Wall Street Today | S&P Hits Highs Energy and Semi's Climb, Market Falls
The market fell Wednesday, 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.
Just past 4 pm ET the $S&P 500 Index (.SPX.US)$ fell 19 basis points, the $Dow Jones Industrial Average (.DJI.US)$ fell 70, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 4 basis points.
MACRO
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.
Investors are waiting for Powell to speak Thursday, and PCE inflation numbers Friday, to check the progress of the FOMC's recent 50 bp rate cut.
SECTORS
$Crude Oil Futures(JAN5) (CLmain.US)$ fell back to $69, 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 hit trading highs. $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ climbed.
Four out of 11 S&P 500 sectors were in the green Wednesday, giving the index enough of a boost to hit a trading high that disappeared by noon.
MOOVERS
$Amgen (AMGN.US)$ fell 5%, 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.
$Micron Technology (MU.US)$ Q4 adjusted EPS of $1.18 vs estimates of $1.12. For the 1st quarter look ahead to 2025 the firm expects revenue of $8.5B-$8.9B vs estimates of $8.3B. The stock climbed 8% after hours.
$Concentrix (CNXC.US)$ fell 10% after reporting missed adjusted EPS despite in-line revenue.
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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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104476495 : h
章允量 :![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
affable Blobfish_403 : The economic recession is hard to conceal, but the economic data before the election shouldn't look too bad, right?! Data is often revised afterwards.
103677010 : noted
Ghost2737 affable Blobfish_403 : Data is fake
Simon 5183 : If the salary negotiation of 45,000 dock workers breaks down, a major strike will begin on October 1, and the stock market tragedy will start.