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Storms a Comin' Again, but FOMC Said Economy Looks Fine | Wall Street Today

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Kevin Travers wrote a column · Oct 9 15:17
Storms a Comin' Again, but FOMC Said Economy Looks Fine | Wall Street Today
If you were not looking at Chinese stocks, the market climbed Wednesday. The market climbed to all-time closing highs for the S&P 500 and Dow Jones Industrial Average.
It was not all rosy following a sudden drop in Chinese stocks after no new stimulus was announced Tuesday morning. A second massive hurricane was hurtling toward the American South, due to hit Tampa Bay, Florida, Thursday morning.
Just past 4 pm ET the $S&P 500 Index (.SPX.US)$ traded +71 basis points and hit a record intraday trading high. The $Dow Jones Industrial Average (.DJI.US)$ climbed 1.03%, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 60 basis points.
Storms a Comin' Again, but FOMC Said Economy Looks Fine | Wall Street Today
MACRO
Atlanta Fed President Raphael Bostic was upbeat speaking about the economy overall Tuesday night, but 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.
This week, investors are awaiting CPI inflation numbers on Thursday. In macro, the market is waiting for the afternoon release of the FOMC meeting minutes after the rate cut decision.
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
The $CSI 1000 Index (000852.SH)$ fell 7%, after a 23% climb since the government annouced stimulus. The $CSI 300 (LIST20861.HK)$ fell the most in one session since 2020. Midday trading for Chinese stocks, the Chinese Ministry of Finance that it would hold a news conference this upcoming Saturday.
$Crude Oil Futures(JAN5) (CLmain.US)$ fell again, while the Wall Street Journal ran a story that the U.S. was 'frustrated' that Israel would not share its plans on Iran retaliation.
Storms a Comin' Again, but FOMC Said Economy Looks Fine | Wall Street Today
MOOVERS
$Norwegian Cruise (NCLH.US)$ was climbing after a Citi bank analyst upgraded to Buy, and a high earnings growth prediction was released late Tuesday. It was up 10% Wednesday, the highest gainer on the S&P 500.
$Alphabet-C (GOOG.US)$ shares fell slightly, down 2% Wednesday after news that the U.S. Department of Justice is considering whether to demand a breakup of Google after the search giant was ruled an illegal monopoly. It could be the biggest antitrust action in decades.
$Arcadium Lithium (ALTM.US)$ climbed 30%, the highest on the Russell 2000, a deal from copper and aluminum miner Rio Tinto to buy out the firm for $6.7 B, or $5.85/share.
Shares of semiconductor-based connectivity solutions company $Astera Labs (ALAB.US)$ are up more than 15% Wednesday after the company introduced new fabric switches for AI infrastructure. The stock may also be getting a lift from positive analyst coverage.
$Helen Of Troy (HELE.US)$ reiterated its full-year outlook on Wednesday and climbed 17% as the consumer products company's fiscal second-quarter results came in ahead of Wall Street estimates.
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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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