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Market Falls Monday to Start the First Week of Q3 Earnings | Wall Street Today

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Kevin Travers joined discussion · Oct 7 15:01
Market Falls Monday to Start the First Week of Q3 Earnings | Wall Street Today
The market fell Monday, despite some outsized moovers. The Mag Seven pulled back before a Super Micro press release sent Semiconductors higher, with $NVIDIA (NVDA.US)$ at the lead.
Just past 4 pm ET the $S&P 500 Index (.SPX.US)$ traded down 0.96%, the $Dow Jones Industrial Average (.DJI.US)$ fell 0.94%, and the $Nasdaq Composite Index (.IXIC.US)$ fell 1.18%.
MACRO
Last week was a volatile one, but this week, we will see updated CPI inflation numbers and the start of the Q3 earnings season. In macro, the market was still digesting Friday's labor numbers, which came in hot- 254k vs. estimates of 147k.
CPI numbers will arrive Thursday, forecasted to be at 2.3% growth year over year in consumer prices, a three-year record low. Last month, consumer prices grew by just 2.5% year over year, the lowest rate since 2021
SECTORS
Semiconductors were one of the few green industries Monday, while a wave of other tech and industries fell in value. Utilities and auto were hit the hardest, with $Tesla (TSLA.US)$ falling 3%. Utilities were dragged down in part by the $700M market cap $Oklo Inc (OKLO.US)$, as the nuclear reactor start-up fell 5%
Market Falls Monday to Start the First Week of Q3 Earnings | Wall Street Today
$Crude Oil Futures(DEC4) (CLmain.US)$ climbed massively on Monday. Hamas militants fired missiles into Israel Monday, while Israel launched strikes targeting Hesbala in Lebanon on the anniversary of a terrorist attack targeting Israel one year ago that began a devastating Middle East conflict.
Gold and silver both fell on Monday. The $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ climbed, the 10 year climbed over 4% for the first time in two months.
MOOVERS
$Hims & Hers Health (HIMS.US)$ shares are trading 10% higher on Monday, with the stock set to join to the S&P SmallCap 600 before trading opens on Wednesday. It was one of the highest gainers on the   $Russell 2000 Index (.RUT.US)$.
$Super Micro Computer (SMCI.US)$ saw heavy trading in call options as the stock jumped 14% after the company reported that it's shipping more than 100,000 graphic processing units (GPUs) a quarter.
$Vista Outdoor (VSTO.US)$ shares are traded 10% higher Monday after the company inked a deal to sell the outdoor brand Revelyst to Strategic Value Partners for $1.125 billion in cash. Revelyst owns brands like Camelback and Bushnell. The firm also amended its M&A agreement with Czechoslovak Group to acquire The Kinetic Group, increasing the purchase price and valuing Vista Outdoor at $3.35 billion- or $45/share.
$Scholar Rock (SRRK.US)$, a small Cambridge, MA-based biopharma firm, saw its stock jump 300%+ Monday morning after the firm said that its treatment for spinal muscular atrophy met primary targets in a phase 3 clinical trial.
$Trump Media & Technology (DJT.US)$ stock +10% was picking up gains on Monday as investors weighed up how Elon Musk's appearance at a Donald Trump rally might impact the stock.
Shares of $Air Products & Chemicals (APD.US)$ were trading sharply higher after a media report said an activist investor was circling the industrial gas seller. The Wall Street Journal on Friday reported activist investor Mantle Ridge has built a more than $1 billion stake in the company and plans to push for improvements.
The $The Duckhorn Portfolio (NAPA.US)$ and Butterfly Equity said Monday they have signed a deal under which the private equity firm will buy Duckhorn for roughly $1.95 billion in cash, or $11.10 per share. The stock shot 103% Monday.
$PepsiCo (PEP.US)$,   $Delta Air Lines (DAL.US)$, and   $JPMorgan (JPM.US)$ earnings are coming this week, Tuesday, Thursday, and finally Friday.
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Kevin Travers
Moomoo News and Community Manager
Moo moo News and Community Manager, NJ Office. Fmr CNBC contributor, reporter/investor/trader Posts do not represent mm
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