Michael Bromberg

Treasury Yields Rise to Highest Levels Since July

Treasury yields climbed by the most in weeks on Monday as markets continued to recalibrate their interest rate expectations while 澳洲幸运5官方开奖结果体彩网:assessing the likelihood of a 澳洲幸运5官方开奖结果体彩网:soft landing for the U.S. economy. 

The 10-year Treasury yield was at 4.19% Monday afternoon, its highest level since late July. The 11 basis-point, or 0.11 percentage-point, increase was its biggest intraday rise 澳洲幸运5官方开奖结果体彩网:since Oct. 4 when a 澳洲幸运5官方开奖结果体彩网:stronger-than-expected jobs report assuaged Wall Street’s 澳洲幸运5官方开奖结果体彩网:recession fears. 

There was no obvious catalyst for Monday’s rise, but yields have been 澳洲幸运5官方开奖结果体彩网:trending upward ever since the Federal Reserve cut interest rates for the first time in more than🐓 four years last month.

The Fed went big in September, 澳洲幸运5官方开奖结果体彩网:slashing its benchmark rate by 50 basis points 🀅amid a concerning uptick in the 🎃unemployment rate. The decision was a controversial one in some corners. Fed Governor Michelle Bowman favored a smaller cut, becoming the first Fed governor to dissent from a rate decision since 2005.

In the weeks since, economic data—including 澳洲幸运5官方开奖结果体彩网:September's inflation data—has generally provided positive surprises, supporting Bowman's view that the Fed can take it slow and steady as it returns the federal funds rate to 澳洲幸运5官方开奖结果体彩网:a neutral level. That data has also supported the stock market, which has risen to 澳洲幸运5官方开奖结果体彩网:record after record in recent weeks.

Wall Street has dramatically curbed its expectations for upcoming rate cuts. On Monday, there was a 64% chance the Fed would cut rates by a total of 50 basis points over its next two meetings, according to federal f♏unds futures trading data. Markets see no chance of bigger cuts. The♉ inverse was true a month ago; then, Wall Street saw no chance that the Fed would cut its key rate by less than 50 basis points over the last two meetings of 2024. 

-澳洲幸运5官方开奖结果体彩网:Colin Laidley

Goldman Sees Lower Stock Market Returns Over Next 10 Years

Analysts at Goldman Sachs on Monday forecast the S&P 500's average annual return over the last decade of 13% will shrink to just 3% in the next 10 years.

The index's extreme concentration, they say, is one key reason the S&P 500 will deliver such paltry returns.

Goldman estimates the equal-weight S&P 500 could outperform the capitalization-weight index by as much as 8 percentage point💫s a year through 2034.

Read the 澳洲幸运5官方开奖结果体彩网:full article here.

-澳洲幸运5官方开奖结果体彩网:Colin Laidley

Vans and North Face Owner VF's Stock Plunges

Shares of Vans and The North Face owner VF Corporation (VFC) slu💜mped Monday as JPMorgan put the apparel giant on its “Negative Catalyst Watch” list and warned about its financial outlook.

JPMorgan analysts wrote in a note to clients that after “recent fieldwork and management access” they cut their fiscal 2025 earnings per share estimate💞 to 65 cents, which they noted was 35% below the Wall Street consensus. The analysts based that on an 8% year-over-year decline in revenue, also worse than consensus forecasts.

JPMorgan warn𓆏ed of “continued w𒅌holesale challenges” at The North Face, noting management said retailers were reluctant to take inventory risks because of the warmer start to the fall and winter last year. The analysts added their research found “ongoing traffic headwinds globally across brands in the portfolio” affecting direct-to-consumer revenues.

The analysts maintained a “neutral” rating on the stock, with a price target of $16, implying about 12% downside from Monday's intraday price of $18.25.

VF shares were down nearly 7% in intraday trading Monday, and they've moved into negative territory for 2024.

-澳洲幸运5官方开奖结果体彩网:Bill McColl

Boeing Leads Handful of Dow Gainers

Boeing (BA) shares advanced 3% Monday afternoon after the plane maker and its 33,000-member machinists union struck a 澳洲幸运5官方开奖结果体彩网:tentative agreement over the weekend that could end the five-week st�🤡�rike that has crippled the company.

The deal includes a 35% bump in wages over four years, a $7,000 ratification bonus, and a boost to members' 澳洲幸运5官方开奖结果体彩网:401(k) plans, though it would not bring back the traditional 澳洲幸运5官方开奖结果体彩网:pension plans workers wanted. The union said it would be putting the proposal up for a vote on Wedne❀sday.

Boeing has been hammered by the walkout, which began Sept. 13. Since then, the company has announced significant 澳洲幸运5官方开奖结果体彩网:cost-cutting steps, including plans to lay off about 17,000 employees. It also wrote in a regulatory filing it planned to raise up to $25 billion 𒐪through the sale of debt or stock. 

Shares of Boeing hit a two-year low earlier this month, and despite a slight rally, they've still lost nearly 40% of their value this year.

𒁃Boeing was one of only five Dow components gaining ground on Monday.

-澳洲幸运5官方开奖结果体彩网:Bill McColl

Humana Levels to Watch After Report of Cigna Merger Talks

Humana (HUM) shares rose Monday after Bloomberg reported late Friday that Cigna (CI) has resume🍒d its efforts to mer🍬ge with the struggling health insurer.

The stock broke down below a descending channel late last month, but promptly reversed course the following week to reclaim the pattern's lower trendline, potentially indicating a bear trap.

The stock was up 0.3% at $267.95 in recent tra♕ding, after rising to above $275 early in the session.

Investors should watch key overhead levels on Humana's chart around $300, $370 and $450, while also watching a crucial area of support near $230.

Read the full 澳洲幸运5官方开奖结果体彩网:technical analysis piece here.

-澳洲幸运5官方开奖结果体彩网:Timothy Smith

Kenvue Stock Surges on Report of Starboard Stake

Shares of Kenvue (KVUE) took off Monday morning on reports that 澳洲幸运5官方开奖结果体彩网:activist investor S♔tarboard Value has taken a large stake in the consumer health products maker.

The Wall Street Journal and Reuters report it's unclear how big of an investment the 澳洲幸运5官方开奖结果体彩网:hedge fund has made in the maker of Tylenol, Band-Aids, and Listeri⛄ne.

The Journal, which first reported the news, said that Starboard has taken a "sizable stake" and wants the company to make changes to boost its stock price, while Reuters pointed out that the share price has fallen 18% since Kenvue 澳洲幸运5官方开奖结果体彩网:began trading last year after it was spun off of Johnson & Johnson (JNJ).

The Journal noted that Starboard founder and 澳洲幸运5官方开奖结果体彩网:Chief Executive Officer (CEO) Jeff Smith is expected to outline⭕ the firm's plans for Kenvue at tomorrow's 13D Monitor Active-Passive Investor Summit in New York.

Reuters added that Smith will also speak at the conference about Starboard's plans for Pfizer (PFE) after it recently made an approximately 澳洲幸运5官方开奖结果体彩网:$1 billion stake in the drug maker.

Kenvue shares were up about 6% in recent trading,

-澳洲幸运5官方开奖结果体彩网:Bill McColl

Spirit Airlines Soars as Debt Deadline Extended

Spirit Airlines (SAVE) shares jumped in early trading Monday after the discount carrier said it has extended the deadline on a 澳洲幸运5官方开奖结果体彩网:debt refinancing plan with credit card processors Visa (V) and Mastercard (MA).

The deadline for the refinancing originally was extended from September to Monday, but Spirit said in a filing late Friday that the deadline has been extended again to Dec. 23. Spirit also said that it has borrowed the entire $300 million available from a 澳洲幸运5官方开奖结果体彩网:revolving credit line, and e🐬xpects to end the year with at least $1 billion in liquidity.

Shares of the disco💎unt air🧜line were up 38% at $2.02 in early trading but have lost nearly 90% of their value since the start of the year.

澳洲幸运5官方开奖结果体彩网:Legal challenges that eventually led Spirit and JetBlue Airways (JBLU) to 澳洲幸运5官方开奖结果体彩网:abandon their attempted merger; cost-cutting maneuvers like 澳洲幸运5官方开奖结果体彩网:delaying jet deliveries and 澳洲幸运5官方开奖结果体彩网:furloughing pilots amid 澳洲幸运5官方开奖结果体彩网:warnings of lower revenue; and a 澳洲幸运5官方开奖结果体彩网:recent report that Spirit is considering filing for bankruptcy have sent the stock plummeting thi💧s year.

-澳洲幸运5官方开奖结果体彩网:Aaron McDade

Gold Continues to Glitter

Gold (GOLD) is on the rise agꦺain early Monday, trading at record-high levels.

The yellow metal, which has posted four consecutive days in the green through Friday’s close, has received a boost in recent trading sessions from escalating tensions in the Middle East, uncertainties surrounding the upcoming U.S. presidential election, and expectations of further 澳洲幸运5官方开奖结果体彩网:interest rate cuts before the end of the year. 

Typically, investors flock to the 澳洲幸运5官方开奖结果体彩网:safe-haven asset during periods of geopolitical uncertainty, while lower rates reduce the oppor🌟tunity cost of holding the 🍌metal, making it more attractive as a store of value.

The re༒lative strength index confir𒉰ms bullish price momentum in the commodity, but also cautions of overbought conditions that increases the chances of short-term pullbacks.

Investors should monitor a bars patꦐtern upside target on the gold chart aroun🍰d $2,890 an ounce, while also watching important support areas at $2,605, $2,530, and $2,430.

Read the full 澳洲幸运5官方开奖结果体彩网:technical analysis piece here.

-澳洲幸运5官方开奖结果体彩网:Timothy Smith

Futures Point to Lower Open for Major Indexes

Futures tied to the Dow Jones Indus﷽trial Average were down 0.2%.

S&P 500 futures were off 0.3%.

Nasdaq 100 futures were down 0.6%.