Southwest Airlines ( LUV) is down more than -1% after Airlines it said that due to surging jet fuel costs, revenue for each seat flown mile would fall -5% to -7% from a year earlier compared with an earlier outlook for a drop of -3% to -7%.ĭexcom ( DXCM) is up more than +5% to lead gainers in the S&P 500 and Nasdaq 100 after Jeffries said the use of obesity drugs appears to increase the use of type 2 diabetes continuous glucose monitors, which Dexcom manufactures. Olin Corp ( OLN) is down more than -2% after Goldman Sachs downgraded the stock to neutral from buy. Gilead Sciences ( GILD) is down more than -2% after HSBC initiated coverage of the stock with a recommendation of reduce and a price target of $71. Tesla ( TSLA) is down more than -3% to lead losers in the Nasdaq 100 after Indonesian Coordinating Maritime Affairs and Investment Minister Panjaitan said CEO Musk is concerned about the state of the global economy and possible overcapacity in the EV market and shelved expansion plans in Indonesia. Warner Bros Discovery ( WBD) is down more than -3% after it forecasted full-year Ebitda of $10.5 billion-$11.0 billion, down about $500 million from a previous estimate due to the impact of strikes from actors and writers. Losses in Apple accelerated on technical selling after the stock fell below its 50-day moving average. Nvidia ( NVDA) is down more than -3% after Research Affiliates said the stock is “a textbook story of a Big Market Delusion,” and with shares trading around 110 times earnings, the stock is priced beyond perfection.Īpple ( AAPL) is down more than -3%, leading losers in the Dow Jones Industrials as higher T-note yields weigh on tech stocks. Japan’s Nikkei Stock Index closed up +0.62%. China’s Shanghai Composite Index closed up +0.12%. The 10-year UK gilt yield rose to a 2-week high of 4.559% and is up +1.1 bp at 4.536%. The 10-year German bund yield rose to a 2-week high of 2.654% and is up +4.1 bp at 2.653%. The 10-year T-note yield rose to a 2-week high of 4.296% and is up +2.6 bp at 4.286%. The markets are discounting the odds at 8% for a +25 bp rate hike at the September 20 FOMC meeting and 54% for that +25 bp rate hike at the November 1 FOMC meeting. She added that the Fed will "need to hold rates at restrictive levels for some time" as while demand is moderating, it continues to outpace supply, adding to price pressures. Jul trade deficit widened to -$65.0 billion from -$63.7 billion in June, a smaller deficit than expectations of -$68.0 billion.īoston Fed President Collins said it's "too early" to say if inflation is on a sustained path to 2%, and further tightening may be warranted depending on the data. Aug ISM services index unexpectedly rose +1.8 to a 6-month high of 54.5, stronger than expectations of a decline to 52.5. Stocks opened lower this morning on negative carryover from a fall in the Euro Stoxx 50 to a 1-1/2 week low on weaker-than-expected Eurozone economic news. Losses in stocks accelerated as bond yields jumped after today’s Aug ISM services report expanded more than expected, bolstering speculation the Fed will keep interest rates higher for longer. Stock indexes this morning are moderately lower, with the S&P 500, Dow Jones Industrials, and Nasdaq 100 indexes falling to one-week lows. The S&P 500 Index ( $SPX) ( SPY) today is down -0.83%, the Dow Jones Industrials Index ( $DOWI) ( DIA) is down -0.52%, and the Nasdaq 100 Index ( $IUXX) ( QQQ) is down -1.03%.
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