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.

Key Highlights:

  • 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.

Corporate News:

  • 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. 

Market Movements:

Stocks:

  • S&P 500: +0.9%
  • Nasdaq 100: +0.9%
  • Dow Jones: +1%
  • MSCI World index: +0.8%

Currencies:

  • Bloomberg Dollar Spot Index: +0.3%
  • Euro: -0.8% ($1.0640)
  • British pound: -0.7% ($1.2407)
  • Japanese yen: Static (147.46 per dollar)

Cryptos:

  • Bitcoin: +1.7% ($26,660)
  • Ether: +1.9% ($1,633.79) 

Bonds:

  • 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%)

Commodities:

  • West Texas Intermediate crude: +2.1% ($90.37/barrel)
  • Gold: Stable

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About the Author

Markets Summary: Stocks and Key Developments

Ashlee Vogenthaler

Markets Editor