S&P 500 Slips to Cap Off Its Worst Week Since March

S&P 500 Gains and Losses Today

1 hr 38 min ago

Here are the S&P 500 companies that gained and lost the most today.

Dow Drops for Fourth Straight Session to End Week Lower

2 hr 49 min ago

The Dow Jones Industrial Average wasn’t able to hold on to early gains and lost 0.3%, or about 106 points, today. It was the fourth-straight losing session for the Dow and brought its weekly return to -1.9%. 

UnitedHealth Group (UNH) gained 1% to be the top-performing component in the Dow 30 for the second consecutive session.

Shares of Chevron (CVX) gained nearly 0.7% after workers at the company’s liquified natural gas (LNG) projects in Australia ended their strike after both the union and Chevron accepted terms proposed by the country’s industrial arbitrator. 

Apple (AAPL) shares gained about 0.5% on the release of its new iPhone 15 models, which went on sale in 40 countries around the world today.

Cisco Systems (CSCO) shares moved up about 0.4%, rebounding from losses it suffered yesterday after announcing it would buy cybersecurity software company Splunk (SPLK). 

The Walt Disney Company (DIS) dropped 1.8% after a two-day bout of “encouraging” negotiations with striking Hollywood writers ended without a deal.

Shares of Intel (INTC) fell by 1.4% after the European Union hit the chipmaker with a $400 million antitrust fine in a long-running legal fight. 

Microsoft (MSFT) shares fell nearly 0.8% despite winning preliminary approval from U.K. regulators for its deal to acquire video game maker Activision Blizzard (ATVI), which gained 1.8% on the news. 

Goldman Sachs (GS) dropped 0.7% after it was fined $6 million by the Securities and Exchange Commission on changes it violated “blue sheet data” rules.

-Terry Lane

Goldman Fined $6 Million by SEC for Submitting Incomplete Trading Data

3 hr 55 min ago

The Securities and Exchange Commission (SEC) fined investment bank Goldman Sachs (GS) $6 million Friday to settle charges it supplied the agency with incomplete and inaccurate trading information.

The SEC accused Goldman Sachs of submitting more than 22,000 deficient blue sheets over a period of about 10 years.

Market maker Citadel Securities was also fined by the SEC Friday for providing it with inaccurate information. The firm agreed to pay $7 million to settle the charges.

Goldman Sachs shares were down 0.7% in late trading Friday.

Taking the Temperature of the IPO Market

4 hr 43 min ago

Markets have been abuzz with excitement the last two weeks: IPOs are back. 

That was the takeaway when chip designer Arm Holdings (ARM) debuted last week and soared 25% on its first day of trading. The success of Instacart’s (CART) IPO earlier this week, which closed 12% higher on its first day, gave investors more confidence. Then—the cherry on top—marketing software firm Klaviyo (KVYO) debuted Wednesday and closed 9% above its IPO price.

The problem: All three have given up almost all of those gains. Arm is trading just under its IPO price of $51. Instacart shares trade at $30, exactly its IPO price. And Klaviyo, on its third day of trading, is down 2% to $33, modestly above its $30 IPO price. 

Admittedly, it’s early and this week’s been rough for most stocks. But these three debuts were supposed to usher in a flurry of IPO activity after 2022’s drought. Investors are looking beyond their first day to judge their success and, so far, things aren’t looking great.

Seagen-Merck Bladder Cancer Treatment Shows Positive Results; Seagen Shares Jump

5 hr 40 min ago

Biotechnology company Seagen Inc. (SGEN) and Tokyo-based Astellas Pharma Inc. on Friday reported positive results from a Phase 3 trial of their experimental bladder cancer medicine, Padcev, in combination with Merck’s (MRK) Keytruda.

The study was intended to serve as a basis for global regulatory submissions and as a confirmatory trial for accelerated approval from the U.S. Food and Drug Administration (FDA).

After the news was reported, shares of Seagen rose 4% to an all-time high. Merck shares were little changed at midday Friday.

-Bill McColl

Midday Market Movers

6 hr 14 min ago

Western Digital Corp. (WDC): Shares of the data storage device maker rose 3% on reports it could be preparing to merge its flash memory business with Japan’s Kioxia Holdings.

Broadcom Inc. (AVGO): Shares gained more than 2% after Google yesterday denied reports that it is planning on dropping the chip company as a supplier.

Ford Motor Co. (F): The automaker’s shares rose more than 2% after it was spared in the United Auto Workers’ escalation of their strike against Detroit’s Big Three.

Scholastic Corp. (SCHL): The publisher’s shares sank 14% after reporting a wider-than-expected loss and missing Wall Street’s sales estimates in the most recent quarter. 

Paramount Global (PARA): Shares of the entertainment company lost more than 4% after two days of talks between studio executives and writers union negotiators ended without a deal. Participants had been hopeful the two sides could come to an agreement yesterday that would end the months-long writers’ strike. Warner Bros Discovery (WBD) fell 3% and Disney (DIS) lost 1%.

AstraZeneca Shares Rise After Reporting Positive Results in Breast Cancer Drug Trial

7 hr 3 min ago

AstraZeneca (AZN) shares rose 2% Friday morning after it reported its experimental breast cancer treatment made with Japanese partner Daiichi Sankyo showed positive high-level results in a Phase 3 trial.

AstraZeneca reported that its datopotamab deruxtecan (Dato-DXd) demonstrated “a statistically significant and clinically meaningful improvement in progression-free survival” for patients with inoperable or metastatic hormone receptor breast cancer who received other treatments.

The companies noted that plans for global regulatory submissions were underway. They’re also researching the possibility of Dato-DXd as a treatment for lung cancer.

-Bill McColl 

Ads Are Coming to Amazon Prime Video

7 hr 45 min ago

Amazon (AMZN) on Friday said Prime Video shows and movies will have limited advertisements starting in 2024, as the company seeks to boost profitability and continue investing in the platform.

It’s a move that could help raise the profitability of Prime Video, as the company plans to introduce an ad-free viewing option priced at $2.99 a month, a rate below ad-free options from competing platforms Netflix (NFLX), HBO Max, Disney+, and Paramount+.

By comparison, standard ad-free plans from Netflix and Warner Bros. Discovery’s (WBD) HBO Max cost $15.49 and $15.99 per month, respectively.

Amazon shares jumped more than 1.5% in early trading as of 11:30 a.m. ET on Friday, but were down close to 7% for the week. They’ve surged more than 50% so far this year.

-Mack Wilowski

UAW Expands Strike Against GM and Stellantis, But Not Ford

8 hr 33 min ago

The United Auto Workers (UAW) on Friday expanded its targeted strike against two of Detroit’s Big Three automakers, General Motors (GM) and Stellantis (STLA), while sparing Ford (F).

The union called on workers at 38 GM and Stellantis parts distribution centers to walk off the job today.

Union leader Shawn Fain said on a livestream with union members that there’s more work to be done with Ford, but “we do want to recognize that Ford is serious about reaching a deal.”

Shares of Ford were up more than 3% Friday morning, while GM and Stellantis each rose about 1%.

UK Regulator Gives Preliminary Approval of Modified Microsoft-Activision Deal

9 hr 8 min ago

Antitrust regulators in the U.K. provisionally approved Microsoft’s (MSFT) restructured deal to acquire Activision Blizzard (ATVI) on Friday, tentatively allowing what would be the biggest gaming deal ever to go ahead.

While the Competitions and Market Authority (CMA) has tentatively approved the revised deal, regulators still have “limited residual concerns that certain provisions in the sale of Activision’s cloud streaming rights to Ubisoft could be circumvented, terminated, or not enforced.”

The CMA said it will consult with Microsoft on these concerns before reaching a final decision by Oct. 6.

Microsoft and Activision Blizzard have until Oct. 18 to close the acquisition or extend the deadline.

-Fatima Attarwala

Stocks Making the Biggest Moves Premarket

9 hr 54 min ago

Gains:

• Chinese Stocks: The shares and American depositary receipts (ADRs) of Chinese companies listed on U.S. exchanges rose across the board after a report suggested Chinese authorities are considering loosening restrictions on foreign ownership of domestic publicly traded companies. Alibaba (BABA), Pinduoduo (PDD), JD.com (JD), and Baidu (BIDU) all rose about 4%. 
• eBay Inc. (EBAY): Shares of the classifieds company rose more than 2% after private equity firms Blackstone and Permira offered to buy Adevinta ASA, a Norwegian company of which eBay is the largest shareholder, for $12 billion. 
• Activision Blizzard Inc. (ATVI): Shares gained 2% after U.K. regulators tentatively accepted Microsoft’s proposal to acquire the video game maker, possibly clearing the final obstacle to closing the deal that was announced nearly two years ago. Microsoft (MSFT) shares were up 0.5% premarket.
• Amazon.com Inc. (AMZN): Shares gained after the company said it was introducing an ad-supported tier to its Prime Video streaming platform, following the lead of rivals Netflix (NFLX) and Disney (DIS).

Losses:

• Scholastic Corp. (SCHL): Shares fell more than 15% after the publisher reported revenue declined 13% in the first quarter of its 2024 fiscal year. It also reported its quarterly losses widened to $74 million from $45 million a year ago.
• ING Group NV (ING): Shares of the Dutch bank fell 5% after the Netherlands’ lower house of parliament approved raising taxes on banks and levying a tax on share buybacks.

5 Things to Know Before Markets Open

10 hr 23 min ago

Here’s what investors need to know to start their day:

1. Antitrust regulators in the U.K. released a preliminary decision accepting a modified deal for Microsoft’s (MSFT) proposed $75 billion acquisition of Activision Blizzard (ATVI).
2. The United Auto Workers is threatening to expand its strike against the Detroit “Big Three” automakers today if a deal is not reached, an outcome that observers said was likely.
3. Apple (AAPL) will begin selling the iPhone 15 and its other latest devices today in 40 countries around the world, including the U.S., U.K., China, France, and Australia.
4. Stelco Holdings, Canada’s largest maker of steel, is reportedly working on a bid for United States Steel Corp. (X),  adding to the list of companies looking to acquire what was once the world’s largest company.
5. At 9:45 a.m. ET, the S&P flash U.S. services Purchasing Managers’ Index (PMI) is expected to show an increase to a reading of 50.7 in September from August’s 50.5 reading, while the S&P flash U.S. manufacturing PMI is projected to climb to 48.3 in September from 47.9 the month prior.

-Terry Lane

Stock Futures Up, Recovering a Fraction of This Week’s Big Losses

10 hr 49 min ago

Futures contracts connected to the Dow Jones Industrial Average were up 0.2% in premarket trading.

S&P 500 futures gained 0.3%.

Nasdaq 100 contracts rose 0.6%.