S&P 500 Gains and Losses Today

Here are the stocks in the S&P 500 that gained and lost the most today, and 澳洲幸运5开奖号码历史查询:the stories behind the session'🐽s market movers.

Dow Adds More than 500ꦯ Points as A🔯ll But Two Components Gain

The Dow Jones Industrial Average bounced back from three-straight losing sessions to add 511 points, or about 1.6%—the index’s biggest gain since June 2. Stocks were broadly higher as investors awaited a Federal Reserve interest rate decision on Wednesday and Apple’s (AAPL) earnings report Thursday. 

Nike (NKE) shares gained 3.9% to lead the Dow higher. Goldman Sachs (GS) shares rose nearly 3.8% while Verizon (VZ) shares gained 3.5%. 

McDonald's (MCD) shares moved higher by 1.7% after the fast foo🅰d chain beat both earn🍸ings and revenue estimates. Revenue in the third quarter increased 14% year-over-year as consumers 😼accepted p꧅rice hikes on their Big Macs.

Shares of Amgen (AMGN) rose 0.6☂% ahead of its earnings report before markets open tomorrow. Apple shares closed 1.2% higher as investors anticipated its earnings report Thursday afternoon. 

Cisco Systems (CSCO) shares finished the day flat, missing out on the day’s rally after a Raymond James analyst downgraded the network infrastဣru😼cture provider to “Market Perform” from “Outperform,” warning about a potential weak sales forecast for the first quarter of next year. 

Walgreens Boots Alliance (WBA) shares declined 0.2% as pharmacy staff commenced a three-day walkout, urging the retail chain to hire more staff and improve working conditions. Pharmacy staff also walked out of CVS Health Corp. (CVS) stores, though its shares gained 2.6%.

澳洲幸运5开奖号码历史查询:Merck & Co. (MRK) shares dipped 0.1%, the only other Dow 30 component to move lower in the trading session.

-Terry Lane

Western Digital Shares Soar as Company Splits Off F༺lash Memory Business

Shares of Western Digital Corp. (WDC) surged 7% Monday, making it the best-performing stock in the S&P 500, after the computer hard drive manufacturer said it would 澳洲幸运5开奖号码历史查询:spin off its flash memory business.

The company's flash memory unit has struggled with a supply glut in recent quarters, due to lower demand for 澳洲幸运5开奖号码历史查询:memory chips. Demand initially surged during pandemic lockdowns, as people bought more computers for personal use 🌌at home, but waned as offices reopened and le🐭isure time fell.

Revenue for the company's fiscal first quarter 2024, reported Monday, fell 26% from a year ago, with sales of hard disk drives (HDDs) tumbling 40%, while those of flash drives fell in the high single-digits.

Western Digital Chief Executive Officer David Goeckeler said the two business units are "well-positioned to capitalize on the data storage industry’s significant market dynamics," and, as separate companies, "will have the strategic focus and resources to pursue opportunities in their respective markets."

-Mack Wilowski

Government Shutdown No Longer Base Case, Says Gol꧋dman

Goldman Sachs no longer expects a government shutdown at any point this year, changing its tune in light of new geopolitical risks and the Ho💞uses’ appointment of a new Speaker. 

The bank had said as recently as Wednesday that a 2-3 week government in November, which would reduce fourth-quarter GDP by 0.5 percentage📖 points, was its base case. 

Now—with Rep. Mike Johnson elected as Speaker of the House, Israeli troops entering Gaza, and the U.N. warning the conflict has already begun to spill into neighboring Syria—Goldman sees too much risk in a ♒shutdown. 

“While essential military functions would continue even in 🙈a shutdown,” analysts wrote, “the timing would be inopportune.” 

A temporary extension in November, they think, raises the chances of Congress relyin🅺g on them fo🍸r the rest of the fiscal year, which would force a 1% cut to the cap on nominal “discretionary” spending and a $36 billion cut to defense spending. 

As such, the bank lowered its estimate of first-quarter 2024 GDP growth𓂃 to 1.7% and raised its forecast for current-quar🏅ter GDP growth to 1.6%.

Midday Market Movers

JinkoSolar Holding Co. Ltd. (JKS): Shares of the so𒁃lar mo𒈔dule manufacturer jumped more than 17% after its third-quarter revenue topped Wall Street estimates on a surge in sales. 

Amazon.com Inc. (AMZN): Shares rose about 4%, 澳洲幸运5开奖号码历史查询:adding to Friday’s gains after it beat earni𝓡ngs estimates with net income of nearly $10 billion and ꦑcloud revenue growth of 12%. 

Abbvie Inc. (ABBV): Sh๊ares of the pharmaceutical giant rose about 🔜3% after Barclay’s upgraded the stock to overweight from market weight and said last week’s earnings sell-off was overdone. 

Revvity (RVTY): Sh🍷ares of the health sciences company fell 14% after it missed third-quarter earnings estimates and cut its full-year outlook, citing “increased market uncertainty.”

Onsemi Shares Plunge After Guid𒐪a🌌nce Miss as Sales Soften

Onsemi (ON) 澳洲幸运5开奖号码历史查询:shares plummeted over 19% Monday after the chipmaker gave worse-than-expected guidance as sales softened and its 澳洲幸运5开奖号码历史查询:operating margin fell.

The company formerly known as ON Semiconductor indicated it expects current quarter 澳洲幸运5开奖号码历史查询:earnings per share (EPS) of $1.13 to $1.27, and revenue in a range of $1.95 billion and $2.05 billion. Analysts had been anticipating EPS of $1.36 and revenue of $2.18 billion.

ꦡIn the third quarter, Onsemi reported EPS of $1.39, down from $1.45 a year ago. Revenue declined 0.5% to $2.🀅18 billion. Operating margin came in at 32.6%, tumbling from 35.4% a year earlier.

Onsemi shares lost nearly one-fifth of th♉eir value Monday morning to trade at their lowest level since January.

-Bill McColl

Oil Falls 3%꧑ as World Bank Forecasts Impact of Escalation in Middle East Conflict

Oil prices fell Monday morning even after the World Bank warned prices could jump to as high asꦡ $150 a barrel if fighting b🤡etween Israel and Hamas escalated to engulf the Middle East. 

The organization’s baseline estimate of average oil prices this quarter is about $90 a barrel, a year-over-year decrease “predicated on lower demand because of weak global growth.”

But if the conflict widened, the disruption to global oil supply could range from about 500,000 barrels a day to as many as 8 million barrels a day. The latter would represent a decrease comparable to the shock of 澳洲幸运5开奖号码历史查询:the Arab oil embargo in 1973, which reduced global supply by nearly 8%. That embargo was triggered by U.S. support for Israel in the Yom Kippur War and is often cited as an underlying cause of 1970s 澳洲幸运5开奖号码历史查询:stagflation.

Nonetheless, 澳洲幸运5开奖号码历史查询:West Texas Intermediate futures contracts slipped more than 3% Monday, falling to about $83 a barrel. 澳洲幸运5开奖号码历史查询:Brent crude contracts fell nearly 3% to about $87 a barrel.

Earnings So Far: Profit Up on Cost Cu𝔍ts, But O🦋utlook Is Gloomy

By the end of last week, 246 companies representing about 64% of the S&P 500's cumulative earnings had reported quarterly results. Together, they beat earnings estimates by about 7 percentage points, according to Bank of America equities analysts. 

Sales, o𝓡n the other hand, have only come in about 1 percentage point above expectations thus far, indicating the majority of earnings upside is coming from cost cuts.

Lower spending has hit 澳洲幸运5开奖号码历史查询:capital expenditures, as well, especially at tech megacaps. Total capex has risen 1% from last year's third quarter; but if you exclude just Amazon (AMZN) and Meta (META), capex is actually up 7%.

And the general outlook for the current quarter 🦂isn’t exactly rosy. For every company that has forecast fourth-quarter sales above the Wall Street consensus, five have undersho🗹t estimates. 

In short, companies see a tough quarter ah꧙ead as consumers further rein in their spending.

McDonald's Shares Gain as Earnings Get a Boost From Higher Prices

Shares of McDonald’s (MCD) rose Monday morning after the fast food chain’s third-quarter sales and earnings came in ahe✃ad of Wall Street estimates. 

McDonald’s earnings by the numbers 

• Net income: $2.3 billion vs. $2.2 billion expected, according to analyst estimates compiled by Visible Alpha. 
• Adjusted earnings per share: $3.19 vs. $2.99 expected
• Revenue: $6.7 billion vs. $6.6 billion expected
• Global comparable sales growth: 8.8% vs. 7.7% expected

The company attributed strong comparable sales growth to “strategic menu price increases,” as well as the growth of its digital and delivery business.

Price hikes have been a saving grace for many companies this quarter, including 澳洲幸运5开奖号码历史查询:beverage giants Coca-Cola (KO) and PepsiCo (PEP), which both said sales growth last quarter benefited substantially from higher prices. Household product maker Procter & Gamble (PG) also attributed its earnings beat to price hikes, which 澳洲幸运5开奖号码历史查询:offset lower volumes last quarter.

UAW Reaches ൲Tentative Agreement🍷 with GM, Possibly Ending Six-Week Strike

The United Auto Workers (UAW) union, which began striking all three of Detroit's big automakers in mid-September, has reportedly reached an agreement with General Motors (GM), the last of the Big Three to strike ꦛa deal with the un🐎ion.

The deal is reported to be 澳洲幸运5开奖号💝码历史查询ꦺ:similar to the one reached last week with Ford (F), which ♓includes a 25% pay raise over the four-year contract and the resumption of cost-of-living a♉llowances.

General Motors was the last of the Big Three automakers to strike a deal with the union. Chrysler parent Stellantis NV (STLA) and the UAW 澳洲幸运5开奖号码历史查询:announced a sim🙈ilar deal on Saturday. That same day the union expanded its strike against GM when it called workers🌺 at its Spring Hill Manufacturing plant in Tennessee, the company's largest facility in North America, to walk off 🎐the job.

ꦬGM shares,♊ up more than 1.5% early in the session, fell to trade about 0.5% lower Monday morning.

Stocks Making the Biggest Moves Premarket

Gains:

• Western Digital Corp. (WDC): Shares of the data storage device maker jumped more than 11% after it said it would split itself into two companies, one focusing on traditional hard drives and the other on flash-memory devices. 
• McDonald’s Corp. (MCD): Shares of the fast food chain rose more than 2% after it reported better-than-expected third-quarter sales and earnings, with revenue growing 14% on the back of price hikes.
• Stellantis NV (STLA): Shares of the carmaker rose nearly 2% after it reached a tentative deal with the United Auto Workers union, possibly bringing the union’s six-week strike against the Dodge and Jeep maker to an end. 
  

Losses:

• ON Semiconductor Corp. (ON): The chip maker’s shares fell more than 7% after it provided current-quarter guidance below analysts’ expectations. 
• ArcelorMittal SA (MT): Shares of the Luxembourg-based mining company sank more than 4% after a coal mine fire in Kazakhstan over the weekend killed at least 36 workers, leading the state to assume control of the mine. 
• Realty Income Corp. (O): Shares of the 澳洲幸运5开奖号码历史查询:real estate investment trust (REIT) slipped more than 2% after it announced a deal to acquire Spirit Realty Capital (SRC) in an all-stock transaction valued at about $9 billion. 

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. The United Auto Workers (UAW) union announced it 澳洲幸运5开奖号码历史查询:reached a tentative ꧟deal with Stellantis (STLA), days after 澳洲幸运5开奖号码历史查询:reaching an agreement with Ford (F), and expanded its strike against General Motors (GM).
2. Canadian auto workers labor union Unifor said it would commence a strike against Stellantis after it failed to reach an agreement with the automaker, with more than 8,200 workers walking out of Stellantis facilities on Monday.
3. Shares of Google parent Alphabet (GOOG) traded 0.8% higher in premarket trading after Google agreed to invest up to $2 billion in artificial intelligence (AI) company Anthropic, a rival of ChatGPT maker OpenAI.
4. Shares of HSBC (HSBC) traded 0.5% higher in pre-market trading after Europe’s biggest bank announced a $3 billion 澳洲幸运5开奖号码历史查询:share buyback program and reported it more than doubled its profit in the third quarter.
5. Former Marvel executive Isaac “Ike” Perlmutter said he entrusted his stake in 澳洲幸运5开奖号码历史查询:Walt Disney Company (DIS) to Trian Fund Management, giving activist investor Nelson Peltz about 33 million voting shares in the company.

-Terry Lane

Stock Futures Jump to Start Busy 🍃Earnings, Fed Week

Stock futures connected to the Dow Jones Industrial Average were about 0.6% higher in premarket trading as stocks bounced back from last week's sell-off.

S&P 500 futures were also 0.6% higher.

Nasdaq 100 futures jumped ❀nearly 0.8% a little more than an hour before markets opened.