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Market Falls Thursday, But Not Very Far | Wall Street Today
The market fell Thursday, but not very far from Wednesday closing prices. Just three sectors of the S&P 500 were climbing at the end. CPI numbers came in slightly higher than expected, Oil futures climbed from Lebanon violence, and Chinese stocks went nowhere for the second day. Tune in live tonight to watch $Tesla (TSLA.US)$'s Robotaxi event!
Just past 4 pm ET the $S&P 500 Index (.SPX.US)$ traded down 21 basis points, the $Dow Jones Industrial Average (.DJI.US)$ fell 14 basis points, and the $Nasdaq Composite Index (.IXIC.US)$ fell 5 bps.
MACRO
Thursday, CPI numbers showed prices grew 2.4% year over year in September, above estimates of 2.3% but still at a three-year low. Core prices rose 3.3%, right at a four-month average. Initial jobless claims came in at 253k, a high not seen since June 2023.
In the Federal Reserve Open Market Committee minutes released Wednesday, several participants in the meeting said a 25 basis point cut would be a more gradual and predictable "path of normalization." Still, the majority of participants voted for a 50 bp cut.
"A substantial majority of participants supported lowering the target range for the federal funds rate by 50 basis points to 4-3/4 to 5 percent," the minutes read.
Atlanta Fed President Raphael Bostic spoke upbeat about the economy overall Tuesday night. Still, he said Tuesday that he is monitoring high storms in his district that could harm economic activity.
"Just in my district, in the last two weeks, we've had...these massive weather events, first Hurricane Helene, now we've got Milton that's bearing down on Florida," Bostic said.
SECTORS
Within industries tracked by moomoo, tech fell while energy climbed. $Crude Oil Futures(FEB5) (CLmain.US)$ climbed 3% to $75 after Israel issued a warning to a third of Lebanon to evacuate as it expands a ground offensive there against Hasbala, according to the Wall Street Journal.
There was a massive hurricane last night that hit Florida, causing an estimated $75B in damage, according to Bloomberg.
$Bitcoin (BTC.CC)$ fell to $59k. Gold and silver climbed, alongside the falling $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ but climbing $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$.
MOOVERS
$Delta Air Lines (DAL.US)$ reported earnings Thursday for the 3rd quarter, showing the cost of the CrowdStrike outage and issuing a soft fourth-quarter outlook. The legacy carrier said in an earnings report that the tech glitch in July had cost it $380 million in revenue and 45 cents a share. Delta also forecasted earnings of between $1.60 and $1.85 a share for the current quarter, warning that Americans will likely cut their travel before the election.
After the news $CrowdStrike (CRWD.US)$ climbed 5%, the highest on the Nasdaq 100, as if the outage it caused is an example of its necessity.
$E2open Parent (ETWO.US)$ fell a further 21% after its Wednesday earnings where the software firm missed analysts' estimates for fiscal Q2 sales and cut its revenue guidance for the fiscal year as a whole. Shares fell 20% Wednesday after sales came in at $152.2 million, below the $154.8 million that analysts' consensus estimate had reportedly called for.
Shares of $First Solar (FSLR.US)$ traded down 9% on Thursday after Jefferies analysts cut thier expectations in a note. The solar stock was the lowest on the S&P 500.
$Celsius Holdings (CELH.US)$ shares climbed 13% following retail furvor Thursday, bouncing back from steep losses in recent quarters.
$The Toronto-Dominion Bank (TD.US)$ stock dropped as much as 7% on Thursday after the firm was placed under a growth limitation and fined more than $3 billion by a group of U.S. regulators who found that deficient internal safeguards at the bank had failed to prevent financial crimes including drug trafficking and terrorist financing.
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Word from the herd: Mooers, what are you watching?
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Disclaimer: This presentation is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Indexes are unmanaged and cannot be directly invested in. Past performance is no indication of future results. Investing involves risk and the potential to lose principal. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors’ financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information regarding your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal. Moomoo makes no representation or warranty regarding its adequacy, completeness, accuracy, or timeliness for any purpose of the above content. See this link for more information.
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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
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EZ_money :
73372627 : Today was a strage conjucture. The political incertitude, the Initial Claims, the Infation rate, the Feds incertitude to stop the infalation, the storms repercusions, the low expectations reports from the banks and more.
I hope was just the storms which come and go fast.
Kevin Travers OP 73372627 : Me too, the turbulence has been so much to watch
102181510 :![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
章允量 :![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
affable Blobfish_403 : CPI and initial jobless claims numbers higher than expected, signs of stagflation. Election momentum picking up in the final stage.
101782047 : It’s all manipulation by market makers.. don’t be too serious abt what happened to the news
101782047 : Bad news, can push it all the way up too
Kenneth558 : ok
ElaineFord : Very good stock