S&P 500 Gains and Losses Today

Here are the S&P 500 stocks that gained and lost the most today, and 澳洲幸运5官方开奖结果体彩网:the stories behind those moves.

Dow Rises on Retreating Yields, Fed Comments

The 澳洲幸运5官方开奖结果体彩网:Dow Jones Industrial Average gained about 135 points, or 0.4%, its third straight session of gains as stock🦄s got a boost from falling Treasury yields.

After hitting some of their highest levels since 2007 last week, Treasury yields൲ fell as investors souܫght safe havens as fighting in Israel and Gaza raged on. Investors also digested comments from Fed officials that raised optimism that interest rates are at their peak. 

“Equities are breathing a sigh of relief that we’re seeing pressure come off the 澳洲幸运5官方开奖结果体彩网:bond market,” said Edward Moya, senior market analyst at OANDA. “The focal point is going to quickly shift to earnings.”

Boeing (BA) shares gained 2.7% to lead the Dow higher despite saying it delivered 105 aircraft in the third quarter, falling short of Wall Street’s already lowered expectations. The company has publicly struggled to meet production and delivery goals amid issues with supplier Spirit AeroSystems (SPR).

Coca-Cola (KO) shares moved higher by 2.2% after competitor PepsiCo (PEP) beat analysts’ revenue and earnings estimates last quarter and raised its 澳洲幸运5官方开奖结果体彩网:full-year earnings outlook. PepsiCo shares rose 1.9%.

Shares of 3M (MMM) increased by 1.8%, while Home Depot (HD) gained 1.3% and Walmart (WMT) moved higher by 1.1%.

Merck & Co. (MRK) shares fell 0.9%, making it the worst performer in the Dow 30, while Travelers Companies (TRV) followed, moving lower by 0.6%.

Chevron Corp. (CVX) shares slipped 0.1% as oil prices fell slightly af♊ter jumping yesterday.

-Terry Lane

Green Energy Stocks, Batte📖red by Higher Rates, Shine

Solar and renewable energy stocks have had a tough year. Steadily rising interest rates have increased financing costs for everyone, but are particularly burdensome for small, fast-growing companies that need to borrow🌄 to finance growth. Higher rates have also tempered demand by raising borrowing costs for consumers and encouraging saving over spending. 

Those factors, plus sky-high valuations at their peaks, have made renewable energy stocks some of the S&P 500’s worst performers this year. SolarEdge Technologies (SEDG) has fallen 57% year-to-date, making it the S&P 500’s biggest loser. Utility AES Corp. (AES) and solar tech company Enphase Energy (ENPH) are 🍌the index’s thir🍷d and fourth worst performers, losing 55% and 54%, respectively. 

But those stocks jumped Tuesday amid optimism the Fed will not raise interest rates again this year. Enphase shares were up 5% Tuesday afternoon, while SolarEdge rose 4.5% and AES gained 2.5%. First Solar (FSLR), down 25% in the last 6 months, rಞose slightly more th♕an 5%. 

Gold Surges as Investors Seek Safe Havens

Gold futures rose 0.5% Tuesday, extending yesterday’s 1.1% rally as investors flocked to 澳洲幸运5官方开奖结果体彩网:safe haven investmen😼ts amid fighting in Israel and Gazꦺa. 

Gold, the value of which is globally recognized and buffe🀅red from the effects of inflation, usually jumps at times of ma♋rket turbulence or geopolitical uncertainty.  

Gold futures have gradually declined since rising as high as $2,055 per ounce in the weeks following March’s regional banking crisis. Before Hamas militants crossed into Israel Saturday morning, gold was trading around $1,845, near its lowest price since March 10, the day federal 澳洲幸运5官方开🐭奖结果体彩网:regulators took control of Silicon Valley B𓆉ank. 

IMF Projects Likely Soft Landing for 'Stable and Slow' Global Economy

The 澳洲幸运༒5官方开奖结果体彩网:prospect ﷽of a soft landing is more likely, especially in the U.S., as the "resilient global economy is limping along," according to the 澳洲幸🧔运5官方开奖结果体彩网:International Monetary Fund's (IMF) World Economic Outlook (WEO) released on Tuesday.

The IMF raised its growth estimates for the U.S. to a 𝐆2.1% change in 2023—the same as in 2022—and a 1.5% change in 2024, an improvement🐠 from WEO reports released earlier in the year.

The imp💛ro𝐆ved growth projections for the U.S. stand out, as global growth is expected to slow to 3% in 2023 and 2.9% in 2024 from 3.5% last year. 

Still, the IMF seeks possible risks, including the persistence of 澳洲幸运5官方开奖结果体彩网:bond market turmoil and the misalignment of monetary and 澳洲幸运5官方开奖结果体彩网:fiscal policy. The report called "most worrying" the fact that “the fiscal stance has deteriorated substantially” in the country, nodding to 澳洲幸运5官方开奖结果体彩网:last month's🗹 government shutdown stand-off.

-Naomi Buchanan

PepsiCo Beats Profit and Sales Estimates and Boosts Its Outlook on Higher P🌸rices

Price hikes helped PepsiCo (PEP) post 澳洲幸运5官方开奖结果体彩网:better-than🙈-expected quarterly results, and the maker of soda and snack food𝔉s boosted its guidanc𒁏e. 

PepsiCo reported third quarter fiscal 2023 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) of $2.25, with revenue rising 6.7% to $23.5 billion. Both were above forecasts.

Average prices climbed 11% in the period. 澳洲幸运5官方开奖结果体彩网:Organic sales gained 8.8%, fueled by a 13% jump in Europe. Howeverไ, while revenue increased, global volumes for its convenience foods dropped 1.5%, and North American beverage volu🍷mes slumped 6%, as the higher prices weighed on demand.

Shares of PepsiCo were over 🦩2% higher Tuesday following the news, advancing for the third-straight session after hitting a 16-month low last week.

-Bill McColl

Real Estate𝔉 Groups Plead with Fed To Stop Rai🐲sing Rates

The 澳洲幸运5官方开奖结果体彩网:Mortgage Bankers Association (MBA), 澳洲幸运5官方开奖结果体彩网:Nati💫onal 🎐Association of Realtors (NAR), and National Association of Home Builders (NAHB) wrote a letter to Fed Chair Jerome Powell on Monday urging policymakers to tell markets they won’t raise interest rates again and won’t sell any more 澳洲幸运5官方开奖结果体彩网:mortgage-backed securities (MBS).

The organizations argue uncertainty around the Fed’s next move is to blame for the run-up in bond yields that has pushed mortgage rates to 澳洲幸运5官方开奖结果体彩网:their highest in over two decades. 

That, they argue, is making housing less affordable and, subsequently, contributing to the inflation the Fed is trying to tame. Shelter costs accounted for about 90% of infl🍸ation in July, they note. 

“Sustained wide spreads or further increases in interest rates,” they say, hinders the construction of affordable housing “by limiting lot development and home construction, exacerbating housing supply, and pricing out millions.”

Treasur💮y Yie♏lds Sink on Fed Talk and Middle East Conflict

Treasury prices rebounded when cash markets opened Monday night after conflict between Hamas and Israel sent investors scrambling for safe haven investments and Federal Reserve officials struck a dovish tone.

Investors flocked to 澳洲幸运5官方开奖结果体彩网:safe havens after fighting broke out in Israel and the Gaza Strip Saturday morning. The yield on the 10-year Treasury sank to 4.637% Monday night from 4.804% at Friday’s close, its largest overnigh🎃t decline since July. Gold futures jumped more than 1% and the dollar rose when both began trading Sunday evening. 

Treasury prices were also propped up by comments from Fed Vice Chair Philip Jefferson and Dallas Fed President Lorie Logan, who both said Monday that rising bond yields gave the central bank more room to breathe in its fight against inflation. Higher yields, Logan said, “could do some of the work of cooling the economy for us, leaving less need for💛 additional monetary policy tightening.”

According to CME’s FedWatch Tool, which calculates the odds of interest rate hikes using federal fund futures trading data, traders are very confident the Fed will hold rates steady in November. They’re slightly less sure of a hold in December, but still, the minority expect another hike this year.

GM Workers Go on Strike in Canada

About 4,300 workers at three Canadian General Motors (GM) plants went on strike early Tuesday morning after the company failed to reach a contract agreement with Unifor.

Unifor called on General Motors to meet the terms it negotiated with Ford last month, a negotiation method called pattern bargaining. The Ford pattern agreement includes a 20% wage increase over three years and a bonus of up to $10,000.

The workers join more than 25,000 U.S. autoworkers striking against GM, Ford (F), and Stallentis (STLA).

General Motors Shares were up 0.6% early Tuesda🦋y despite the news. ♑

Stocks Making the Biggest Moves Premarket

Gains:

• Truist Financial Corp. (TFC): Shares of the regional bank were up more than 4% after reports it was in talks to sell its insurance business to private equity firm Stone Point for an estimated $10 billion. 
• Rivian Automotive Inc. (RIVN): Shares of the electric truck maker rose about 3% after analysts at UBS upgraded the stock to buy from neutral, arguing the stock has upside following a sell-off precipitated by last week’s announcement of a $1.5 billion convert💃ible bond sale.
• Palantir Technologies Inc. (PLTR): The surveillance firm’s shares gained 2.5% after it was awarded a three-year, $250 million contract by the U.S. Army to work on artificial intelligence and machine learning projects. 

Losses:

• PagerDuty Inc. (PD): The incident management company’s shares fell more than 7% after it announced the private placement of up to $350 million in convertible senior notes. 
• Skyworks Solutions Inc. (SKWS): Shares of the semiconductor company fell about 4% after Citigroup analysts downgraded it to sell from neutral, citing increasing competition from Chinese firms as evidenced by the roll-out of Huawei’s Mate 60. 
• Corning Inc. (GLW): Shares of the electronic components manufacturer fell more than 3% after analysts at JPMorgan downgraded the electronic components maker to neutral from overweight, seeing the potential for disappointing earnings later this month amid an underwhelming recovery in consumer electronics demand.

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. Workers at General Motors (GM) plants in Canada went on strike after the automaker couldn’t reach an agreement with about 4,300 members of the Unifor auto workers union.
2. PepsiCo (PEP) shares gained more than 2% in pre-market trading after the soda and snacks giant raised its full-year outlook on higher revenue as customers accepted price increases.
3. Shares of gaming software company Unity (U) soared more than 7% in pre-market trading after its CEO and Chair John Riccitiello announced his retirement from the firm.
4. PagerDuty Inc (PD) shares plunged more than 6% in pre-market trading after the incident management software provider said it would offer $350 million of 澳洲幸运5官方开奖结果体彩网:convertible senior notes due 2028, with an additional $52.5 million available.
5. Atlanta Fed President Raphael Bostic will speak at 9: 30 a.m. ET, followed by remarks from Federal Reserve Board Governor Christopher Waller at 1:30 p.m. ET. Minneapolis Fed President Neel Kashkari will speak at 3 p.m. ET, and San Francisco Fed President Mary Daly will follow at 6 p.m. ET.

-Terry Lane

Stock Futures Mixed Ahead of the Open

Futures contracts connected to the Dow Jones Industrial Average were up about 0.1% in prem🐬arket trading Tuesday.

S&P 500 futures gave up earlier gains to trade🌠 just slightly up an hour before the session.

Nasdaq futures were slightly lower heading into the trading day.