Stocks traded mostly higher on Monday and bond yields continued to rise as Wall Street began the final week of September, a tough month for stocks. Investors will focus on US inflation data at the end of the week or while watching negotiations in Congress on avoiding a government shutdown.
Striking writers have reached a tentative agreement with Hollywood studios, ending a strike that has lasted nearly five months. The Writers Guild of America announced Three-year deal in a statement“We can say, with pride, that this deal is exceptional – with meaningful gains and book protection in every membership sector.” Media stocks were mixed. Paramount Global (PARA) was down 2.5%, and Warner Bros. was down 2.5%. Discovery (WBD) rose 3.5%, Netflix (NFLX) rose 0.8%, Walt Disney (DIS) rose 0.6%, and Amazon.com (AMZN) rose 1.6%. Warner Bros. was It is the leading loss-making company in its sales
Standard & Poor’s 500.
Amazon
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Meanwhile, it will invest up to $4 billion in artificial intelligence company Anthropic. Amazon will take a minority stake in Anthropic. Amazon cloud customers will get early access to Anthropic’s technology through Amazon Bedrock, the company’s AI platform for enterprises, and Amazon Web Services will become Anthropic’s primary cloud provider.
Williams-Sonoma (WSM) stock rose 9.5% after private equity firm Green Equity Investors revealed in a report. Deposit of securities It acquired a 5% ownership stake in the home goods retailer.
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Opendoor Technologies (OPEN) stock fell 6.6% to $2.4 after Citi analysts cut their price target for the real estate company to $2.70 from $3.90.
Alcoa (AA) stock fell 5% after the aluminum products maker said it has appointed Chief Operating Officer William Oplinger as CEO, effective September 24.
Sealed Air (SEE) rose 2.7% after the container and packaging company was upgraded to Buy from Neutral at Citi.
Carmax
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(KMX) rose 2.5% to $78.60 after upgrading shares of the used car seller to Outperform from Neutral at Wedbush and increasing its price target to $90 from $85.
NIO’s American depositary receipts (NIO) fell 2.1% after Bloomberg reported that the Chinese electric car maker is considering raising $3 billion from investors. However, NIO said in a statement that it “currently has no reportable capital raising activity” other than completing the offering of convertible notes.
The Dow rose 1.7% after the chemical giant was upgraded to overweight from neutral at JPMorgan.
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Instacart (CART) rose 0.3% to $30.10. Shares of the grocery delivery app, formally known as Maplebear, went live at Wolfe Research on Monday with a Peer Performance rating and a fair value range of $24 to $42 per share. Analysts at BTIG on Friday covered Instacart with a Neutral rating. The stock went public last Tuesday at $30 per share and opened for trading at $42. But Instacart shares have fallen since its strong business debut.
Nike (NKE) stock fell 0.1% to $90.74 after Jefferies downgraded the athletic apparel maker’s stock to Hold from Buy and lowered its price target to $100 from $140. Nike is scheduled to announce its quarterly earnings later this week. Jefferies also downgraded Foot Locker (FL) to Hold from Buy and
Urban Outfitters (URBN) to hold from buying. Foot Locker fell 2.6% and Urban Outfitters was flat.
Thor Industries (THO), a maker of recreational vehicles, is scheduled to report its quarterly earnings after the closing bell on Monday. Reports are expected later in the week from Costco Wholesale (CSCO), Micron Technology (MU), Carnival (CCL), Paychex (PAYX), Jefferies Financial (JEF), Accenture (ACN), Jabil (JBL), CarMax ( KMX). and BlackBerry (BB).
Write to Joe Woelfel at [email protected]
“Infuriatingly humble alcohol fanatic. Unapologetic beer practitioner. Analyst.”