Wall Street Today | Market Climbs Close to Record Territory
The market climbed this week after a rough start in September. By the end of the week, the S&P 500 was within 50 points of an all-time high yet again, at nearly the exact same point value as where it began the month of September, 5,623.
Just past 4 pm ET the $S&P 500 Index (.SPX.US)$ climbed 0.54% the $Dow Jones Industrial Average (.DJI.US)$ climbed 0.72%, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 0.65%.
MACRO
Friday, University of Michigan numbers showed consumers expect prices to inflate 2.7% in one year, higher than the most recent yearly CPI inflation numbers.
Last week, the number of Americans who applied for unemployment benefits rose slightly to 230,000, according to data from Thursday. There was no sign of widespread layoffs even as the job market cooled, and the numbers aligned with the yearly average.
PPI data released Thursday also showed Producer prices climbed month over month, 0.3% Core and 0.2% normal, including energy and food. In the lead-up to next week's FOMC rate cut meeting, every indication of inflation is vital.
Wednesday, investors received inflation macro data. Consumer prices grew 2.5% year over year, the lowest CPI year-to-year growth from the Bureau of Labor Statistics since the beginning of the pandemic. It came in lower than Michigan Consumers Expected two days later.
Year-over-year Core CPI, which excludes energy and food, is unchanged from last month's 3.2%. Month over month, Core CPI climbed from 0.2% to 0.3%.
Last week, investors also got word from New York Fed President John Williams Friday that it is time to cut rates. Investors are awaiting the next FOMC rate decision meeting on Wednesday, September 18th.
SECTORS
$Crude Oil Futures(JAN5) (CLmain.US)$ climbed slightly to $69 after Hurricane Francine made landfall this week.
$Bitcoin (BTC.CC)$ climbed back up $59k, gold and silver both climbed, and silver rose to $30, returning to a level last left in July. $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ both fell, but firmly in a non-inverted relationship.
MOOVERS
Adobe $Adobe (ADBE.US)$ shares fell 8% Friday after the firm's Thursday Q4 revenue outlook missed estimates. It was the lowest decliner on the S&P 500. The firm said it expected Q4 revenue to be between $5.50 billion and $5.55 billion. Analysts expected $5.60 billion.
$Restoration Hardware (RH.US)$ shares jumped over 25% Friday following multiple price target increases following the furniture firm's Q2 adjusted earnings and revenue beat.
$Warner Bros Discovery (WBD.US)$ continued to climb 10% Friday after the firm signed a new distribution deal Thursday for all its cable channels with Charter Communications, the nation's largest pay-TV distributor. The stock rose 9%, the highest on the S&P 500. The two companies said Thursday that the multiyear pact will increase the overall fees Charter pays to carry Warner Discovery channels such as CNN, Food Network, and TBS.
$Boeing (BA.US)$ shares fell 3.6% after the company's largest union went on strike. The stock fell 4% premarket before leveling off after workers rejected a contract offer that would have raised pay by 25% over four years. In 2008, a 57-day strike over pay negotiations cost Boeing an estimated $100 million a day, according to MarketWatch.
$Upwork (UPWK.US)$ shares surged 9.99% in intraday trading on Friday. Upwork investor Engine Capital on Friday urged the freelancing marketplace to refresh its board and proposed other measures to boost shareholder value.
$Arm Holdings (ARM.US)$ was up 6% in intraday trading on Friday. Raymond James is upbeat about Arm's potential to capitalize on a host of AI trends, including the new iPhone 16.
Waymo, the self-driving car company owned by Google's parent, $Alphabet-C (GOOG.US)$ , plans to use the Uber app to offer paid rides in Atlanta and Austin, Texas, next year. Waymo won't operate its own app in those cities.
Uber Technologies' riders in the two cities might be matched to a Waymo driverless taxi even if they don't specifically request one, the companies said Friday. As part of the deal, $Uber Technologies (UBER.US)$ will provide vehicle cleaning, repair and general storage facilities.
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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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Lee Kuan Sieong : g
Alen Kok : o
74423696 : WIOW so beautiful,.
affable Blobfish_403 : The bull market is booming, economic data is just right, will the power of the election determine victory?
Laine Ford : good stock
104476495 : h
101606705 : Ok
Laine Ford : maybe in the future
Ishah : Well, due to the fact that a man who are married will increased their income by 4 + folds, I would say that the woman has a right to claim her husband's wealth. Even Jeff Bezos, he accredited his success to his exwife. A billionaire status is not a one man project. All the billionaires are or were married when the work was put in to make all their money. Do you know of any single men who have been single all their lives who have billions of dollars? I can't recall. Similar to a wife who is your mother, Elon Musk and Maye Musk, they operate as husband and wife... now that marriage brings the downfall of companies and legacies.