Moovin Stonks | Market Falls Wednesday, Vistra and Semi's Are Climbing

Kevin Travers joined discussion · Sep 25, 2024 23:58

Moovin Stonks | Market Falls Wednesday, Vistra and Semi's Are Climbing

Afternoon Traders, happy Wednesday, September 25th. The market was overall falling, but Semiconductors and software were climbing again, sending the Nasdaq higher. The S&P hit a new trading record within an hour of trading, but pulled back.

My name is Kevin Travers; here stonks and stories mooving the U.S. stock market today.

$Amgen (AMGN.US)$ fell 4%, the lowest on the Nasdaq 100 after the firm posted results from two phase three clinical trials. The trials showed statistically significant responses compared to placebo drugs, according to a company release, but prices fell anyway.

$Trump Media & Technology (DJT.US)$ stock climbed 8% Wednesday, recovering after planning to start the week during the expiration of a lockup period that prevented leading shareholders, including Donald Trump, from selling shares. Trump spoke in Savannah about his economic plans, including a blanket 10-20% tariff, 60% tariffs on China, and 100% tariffs on Mexican Cars.

$Vistra Energy (VST.US)$ climbed 5% Wednesday, the highest on the S&P 500, up 30% in six sessions. The Texas power plant company has been on a run, becoming the S&P 500's highest gainer this year, even over Nvidia, following a market trend to search for companies that will benefit from the AI craze. $Microsoft (MSFT.US)$ announced a massive overhaul of the Three Mile Island Nuclear plant run by $Constellation Energy (CEG.US)$ on Friday, to generate more than 800 megawatts for AI data centers.

$Crude Oil Futures(APR5) (CLmain.US)$ fell back to $70, despite continued violence in Lebanon and Israel. It followed a macro commodity data release that showed firms cut their oil demands in the past week.

$Bitcoin (BTC.CC)$ fell 1% to $63k. Gold and silver climbed, both hitting trading highs. $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ fell.

Five out of 11 S&P 500 sectors were in the green Wednesday just before 11 am, giving the index enough of a boost to hit a trading high.

Just past 12:16 am ET the $S&P 500 Index (.SPX.US)$ fell 9 basis points, the $Dow Jones Industrial Average (.DJI.US)$ fell 54, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 8 basis points.

Wednesday, Crude Oil Inventories were cut by 4.4M barrels around the US according to the EIA.

According to Tuesday's report by the Conference Board, consumer sentiment took a sharp downturn in September with its largest drop in over three years. The consumer confidence index dropped to 98.7 from 105.6 in August, a decline not seen since August 2021 and one that came in below the Dow Jones consensus forecast of 104.

During the month, every component in the board's assessment declined with the greatest drop among individuals aged 35-54 with incomes below $50,000.

Federal Reserve governor Michelle Bowman talked Tuesday speaking at a convention for the Kentucky Bankers Association in Hot Springs, Va., about her decision to dissent from last week's jumbo rate cut. She said a 50 basis point cut worried her; she thought it would signal economic weakness.

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Yesterday, users were arguing about tariffs and Trump trade. It was a debate in the chatroom over American made products!

Traders, what do you think, is the market in 2024 about following the herd? What you watching on the stock market today? What is the herd following? Let me know in the comments below!

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