Wall Street Today | Market Climbs, S&P 500 Within 100 Points of ATH Again
The market continued its growing trend Thursday after turning around Wednesday. It was a slower day for stock news, and despite higher PPI inflation data month over month, investors seemed excited that the FOMC may introduce rate cuts next Wednesday.
Just past the 4 pm ET close, $S&P 500 Index (.SPX.US)$ climbed 0.75% the $Dow Jones Industrial Average (.DJI.US)$ climbed 0.58%, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 1%.
MACRO
Last week, according to labor data Thursday, the number of Americans who applied for unemployment benefits rose slightly to 230,000. 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 the FOMC rate cut meeting next week, 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. 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.
Speaking toward the Council on Foreign Relations, Williams said the economy is balanced, and inflation is tracking lower, and "it is now appropriate to dial down the degree of restrictiveness in the stance of policy by reducing the target range for the federal funds rate."
SECTORS
Silver stocks were the highest trending industry on moomoo Thursday, as Silver to USD climbed nearly 4.20% to $29.
$Crude Oil Futures(OCT4) (CLmain.US.US)$ climbed nearly 3% after Hurricane Francine made landfall Wednesday night. $Bitcoin (BTC.CC.CC)$ climbed back up $58k, Gold pulled back from its high. $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ climbed.
The market continued its trend Thursday on a general climb, with every sector on the S&P 500 in the green.
MOOVERS
Moderna $Moderna (MRNA.US)$ shares fell more than 18% in recent Thursday trading after the company said it is reducing its annual R&D expense by about $1.1 billion starting in 2027 in light of "recent commercial challenges." The company now expects 2025 revenue of $2.5 billion to $3.5 billion. Analysts polled by Capital IQ expect $3.95 billion.
$Petco Health and Wellness (WOOF.US)$ climbed 19% after climbing 14% Wednesday, despite a revenue decline and adjusted loss reported Tuesday night. The stock jumped Thursday after Roaring Kitty reposted a Reddit post that read, "Woof is going bananas. Who's here with me?" Friday, analysts at Citi and Goldman covered the stock Thursday.
$Warner Bros Discovery (WBD.US)$ stock popped 4%after the entertainment company announced a multiyear distribution agreement with Charter Communications on Thursday. The deal will bring Max, Discovery+, and all Warner Bros channels like Food Network to Spectrum TV.
$The Kroger (KR.US)$ climbed 4%, the highest on the S&P 500 after the firm swung to a profit in its latest quarter but fell short of Wall Street predictions, while sales for the Cincinnati-based grocery company grew less than forecast. The stock climbed 4.8% Thursday. Sales came in at $33.91 billion, ticking up 0.2% from a year earlier but below estimates of $34.09 billion.
$Adobe (ADBE.US)$ fell nearly 8% after the market closed, when the firm reported earnigns that beat estimates.
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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.
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.
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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