Dow Drops as Oil Prices Jump

The 澳洲幸运5开奖号码历史查询:Dow Jones Industrial Average fell 0.6%, or 196 points🌳, as oil prices jumped 𝐆to a 10-month high at the start of a holiday-shortened week. 

Microsoft (MSFT) shares gained 1.5% after it announc🧸ed it would expand its partnership with Abu Dhabi-based technology holding company G42 to develop artificial intelligence (AI) tools and offer cloud infrastructure in the United Arab Emirates. 

Chevron (CVX) moved higher by 1.4% after Russia and Saudi Arabia vowed to 澳洲幸运5开奖号码历史查询:keep oil production cuts in place until the end of the year, sending West Texas Intermediate (WTI) crude oil up🍸 1.3% to trade at more than $86 a barrel, its highest level since November.

Shares of American Express (AXP) rose 0.2% after RBC Capital upgraded it to “Outperform” from “Sector Perform,” arguing that th🐟e credit card issuer’s🐽 focus on premium consumer and corporate customers makes it less vulnerable to government proposals that would limit late fee collection.

Apple (AAPL) shares edged up 0.1% after reports Ap꧃ple TV+ subscriptions surged in July from its exclusive rights to broadcasܫt Major League Soccer. 

Walgreens Boots Alliance (WBA) led the index lower, dropping 3% as the company began searching for a 澳洲幸运5开奖号码历史查询:replacement for CEO Rosalind Brewer.

Merck & Co. (MRK) shares dropped 2.1% while Nike (NKE) and Dow Inc. (DOW) both fell 2%.

Walt Disney Co. (DIS) shares dropped 0.5% after it urged custo𒀰mers of Charter Communications’s Spectrum cable system to use Hulu to access ABC, ESPN, and other channels after𓄧 cutting its programming from Spectrum customers over a fee dispute.𝐆

-Terry Lane

Airbnb and Blackstone to Enter the S&P 500

Airbnb (ABNB) and trillion-dollar asset manager Blackstone (BX) are the latest companies 澳洲幸运5开奖号码历史查询:to be included in the S&P 🍎500 Index, a step that c🎉ould boost thei🐼r shares in the coming weeks.

Airbnb and Blackstone will join the S&P 500 on Sep. 18 as part of the latest quarterly rebalancing of the 澳洲幸运5开奖号码历史查询:large-cap benchmark. They will replace Lincoln National Corp. (LNC) and Newell Brands Inc. (NWL), which will be transferred to the 澳洲幸运5开奖号码历史查询:S&P 600 Index, a 澳洲幸运5开奖号码历史查询:small-cap benchmark.

Airbnb rose about 8% and Blackstone gained 4% on Tuesday. They've risen about 68% and 46% so far this year.

-Mack Wilowski

Midday Market Movers

Airbnb Inc. (ABNB): Shares of the short-term rental company gained 8% after it was added to the S&P 500 alongside private equity firm Blackstone Inc. (BX).

Tesla Inc. (TSLA): Shares of the EV maker gained 4.5%, nearly erasing its 5% decline Friday that came on the heels of 澳洲幸运5开奖号码历史查询:fresh price cuts and the unveiling of a new Model 3.

Occidental Petroleum Corp. (OXY): Shares of the oil company gained 3% after oil prices jumped after Saudi Arabia announced it is extending its voluntary oil p꧙roduction cut through the end of the year. 

Illumina Inc. (ILMN): Shares of the biotech firm lost nearly 5% after it appointed Agilent Technologies’ Jacob Thaysen as its new CEO after a 澳洲幸运5开奖号码历史查询:proxy fight with activist investor Carl Icahn. 

Pultegroup Inc. (PHM): Homebuilder stocks slumped today after notching solid gains so far this year. Pultegroup lost 5%, Lennar Corp. (LEN) lost 4%, and D.R. Horton Inc. (DHI) fell 5%.

W♑arner Bros. Discovery❀ Warns of $500 Million Hit From Hollywood Strikes

Warner Bros. Discovery () shares rose as the entertainment giant’s update on its 澳洲幸运5开奖号码历史查询:free cash flow and debt payments helped offset concerns about a negative impact to its earn🐎ings from Hollywood strikes.

Warner Bros. Discovery raised its 2023 free cash flow guidance to at least $5 billion, and expects it to exceed $1.7 billion in the current quarter because of the success of its blockbuster Barbie movie.

However, Warner Bros. Discovery also warned in a regulatory filing that the ongoing strikes by the Writers Guild of America (WGA) and Screen Actors Guild-American Federation of Television and Radio Artists (SAG-AFTRA) would cut full-year earnings before inꦏterest, taxes, depreciation and amortization (EBITDA) by $300 million to $500 million, lowering its EBITDA outlook to a range of $10.5 billion to $11 billion. The company’s previous estimates assumed the walkouts would e🀅nd in early September.

Shares of Warner Bros✃. Discovery have added about a quarter of their va♎lue this year.

-Bill McColl

Hot Homebuilder Stocks Tumble

Homebuilders were some of the S&P 500’s worst-performing stocks Tuesday. PulteGroup Inc. (PHM) fell more than 5.5% while Lennar Corp. (LEN) and D.R. Horton Inc. (DHI) each lost 5%. 

The stocks have rallied this year on the back of 澳洲幸运5开奖号码历史查询:mortgage rates at 20-year highs, which have locked existing homeowners into the loans they secured when rates were much lower and starved the housing market. In the second quarter of this year, a record 澳洲幸运5开奖号码历史查询:31.4% of all෴ homes for sale were new construction.

Arm E🌌xpected to Be Bigge༺st U.S. IPO So Far This Year

U.K.-based chip designer Arm is 澳洲幸运5开奖号码历史查询:lookiღng to raise up to $4.87 billion in the largest U.S. 澳洲幸运5开奖号码历史查询:initial public offering (IPO) of the year—one which could value the company at as much as $52 billion.

The company said in a 澳洲幸运5开奖号码历史查询:Form F-1 filing with the SEC on Tuesday it will list 95.5 million 澳洲幸运5开奖号码历史查询:American depositary shares (ADSs), or shares of a foreign company listed in the U.S., on the Nasdaq, with each valued between $47 and $51.

The IPO could raise anywhere from $4.49 billion to $4.87 billion, making it a bigger deal than Johnson and Johnson's (JNJ) Kenvue (KVUE) spinoff earlier this year.

While the U.S. IPO market has bounced back slightly from last year's lows, activity remains far below its 2021 peak. The first half of 2023 saw just 63 IPOs in the U.S., up from 51 in the same period last year but well below a peak of 416 through all of 2021.

Proceeds have also fallen precipitously, to $10.1 billion in the first half from $155.8 billion in 2021, according to an EY report.

-Mack Wilowski

Novo Nordisk Becomes Europe's Most Valuable Company as Wegovy Launches in UK

American depositary receipts of Novo Nordisk (NVO) 澳洲幸运5开奖号码历史查询:climbed 1.5% in early trading on Tuesday after launching its popular weight-loss drug, Wegovy, in the U.K.

Novo Nordisk ADRs were up more than 40% year-to-date as demand for its weight-loss treatments surged, pulling ahead of LVMH to become Europe’s most valuable company by 澳洲幸运5开奖号码历史查询:market capitalization.

The final price agreed with NHS is yet to be disclosed. In the U.S., the drug is available for $1,350 per dose once a month, while in Europe, it is availab♐le ♒for around 170 to 300 euros ($190-$330) per month.

With supply constraints, it could take a few years before Novo ramps up enough production to satisfy demand. The company has taken measures to limit its availability in the U.S. and Germany. It also 澳洲幸运5开奖号码历史查询:recently bought Embark Biotech to enhance its range of weight loss treatments.

-Fatima Attarwala

Oil Futures Spike as Sau♏di Arabia Extends Production Cut

澳洲幸运5开奖号码历史查询:Crude oil futures contracts jumped 2% Tuesday morning after Saudi Arabia said it is extending its volun🌱tary production cut until the end of the year.⛄ 

The country, one of the world’s largest producers and exporters of oil, first cut production by 澳洲幸运5开奖号码历史查询:1 million barrels a day in July and had been renewing that decision on a monthly basis before Tuesday’s announcement. 🐻It has been joined by other Organization of Petroleum Exporting Countries (OPEC) and OPEC+ members, which also cut production by a cumulative 1.6 million barrels a day earlier this year. 

澳洲幸运5开奖号码历史查询:West Texas Intermediate contracts jumped to $87.21 and 澳洲幸运5开奖号码历史查询:Brent crude contracts climbed as high as $90.58, the highest price for both benchmar🎀ks since last November.

Stocks Making the Biggest Moves Premarket

Gainers:

• Airbnb Inc. (ABNB): Shares gained more than 5% after S&P Global announced it would add the short-term rental company to the S&P 500. It will be joined by private equity firm Blackstone Inc. (BX), which gained 4% premarket.
• Tower Semiconductor Ltd. (TSEM): The semiconductor maker’s shares gained 3% after it struck a deal with Intel Corp. (INTC) to use Intel’s New Mexico manufacturing facility. Intel in August scrapped its deal to acquire Tower Semiconductor for over $5 billion after it failed to gain approval from Chinese regulators. 
• Oracle Corp. (ORCL): Shares of the software provider gained 2% after Barclays upgraded the stock to Overweight from Equalweight and raised its price target to $150 from $126, citing growth in its SaaS and cloud business. 

Losers:

• Vinfast Auto Ltd. (VFS): Shares of the Vietnamese electric vehicle maker, which listed on the Nasdaq last month, lost 18%, bringing the stock back down to earth after jumping more than 800% in its first weeks of trading. 
• Li Auto Inc. (LI): The Chinese EV maker’s American depositary receipts (ADRs) fell 4% despite announcing it delivered more cars last month than it had forecast.
• Group Ltd. (TCOM): Shares of the Chinese travel services provider lost 3%, falling alongside other Chinese stocks even after it reported 180% revenue growth in the most recent quarter.

5 Things to Know Before Markets Open

Here's 澳洲幸运5开奖号码历史查询:what investors need to know to start their day:

1. Shares of vacation rental platform Airbnb (ABNB) moved higher by 5% and shares of investment firm Blackstone (BX) gained 4% in pre-market trading after S&P Dow Jones Indices said it would add the two companies to the 澳洲幸运5开奖号码历史查询:S&P 500 index on September 18.
2. Walt Disney (DIS) said that customers of Charter Communications Spectrum Cable (CRTR) should sign up to Hulu as it continues to negotiate a broadcasting deal with the cable TV provider.
3. Mercedes-Benz introduced a new 澳洲幸运5开奖号码历史查询:electric vehicle (EV) sedan with a range of more than 466 miles, better than the 391-mile range of Tesla’s long-range Model 3 sedan.
4. Shares of Albemarle (ALB) rose more than 1% in pre-market trading after the board of Australian lithium miner Liontown Resources backed a $4.3 billion takeover bid.
5. Factory orders are expected to have fallen 2.3% in July after rising 2.3% the month before. That data is to be released by the Census Bureau at 10 a.m. ET.

-Terry Lane

Futures Slip to Start Shortened Week

Futures contracts connected to the Dow Jones Industrial Average were doܫwn 0.05% in premarket trading on Tuesday.

S&൩amp;P 500 E-mini futures contracts were down 🍰0.15%.

Nasdaq 100 futures fell 0.3%