Markets Summary: Stocks and Key Developments
Stocks saw an upward trend, driven by optimism that the Federal Reserve could manage a stable transition despite prolonged higher interest rates. This confidence followed robust economic reports. Meanwhile, the euro took a dip with predictions suggesting the European Central Bank might maintain its current position after its recent rate increase.
- The S&P 500 experienced growth across all primary sectors, surpassing the 4,500 mark.
- Retail sales and producer price figures surpassed predictions earlier in the day.
- Arm Holdings Plc’s stocks surged by up to 22% during its market debut.
- Walt Disney Co.’s (DIS) value grew amid discussions of a potential sale of ABC to Nexstar Media Group Inc.
- Detroit-based automakers Ford (F) and General Motors (GM) saw lesser performance due to looming strike threats.
- Adobe Inc. (ADBE) is set to announce its financial results post-market close.
- Markets are prepping for the potential turbulence as stock and index-related options are set to expire on Friday.
- Nikola Corp. (NKLA) stocks skyrocketed following the announcement of their hydrogen fuel-cell trucks launch.
- Delta Air Lines Inc. (DAL) adjusted its Q3 profit forecasts due to increased fuel costs and unanticipated maintenance expenses. However, their annual earnings forecast remains unchanged.
- AMC Entertainment Holdings Inc. (AMC) reported a capital raise of $325.5 million through a sale of 40 million shares.
- HP Inc.’s (HPQ) stocks decreased after Berkshire Hathaway, led by Warren Buffett, sold shares worth $158.5 million.
- Visa Inc.’s (V) shares decreased as major U.S. banks were permitted to sell their holdings in the payment network.
- Microsoft Corp. (MSFT) faces potential EU antitrust action regarding its Teams video-conferencing app.
- S&P 500: +0.9%
- Nasdaq 100: +0.9%
- Dow Jones: +1%
- MSCI World index: +0.8%
- Bloomberg Dollar Spot Index: +0.3%
- Euro: -0.8% ($1.0640)
- British pound: -0.7% ($1.2407)
- Japanese yen: Static (147.46 per dollar)
- Bitcoin: +1.7% ($26,660)
- Ether: +1.9% ($1,633.79)
- 10-year Treasuries: +4 basis points (4.29%)
- Germany’s 10-year yield: -6 basis points (2.59%)
- Britain’s 10-year yield: -7 basis points (4.28%)
- West Texas Intermediate crude: +2.1% ($90.37/barrel)
- Gold: Stable