The S&P 500's Biggest Gains and Losses Today

Here are the S&P 500 stocks that gained and lost the m𝐆ost today.

Tech Drags Down Dow After iPhone Release

The 澳洲幸运5官方开奖结果体彩网:Dow Jones Industrial Average gave up earlier gains to close down 0.05%, or 17 points, as investors evaluated a new iPhone produ🐬ct and prepared for tomorrow’s inflation data.&♓nbsp;

Goldman Sachs (GS) ♚moved up 1.9%. The financial sector was one of only three to rise today. 

Chevron (CVX) shares also gained 1.9% as crude oil prices reached their highest levels of 2023 after 澳洲幸运5官方开奖结果体彩网:OPEC members delivered optimistic dꦿemand forecasts for this year and next. 

Honeywell (HON) shares rose 1.6% and Walt Disney Co. (DIS) added 🐬1.4% to notch a three-session winning strike.♊

Walgreens Boots Alliance (WBA) ended its seven-session slide by rising 1.4% after it 澳洲幸运5官方开奖结果体彩网:announced a partner♕ship with Pearl Hꦡealth, extending the U.S.’s largest pharmacy chain’s reach into primary car🉐e.

Shares of Intel (INTC) gained 0.7% after the chipmaker said it would sell a 10% stake in its IMS Nanofabrication business to Taiwan Semiconductor Manufacturing Co. (TSM), shares of which advanced 1% Tuesday. 

Shares of Microsoft (MSFT) dropped 1.8%, part of a tumbling tech sector that led the Dow 30 lower. 

Procter & Gamble (PG) shares gave up 1.8% after a U.S. 澳洲幸运5官方开奖结果体彩网:Food & Drug Administration panel said a decongestant used in some Nyquil medicines, phenylephrine, doesn’t work, possibly leading the agency to order the products pulled from♔ shelves. 

Apple (AAPL) shares also dropped 1.8% after it revealed that its new澳洲幸运5官方开奖结果体彩网: top-of-the-line iPhone 15 Pro Max will come with a $1,199 price tag, up $100 from the previous vers🥀ion. 

Salesforce (CRM) declined 1.6% and IBM (IBM) dropped 1.4% as 澳洲幸运5官方开奖结果体彩网:the White House announced they would sign onto voluntary 澳洲幸运5官方开奖结果体彩网:artificial intelligence (AI) standards.

-Terry Lane

Kenvue Falls After FDA Advisors⛎🧸 Say Common Decongestant Doesn’t Work

Shares of Johnson & Johnson (JNJ) consumer health spin-off Kenvue (KVUE) fell 4% Tuesday after a Food and Drug Administration (FDA) advisory panel said a decongestant widely used in its cold medicines is ineffec🦩tive. 

Phenylephrine was first approved for use in the U.S. in 1938 when clinical trial standards weren’t nearly as rigorous as they are today. Since then, several studies have called into question the ingredient's efficacy as a decongestant.

The advisory panel’s recommendation opens the door for the FDA to revoke phenylephrine’s approval and ban the 💞sale of all products containing the ingredient in the U.S.

Most household-name cold and fl✤u brands—Tylenol, Advil, Be𓂃nadryl, DayQuil, Mucinex, and Sudafed, among others—have varieties containing phenylephrine that are at risk of being taken off pharmacy shelves. 

Shares of Procter & Gamble (PG), the maker of Vicks cold and flu products, dropped 1.8% Tuesday. American depositary receipts of Mucinex maker Reckitt Benckiser Group (RBGLY) lost 1.1%.

Apple Stock Drops on New iPhone, Watcꦉh, and AirPod Releases

Shares of Apple (AAPL) slipped to trade down 2.2% af🌊ter unveiling hotly anticipated new models of its iPhone, Apple Watch, and AirPods. 

The iPhone 15 and iPhone 15 Plus will feature USB-C charging, the charging standard Apple already uses f🅘oꦆr MacBooks and iPads. USB-C charging is also coming to the second generation AirPods Pro, announced Tuesday. Prices for the iPhone 15 will start at $799, the same as the basic iPhone 14.

The iPhone 15 Pro and Pro Max will both feature sides made of titanium, which is more durable than the aluminum used on older models. The Pro models will also feature a 3 nanometer chip containing 19 billion transistors,♕ and a graphics processing unit that Apple says is 20% faster than older models. 

The 15 Pro will start at $999, the same price as last year’s model. But Apple’s most advanced phone is getting a $100 price hike. The iPhone 15 Pro Max will start at $1,199, no small sum but less than the $1,299 price tag analysts were expecting. The cheapest Pro Max will also have twice as much ⭕storage as its predecessor.

Franklin Templeton Files for Spot Bitcoin ETF

Global investment firm Franklin Templeton 澳洲幸运5官方开奖结果体彩൩网:filed𓆏 for a spot bitcoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC) on Tuesday, joining BlackRock, Fidelity, and others in seeking to start the first bitcoin ETF.

The spot bitcoin ETF filing from Franklin Templeton has terms similar to those seen in recent applications from other major players in traditional finance. According to the filing, Coinbase (COIN) will act as the cus🥃todian of the bitcoin held by the fund.

The Franklin Templeton filing follows a wave of new spot bitcoin ETF filings that was 澳洲幸运5官方开奖结果体彩网:kicked off by BlackRock (BLK) i𝓡n June. Since then Fidelity and VanEck have submitted proposals of their own.

Recently, digital asset firm 澳洲幸运5官方开奖结果体彩网:Grayscale scored a victory in their appeal over the SEC's decision to not allow the Bitcoin Investment Trust (GBTCUSD) to be turned into a fully-fledged ETF.

Bitcoin jumped more than 3% Tuesday, recovering all of yesterday's losses.

-Kyle Torpey

Oracle Tumbles on Q1 Sales Miss

Shares of Oracle (ORCL) fell more than 12% Tuesday after it repo🥂rted l🗹ower-than-expected sales in the first quarter of its 2024 fiscal year. 

Net income increased 56% year-over-year to $2.42 billion, or 86 cents per share. That was higher than analysts expected, but revenue of $12.45 billion fell short of Wall Street’s consensus estimate of $12.47 billion.

Cloud license🐎 sales fell 10% from last year to $809 million and hardware revenue dropped 6% to $714 million. Analysts 💮had been expecting sales to decline in these two categories, but not by as much as they did. 

Nonetheless, Chair Larry Ellison touted robust demand for the company’s cloud offerings. “As of today, AI development companies have signed contracts to purchase more than $4 billion of capacity in Oracle's Gen2 Cloud. That's twice as much as we had booked at the end of Q4,” he said in a press release.

Oracle stock had been up 55% year-to-date before Tuesday's losses.

GlobalFoundries Opens 🌳$4B Chip Plant in Singapore to Expand Capacity

GlobalFoundries (GFS), the world's third-largest chipmaker, op⛎ened a $4 billion fabrication plant in Singapore to expand capacity in anticipation of a rise in demand for 澳洲幸运5官方开奖结果体彩网:semiconductor chips.

Expected to be the most advanced semiconductor facility in Singapore to date, the fabrication plant will produce an additional 450,000 wafers (300mm) annually, raising the chipmaker's overall capacity in Singapore to approximately 1.5 million wafers each year.

After TSMC and Samsung, GlobalFoundries is the third-largest foundry in the world in terms of revenue. And while the semiconductor industry has suffered from weak smartphone demand since the second half of 2022, GlobalFoundries expects demand to pick up by the second half of 2024 and double over the next decade.

GlobalFoundries shares climbed🍸 1.8% Tuesday morning and were up about 11% y♏ear-to-date.

-Fatima Attarwala

Fund Managers 💧Pile Into US Equities at the Expense o🦂f EM Stocks on China Worries

Concerns about China's economic growth led to 澳洲幸运5官方开奖结果体彩网:a massive shift into U.S. equities and away from 澳洲幸运5官方开奖结果体彩网:emerging market stocks over the past month, according to Bank of America's latest survey o🌊f global fund managers.

Allocation into U.S. equities rose 29 percentage points in early September, in one of the biggest inflows recorded by Bank of America, and the first 澳洲幸运5官方开奖结果体彩网:overweight reading since August last year. Meanwhile, allocation into e🎐merging market stocks tumbled 25 percentage points to just 9% overweight, the smallest overweight share since November last year, largely reflecting outflows from China.

Just over one-fifth of global fund managers believed "short China equities" to be the most crowded trade, second only to "long big tech" at 55%.

-Mack Wilowski

WestRock Stock On a Tear🍸 After Smurfit Kappa Deal 

Packaging company WestRock's (WRK) 澳洲幸运5官方开奖结果体彩网:shares rose more than 5% Tuesday morning after a merger announcement with Dublin-based Smurfit Kappa to create the world's largest listed paper and packaging company by revenue.

The two companies' combined revenue in the last fiscal year was $34 billion, and adjusted core profit was $5.5 billion. The new company, Smurfit WestRock, will be worth about $20 billion when listed.

Common stockholders of WestRock will receive a share of the new company plus $5 in cash for each share they own, adding up to $43.5 per share based on yesterday's closing price of Smurfit Kappa ordinary shares. Smurfit Kappa investors will receive one share of the new company for each share they own.

-Fatima Attarwala

Stocks Making the Biggest Moves Premarket

Gainers:

• WestRock Co. (WRK): Shares of the paper and packaging company gained more than 7% after it signed a deal to merge with Europe’s Smurfit Kappa to create a $20 billion global packaging giant.
• Coinbase Global Inc. (COIN): Shares of the cryptocurrency exchange rose 2% as the price of Bitcoin rebounded after plummeting to a three-month low yesterday. Shares of other cryptocurrency companies followed, with Riot Platforms Inc. (RIOT) and Marathon Digital Holdings (MARA) climbing 5% premarket.
• Stellantis N.V. (STLA): The carmaker’s shares gained almost 2% after it said it was making progress in contract negotiations with the United Auto Workers (UAW) union. Stellantis, General Motors (GM), and Ford (F) have until Friday to reach a deal with the union to avoid a possible strike.

Losers:

• Oracle (ORCL): Shares of the software provider fell more than 9% after it missed Wall Street sales estimates in the most recent quarter and offered a weaker-than-expected revenue forecast for the current quarter.
• AerCap Holdings N.V. (AER): Shares lost more than 3% after it said General Electric Co. (GE) would sell a stake in the aircraft leasing company worth about $2.4 billion in a public offering.
• United Parcel Services Inc. (UPS): Shares slipped more than 1% after CEO Carol Tome said the shipping and delivery company’s new contract with the Teamsters labor union would not cost the $30 billion the union says it will. Tome said the wage increases guaranteed by the five-year contract represent a 3.3% 澳洲幸运5官方开奖结果体彩网:compound annual growth rate.

5 Things to Know Before Markets Open

Here's 澳洲幸运5官方开奖结果体彩网:what investors need to know to start their day:

1. Apple’s (AAPL) “澳洲幸运5官方开奖结果体彩网:Wonderlust” event begins at 1 p.m. ET. The tech giant is set to release an updated iPhone 15, which is expected to feature a change to the USB-C charging port, as well as an upgraded camera and titanium design in some models.
2. Oracle (ORCL) shares plummeted more than 9% in pre-market trading after the cloud database company reported guidance that fell short of analyst expectations, as cloud licensing, services, and hardware revenue streams came in lower than forecasted.
3. Shares of 澳洲幸运5官方开奖结果体彩网:Google parent Alphabet (GOOGL) dipped 0.4% in pre-market trading as the company goes on trial today in Washington on Justice Department charges it violated 澳洲幸运5官方开奖结果体彩网:antitrust laws.
4. Casey’s General Stores (CASY) shares jumped more than 2% as the convenience store chain topped analyst earnings estimates on the success of sales of its whole pizza pies and the launch of its thin-crust pizzas.
5. Shares of WestRock Co. (WRK) shares moved higher by more than 8% after it signed a 澳洲幸运5官方开奖结果体彩网:merger agreement with Smurfit Kappa Group, creating a global paper and packaging company worth $20 billion.

-Terry Lane

Futures Slip Ahead of Apple Event, Google A✅ntitrust Ca🎉se

Futures contracts connected to the Dow Jones Industrial Average were 0.1% lower in premarkওet trading Tuesday.

S&P 500 futures lost a quar▨ter of a percentage poi⛦nt.

And Nasdaq 100 contracts were down 0.3%.