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 t🃏he market moves.

Dow Drops 250 Po🦹ints as Markets Digest ༒Powell Comments

The 澳洲幸运5官方开奖结果体彩网:Dow Jones Industrial Average plunged for the second straight day, dropping 250 points, or 0.75%, following 澳洲幸运5官方开奖结果体彩🥀网:comments from Fed Chair Jerome Powell that signaled the Fed’s leavinꦉg the door open for another rate hike. 

Shares of Verizon Communications (VZ)  jumped 1.7% after competitor AT&T (T) reported 澳洲幸运5官方开奖结果体彩网:adding 43% more subscribers in the third q𝄹uarter than the prior-year quarter. Verizon is scheduled to 澳洲幸运5官方开奖结果体彩网:report earnings next Tuesday.

Salesforce (CRM) shares increased by 1.7%, while Microsoft (MSFT) added 0.4%. 

McDonald's Corp. (MCD) moved up by 0.9%, the fifth-straight winning session for the fast food chain, while Coca-Cola (KO) gained nearly 0.6%.

Travelers Companies (TRV) shares dropped 2.5%, falling for a second session after its third-quarter earnings miss yesterday. Caterpillar (CAT) fell 2.4%, part of🌼 a 0.85🍰% move lower by the industrials sector. 

Walt Disney Company (DIS) shares declined 1.7% after updated financials, adjusted to reflect CEO Bob Iger’s restructuring plan, revealed lower-th💃an-expected revenue and margins aat the entertainment giant’s🐷 sports unit.

The financial sector was one of the day’s worst performing, falling about 1.3%. Visa (V)

declined 1.5% and American Express (AXP) fell 1.3%. JPMorgan Chase (JPM) dipped 0.4%.

Geopolitical Unce🌌rtainty Sends Gold and Oil Higher

Gold futures steadily climbed over 1% Thursday to about $1,990, their highest sincꦓe eaꦓrly August.

Investors piled into the 澳洲幸运5官方开奖结果体彩网:safe haven asset as a ground inv♋asion of the Gaza Strip by Israel appeared all but ♌inevitable.

Oil futures also climbed steadily as investors weighed the ౠpotential of an escalation of hostilities further squeezing supply. West Texas Intermediate (WTI) rose more than 2% to trade above $90 a barrel for the first time this month.

Treasury Yields Diverge on Powell Speech

The yield on short-term Treasurys, like the 2-year note and the 1-year bill,⛄ fell Thursday while l💯onger-dated Treasury yields marched higher. 

10-year yields jumped following Powell’s speech at the Economic Club𝐆 of New York early this afternoon, leaping from 4.9% to 4.99% in about 30 minutes. 30-year yields, which🥀 dipped below 5% this morning, climbed as high as 5.1% in the afternoon. 

Meanwhile, the yield on 2-year Treasurys sank to about 5.17% from 5.25% earlier in the day. That puts the gap between the 2- and 10-year—often taken as a shorthand for the Treasury yield curve, 澳洲幸运5🐠官方开奖结๊果体彩网:one of the more reliable recession indicators—on 🎐track to close at its narrowest since September 2022. 

Late Day Market Movers

Las Vegas Sands Corp. (LVS): Shares of the resorts and casino operator rose more than 3% after it reported third-quarter revenue slightly above analysts’ expectations, buoyed by Macao and Singapore’s post-Covid recovᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚery. 

Union Pacific Corp. (UNP): Shares rose 2% after the railroad and freight🃏 services provider reported earnings fell last quarter, though less than analysts were expecting. 

Zions Bancorp (ZION): Shares of the regional lender fell more than 8% after it reported third-quarter net income﷽ fell about 20% from last year, with expenses climbing as the bank ponies up to hold onto deposits. 

Discover Financial Services (DFS): Shares of the bank and credit card provider fell more than 8% after reporting worse-than-expected third-quarter results. Earnings fell more than 25% from a year ago, while its 30-d♉ay credit card delinquency rate rose to 3.41% from 2.86% in the prior q🐻uarter.

Enphase Energy Inc. (ENPH): Shares of the green energy tech company fell 6% after analysts at Scotiabank downgraded the stock to market pe♉rform from outperform, and JPMorgan lowered its price🍬 target to $135. Less than a year ago, Enphase traded as high as $336. 

Tesla Shares Tanks on Disappointing Earnings

Tesla (TSLA) shares tumbled more than 9% Thursday after the electric car maker's 澳洲幸运5官方开奖结果体彩网:lackluster earnings report Wednesday showed priceꦫ cuts ate into 🐻profit margins.

CEO Elon Musk blamed high interest rates for rendering lower prices ineffective at lifting sales volume and warned that "stormy" macroeconomic conditions could prove to be challenging for the company.

"When you look at the cost or the price reductions we've made in, say, the Model Y, and you compare that to how much people's monthly payment has risen due to interest rates, the price of the Model Y is almost unchanged," Musk said on Wednesday's earnings call.

Higher interest rates and an uncertain economic backdrop also have prompted Tesla ⛄to delay the construction of a new gigafactory in Mexico.

"The question is really just one of timing... It's just that interest rates have to come down," Musk said. "I think we want to get a sense of the global economy before we go full tilt on the Mexico factory."

-Mack Wilowski

American Airlines Beats Profit Estimates, But Warns Fuel Costs Will Hit✤ Full-Year Earnings

American Airlines (AAL) shares gained 2% Thursday after 澳洲幸运5官方开奖结果体彩网:the carrier♌ reported better-than-expected profit as b💦ookings for the holiday season rose, though the company warned its full-year results could take a hit from higher fuel costs.

The largest U.S. airline by passengers carried reported third-quarter fiscal 2023 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) of $0.38, beating estimates. In addition, the company indica🌄ted that bookings for the upcoming h🍬oliday season are better than a year ago.

However, the airline also cut its full-year profit outloo🌄k, partly because of higher fuel costs. American now expects 2023 EPS in a range of $2.25 to $2.50, down from its previous guidance of $3 to $3.75. 

Shares of American Airlines hit a three-year low Wednesday after United Airlines (UAL) warned that the cancellation of its flights to Israel and higher fuel prices 澳洲幸运5官方开奖结果体彩网:will negatively impact results. Despitꦡe Thursday's advance, American shar♋es remained down for the year.

-Bill McColl

TSMC Beats Q3 Profit and Sales Estimates, Expects 'Healthy Growth Year' in 2024

澳洲幸运5官方开ꦬ奖结果体彩网:American depositary receipts (ADRs) of TSMC (TSM) rose over 3% in early trading on Thursday after the semiconductor maker 澳洲幸运5官方开奖结果体彩网:posted bette⛄r-than-expected results and gave an upbeat outlook for the sector.

The largest 澳洲幸运5官方开奖结果体彩网:contract chip manufacturer reported third-quarter fiscal 2023 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) of $1.29, with revenue falling 14.6% year-over-year to $17.28 billion. Both were more than forecasts.

CEO C.C. Wei indicated that customers' inventory controls have become “more healthy than we thought.” He added that TSMC is seeing a stabilization in the PC and smartphone markets, and the company expects 2024 to be “a healthy growth year.”

With Thursday's gains, ADRs of TSMC were up more than 25% higher year-to-date.

-Bill McColl

Existing-Home Sales Fall to 13-Year Low

Existing-home sales fell 2% in September to an annualized rate of 3.96 million, the lowest l༒evel since late 2010. Year-over-year, sales were down more than 15%.

Meanwhile, the median existꦚinꦇg-home sales price rose 2.8% year-over-year to $394,300. 

“For the third straight month, home prices are up from a year ago, confirming the pressing need for more housing supply,” said National Association of Realtors Chief Economist Lawrence Yun in a statement.

Mortgage rates have soared to two-decade highs in recent weeks 澳洲幸运5官方开奖结果体彩网:amid a run-up in Treasury yields, both putting loans out of reach for many would-be buyers and discouraging existing homeowners from listing. That has squeezed supply and exacerbated housing unaffordability, which by one measure 澳洲幸运5官方开奖结果体彩网:hit a 40-year high last month. 

Weekly Initial Jobless Claimsꩵ Come in Below Forecasts

Initial jobless claims totaled 198,000 last week, according to the Labor Department’s advance estimate, less than the 210,000 economists were expecting.

Despite last week’♏s advance estimate being revised up by 2,000 to 211,000, today’s print brings the 4-week moving average to 205,750, its lowest level since early February.

AT&T Stock Jumps on Better 🍸Than Expected Earnings, Free Cash Flow Guidance

AT&T (T) shares soared nearly 7% Thursday morning after 澳洲幸运5官方🎃开奖结果体彩网:its third-quarter earnings beat analyst estimates and revenue eked out a modest gain.

The company added subscribers, but more importantly, raised its full-year guidance for 澳洲幸运5官方开奖结果体彩网:free cash flow—money it has left over after covering operating expenses that it can use for various reasons.🌺

The company's 澳洲幸运5官方开奖结果体彩网:income from continuing operations for the third quarter fell to $✅3.8 billion or 64 cents per diluted share, compared to $6.3 billion in the year-ago quaꦆrter. But it was better than the 60 cents a share that analysts were expecting, according to estimates compiled by Visible Alpha.

Year-to-date free cash flow was up $2.4 billion compared to the same period last year and the company raised its full-year free cash flow guidance to $16.5 billion from $16 billion.

-Nathan Reiff

Stocks Making the Biggest Moves Premarket

Gains:

• Netflix (NFLX): Shares jumped 15% after 澳洲幸运5官方开奖结果体彩网:the streaming service beat ear♐nings expectations and said it added almost 9 million subscribers last quarter as its password-sharing crackdown continued to bear fruit.
• AT&T Inc. (T): The telecom giant’s shares rose 5% after it reported better-than-expected revenue and earnings in the third quarter, and reported subscriber growth for the first time in four quarters.
• Taiwan Semiconductor Manufacturing Co. (TSM): Shares of the chipmaker gained 4% after it forecast current-quarter revenue above analysts’ expectations, giving investors hope a recovery in chip demand is on the horizon.

Losses:

• Tesla Inc. (TSLA): Shares of the electric vehicle maker fell more than 6% 澳洲幸运5官方开奖结果体彩网:after missing earnings estimates in its third-quarter report Wednesday afternoon. A series of price cuts have trimmed the company’s margins while factory shutdowns 澳洲幸运5官方开奖结果体彩网:caused deliveries to drop ൲last ♏quarter. 
• Equifax Inc. (EFX): Shares of the credit reporting agency sank 6% after it reported worse-than-expected third-quarter earnings and lowered its full-year outlook as the sluggish mortgage market weighs on business.
• Blackstone Inc. (BX): The private equity firm’s shares fell 5% after it reported raising $25 billion in new investment money in the third quarter, less than analysts were expecting. Distributable earnings were also hit by a slump in asset sales.

Stock Fu🔜tures Little Changed as Treasury Yields Climb

Futures contracts connected to the Dow Jon🧸✅es Industrial Average were a little over 0.1% lower in premarket trading while the 10-year Treasury yield approached 5%.

S&P 500 ✤futures also slipped and trad🌄ed down about 0.1%.

Nasdaq 100 futures were about flat.