S&P 500's Biggest Gains and Losses Today

Here are༺ the S&Pℱ 500 stocks that gained and lost the most today.

Dow 🍨🐎Drops More Than 300 Points on Interest Rate, Government Shutdown Worries

The 澳洲幸运5官方开奖结果体彩网:Dow Jones Industrial Average fell about 1.1%, or 370 points, amid a broad sell-off in equities. It marks the ♐third straight day of declines for the ༺index. 

UnitedHealth Group (UNH) was one of only two Dow 30 components to gain today. Shares moved up 1.8% after the Federal Trade Commission filed an antitrust suit against U.S. Anesthesia Partners (USAP) and its private-equity backers, alleging the group’s consolidation hurt competition in the Texas anesthesiology marketౠ. UnitedHealth raised similar concerns when it clashed with USAP over pricing in 2020.

Walt Disney Co. (DIS) shares inched up 0.2% on optimism that an end to the 澳洲幸运5官方开奖结果体彩网:Hollywood writers strike was near. 

Cisco Systems (CSCO) shares fell nearly 4% after it 澳洲幸运5官方开奖结果体彩网:announced a $28 billion deal to buy cybersecurity software provider Splunk (SPLK) for $157 a share, a move that Wedbush Securities analysts called an "aggressive strategic pla𝓀y in cybersecurity.” Splunk shares jumped nearly 21% to about $144. 

Shares of Dow Inc. (DOW) fell 2.8% while Caterpillar (CAT) dropped 2.4%. Nike (NKE) shares fell 2.6%, bringing the stock's year-to-📖date return to -21.7%. 

Visa (V) fell 2.2%, Goldman Sachs (GS) was down 1.9%, American Express (AXP) lost 1.6%, and JPMorgan Chase (JPM) dipped 0.8%.

-Terry Lane

Treasury Yields Rise For Third Straight Day

The yield on U.S. Treasur💮ys rose for a third consecutive day as markets adjusted to the possibility of interest rates remaining elevated through next year.

10-year Treasury🐻 yields climbed about 7 basis points to 4.484%, their highest level since 2007. The 30-year yield rose 11 basis points to 4.566%, its highest yield since 2011.

Yields rise as prices fall, and bond prices fall when investors expect future interestౠ rates to exceed today's.

Existing Home Sales Fall🍃 to 7-Month Low in August Amid High Rates and Prices, Low Supply

Existing home sales 澳洲幸运5官方开奖结果体彩网:dropped 0.7% in August to a ꦍseven-💫month low as buyers pulled back amid high prices and mortgage rates, and low inventory, a National Association of Realtors report showed.

August’s seasonally adjusted annual rate of 4.04 million existing home s♑ales reflected a 15.3% year-over-year decrease in sales, down from 4🔥.77 million in the same period the previous year.

Meanwhile, the median home price for all existing home types was $407,100, a 3.9% increase from August 2022𓆉. The price increase impacted all reg෴ions in the housing market. August was the third consecutive month that median sale prices were over $400,000. 

High interest rates have also contributed to a 澳洲幸运5官方开奖结果体彩网:decline in affordability discouraging prospective homebuyers. The average rate on a 30-year fixed-rate mortgage was 7.18% as of September 14, up from 6.02% a year ago and 2.86% in 2021, according to Freddie Mac.

-Naomi Buchanan

Following in Fed’s Footsteps𒐪, Bank of England Narrowly Votes To Pause Rate Hikes

The Bank of England paused its campﷺaign of anti-inflation interest rate hikes Thursday, mirroring the Federal Reserve’s decision to leave the U.S. benchmꦕark interest rate untouched at a 22-year high.

The U.K. central bank, reacting to signs that inflation in Britain is on a downward path, left its key bank rate unchanged at 5.25%, its highest since 2007. It was a surprising and close decision, with policymakers voting 5-4 in favor of leaving the rate steady rather than hiking again, in contrast to the Fed’s unanimous vote, 澳洲幸运5官方开奖结果体彩网:which was a foregone conclusion.

The bank is likely done raising rates, James Smith, developed markets economist at ING, said in a commentary. However, he said, further rate hikes are still possible if there’s a setback in the fight against inflation, especially given the “pause” faction prevailed by such a narrow margin in the vote.

“That degree of division is actually pretty unusual and shows just how close a call this✤ meeting was,” he wrote.

-Diccon Hyatt

FedEx Shares Rise as Profit Jumps Afte𝔉r Cutting Costs, Gaining Customers From Rivals

FedEx (FDX) shares jumped after the delivery giant 澳洲幸൩运5官方开奖结果体彩网:reported better-than-expected profit𒊎 as it cut costs and benefited from issues with key rivals.

The big package delivery firm posted fiscal 2024 first-quarter 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) of $4.55, a 32% gain from 2022 and above forecasts. 澳洲幸运5官方开奖结果体彩网:Operating margin was 7.3%, also beating estimates. Revenue rose 16.8% to $21.7 bill🧸ion, in line with expectations.

FedEx gained customers from competitor UPS (UPS), whose drivers in July threatened to strike before 澳洲幸运5官方开奖结果体彩网:agreeing to a contract renewal, and trucking company Yellow, which 澳洲幸运5官方开奖结果体彩网:filed for bankruptcy in late July.

Shar🎃es of FedEx were up 5% in afternoon trading and were over 50% higher yearꦺ-to-date.

-Bill McColl

Midday Market Movers

Valero Energy Corp. (VLO): Shares of the oil refiner gained more than 3% after analysts at Raymond James raised their p💧rice target to $164 from $150 amid rising oil prices. 

Amazon.com Inc (AMZN): The e-commerce giant’s stock fell more than 3% after the FTC named several executives in its civil lawsuit alleging Amazon tricked users into unknowingly signing up 🍒for Prime. 

Paramount Global (PARA): Shares of the entertainment company rose about 2% on reports the studio and peers were nearing a deal with Hollywood writers that would end a months-long strike. Warner Bros. Discovery (WBD) was up 1% and Comcast (CMCSA) up 0.5%.

Klaviyo Inc. (KVYO): The marketing software provider’s shares fell about 3% to under $32, just slightly 🦩above the $30 price at which it started trading yesterd𓆉ay in its debut on the New York Stock Exchange. 

Cisco Systems Inc. (CSCO): Shares of the tech company fell more than 4% after it said it would 澳洲幸运5官方开奖结果体彩网:buy cybersecurity firm Splunk (SPLK) in a deal valued at $28 billion.

Rupert Murdoch to Step Down as Chair of Fox and News Cor🦩p.

Rupert Murdoch, the 92-year-old media magnate, will step down as chair of the boards of News Corp. (NWS) and Fox Corp. (FOX) in November, the compaꦺnies said🐟 in a joint statement Thursday.

Lachlan Murdoch, his son and News Corp. co-chair, will𝓡 become the sole chair of News Corp. and continue as executive chair and CEO of Fox.

Shares of Fox were up more tha꧒n 2.5% midday Thursday, while News Corp sh෴ares gained 1.6%.

Cisco Buys Cybersecuri𒁃ty Provider Splunk for $28 Billion

Cisco Systems (CSCO) 澳洲幸运5官方开奖结果体彩网:will buy cybersec🥂uriไty software company Splunk (SPLK) for $157 per share in cash, or approximately $28 billion in equity value, in a move that analysts see as an "aggressive strategic play in cybers💫ecurity."

Takeover talk has been circling San Francisco-based Splunk since October 2022 when it was announced that the activist investor Starboard Value LP had amassed a 7.8% stake in the software firm.

"This was a well-designed strategic poker move that caught the Street off guard to get a great unique software asset at a fair multiple," wrote Wedbush Securities analysts in a note Thursday morning. 

Analysts also suggested the "monster deal" could set off a "tidal wave of software M&A."

-Kevin George

Rates Have Peaked, Says Morgan Stanley

The people who rais✤e and lower rates may be forecasting one more rate hike this year, but Morg♐an Stanley analysts aren’t. 

“Our view remains that the Fed is done here, at a peak f🍰ederal funds rate of 5.375%,” analysts said in a research note released Thursday. 

Fed Chair Jerome Powell reiterated in his 💝press conference yesterday that “the decision we make at each meeting will depend on the totality of all the da✃ta: inflation, labor market, and growth.” 

Morgan Stanley thinks “a data fog will liꦫkely keep [the Fed] from venturing further.” The firm expects GDP estimates to be revised down on Sept. 28, after which a possible government shutdown and expansion of autoworker strikes could deal additional blows to GDP growth and U.S. payrolls. It says those headwinds will be enough to warrant an extended hold until next March when it expects the first 25 basis point cut of four to come in 2024.

Hollywood Studios and Writers N♏ear Deal to End Months-Long Strike

The Writers Guild of America (WGA) and the Alliance of Motion Picture and Television Producers (AMPTP) may be nearing a⛄ deal that would end the 100-plus-day writers strike that has brought most film and TV production to a standsti🔯ll. 

Studio executives and union negotiators met yesterday for talks that one person familiar with the situation told Deadline were “very encouraging.” The two side✱s could finalize a deal when they reconvene today. 

Warner Bros. Discovery (WBD) 澳洲幸运5官方开奖结果体彩网:warned investors last week that the ongoing strikes by writers and actors could cut between $300 and $500 million off its full-year earnings before interest,𝔍 taxes, depreciation, and amortizati𒁏on (EBITDA).

Shares of major entertainment companies were up early trading Thursday, with Paramount Global (PARA) rising 2.5% and Warner Bros. Discovery up 2.6%. Walt Disney Co. (DIS) and NBCUniversal-parent Comcast (CMCSA) rose 0.5% and 0.7%, respectively. 

Stocks Making the Biggest Moves in Early Trading

Gains:

• Splunk Inc. (SPLK): Shares jumped more than 20% after Cisco Systems (CSCO) said it would buy the cybersecurity company in a deal valued at $28 billion. 
• FedEx Corp. (FDX): Shares gained 6% after the delivery company beat Wall Street’s earnings expectations and raised its full-year earnings guidance, citing the effect cost controls are having on profitability. 
• Crowdstrike Holdings Inc. (CRWD): The cybersecurity company’s shares gained 4% after it raised its subscription and margin targets, saying it would reach the new goals within the next three to five years. 

Losses:

• Broadcom Inc. (AVGO): The chip company’s shares fell nearly more than 3% after reports alleged Google (GOOG; GOOGL) is seeking to drop it as a supplier. Shares of VMWare Inc. (VMW), which Broadcom is in the process of acquiring, fell more than 1%. 
• Coinbase Global Inc. (COIN): Shares of the cryptocurrency exchange fell more than 4% alongside major cryptocurrencies like Bitcoin and Ethereum as investors backed off of risk assets. 
• Nio Inc. (NIO): The electric car maker’s shares fell more than 3% after it released an Android smartphone that it forecasts half of its users will buy. 

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. FedEx (FDX) beat its earnings expectations and raised its 澳洲幸运5官方开奖结果体彩网:full-year guidance after cost controls helped improve the earnings of its FedEx Express division.
2. Shares of KB Home (KBH) fell more than 4% in pre-market trading after the home builder beat earnings estimates and raised its revenue forecast on steady demand, despite reporting declines in 澳洲幸运5官方开奖结果体彩网:quarterly revenue.
3. Shares of Amazon (AMZN) fell 2% after it introduced a new version of its Alexa voice assistant that aims to better utilize generative 澳洲幸运5官方开奖结果体彩网:artificial intelligence (AI) features that are reportedly similar to 澳洲幸运5官方开奖结果体彩网:OpenAI’s ChatGPT.
4. 澳洲幸运5官方开奖结果体彩网:American depository receipts of Chinese electric vehicle maker Nio (NIO) dropped more than 3% after the company released its own Android-based smartphone that the company believed half of its vehicle owners would buy.
5. 澳洲幸运5官方开奖结果体彩网:Initial jobless claims for the week ending September 16 unexpectedly decreased to 201,000 from last week's revised level of 221,000.

-Terry Lane

Stock Futures Falling on Yesterday's 'Higher-for-Longer' Signal

Futures contracts connected to 🦩the Dow Jones Industrial Average were down mo🀅re than 0.5% in premarket trading.

S&P 500 futures lost 0.8%.

Nꦐasd𝔉aq 100 contracts sank more than 1.1% before markets opened.