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movers today:
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Tesla (NASDAQ:TSLA) stock fell 0.8% after
the Financial Times reported that the EV manufacturer’s export
vehicles from China to the European Union will be included in the
EU’s investigation into whether China’s electric vehicle industry
is benefiting from unfair subsidies.
United Natural Foods (NYSE:UNFI) stock
fell 13% after the organic foods company swings to a loss amid
lower inflation benefits.
Snap (NYSE:SNAP) stock fell 1.5% after
HSBC initiated coverage of the social media company with a ‘reduce’
rating, saying a successful turnaround of its core advertising
business is unlikely.
Alibaba (NYSE:BABA) ADRs fell 0.3% after
the Chinese e-commerce giant announced a plan to list its logistics
arm Cainiao in Hong Kong that would make the unit the first to be
separated since it announced its break-up six months ago.
Coty (NYSE:COTY) stock fell 3% after the
cosmetics maker launched a global offering of 33 million shares and
said it had submitted an application for dual listing of its shares
on the Paris Stock Exchange.
Fisker (NYSE:FSR) stock rose 3.8% after
the EV manufacturer announced that it expects to ramp up deliveries
to 300 vehicles per day in U.S. and Europe, having manufactured
5,000 Fisker Oceans to date.
DraftKings (NASDAQ:DKNG) stock rose 3.1%
after JPMorgan upgraded its stance on the betting company to
‘overweight’ from ‘neutral’, seeing promising potential for
same-store and new market growth.
Nordson (NASDAQ:NDSN) stock fell 1.5%
after Jefferies downgraded its stance on adhesive manufacturing
company to ‘hold’ from ‘buy’, doubting the company’s near-term
growth.
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Wall Street poised for weak open as rate worries keep
Treasury yields elevated
The primary indices of Wall Street appeared set to begin Tuesday
with lower openings, as investors grappled with the potential
implications of an extended restrictive monetary policy from the
Federal Reserve and its subsequent impact on the economy.
Adding to investor unease was the looming possibility of a
partial U.S. government shutdown by Sunday, which, according to
ratings agency Moody’s, could have a “negative credit” effect.
Chris Giamo, the Head of Commercial Banking at TD Bank,
remarked, “A divided political climate, uncertainty regarding
macroeconomic conditions, and the added complication of a
government shutdown create a murky landscape with no clear
direction.”
As of 8:15 a.m. ET, Dow e-minis were down 111 points, or 0.32%,
S&P 500 e-minis were down 15.5 points, or 0.35%, and Nasdaq 100
e-minis were down 54.5 points, or 0.36%.
In premarket trading, mega-cap growth stocks such as Apple,
Microsoft, Meta Platforms, Amazon.com, and Tesla experienced losses
ranging from 0.2% to 0.7%.
Heading into the final trading days of September, all three
major U.S. stock indexes are poised to register quarterly declines
for the first time this year.
The benchmark two- and 10-year Treasury yields have climbed to
multi-year highs following the Fed’s hawkish long-term rate
outlook, a stance also adopted by other major central banks. Chris
Giamo added, “There’s significant market uncertainty…the elevated
interest rates and the timing of their potential decrease are the
key factors.”
According to CME’s FedWatch tool, traders’ expectations for the
benchmark rate to remain unchanged in November and December were
around 76% and 61%, respectively. Meanwhile, a 25-basis-point rate
cut is currently being priced in as early as March, with
probabilities increasing to over 33% in June and July.
A report from Goldman Sachs indicated that hedge funds increased
their bearish bets primarily on U.S. stocks last week, with clients
predominantly taking short positions and reducing long ones.
Consumer discretionary, industrials, and financials saw the most
significant net selling activity.
Investors will be closely monitoring the consumer confidence
index for September and a report on new home sales for August,
scheduled for release after the market opens.
Throughout the week, various data points, including durable
goods, the personal consumption expenditures price index for
August, and second-quarter gross domestic product figures, will be
scrutinized for insights into inflation and the economic
outlook.
Statements from Fed policymakers, including Chair Jerome Powell,
will also be under close scrutiny this week, with several of them
already supporting the central bank’s commitment to combat
inflation above the 2% target.
In terms of individual stocks, Moderna gained 1.1% on reports of
ongoing discussions between the European Union and the company
regarding a new procurement deal for its COVID-19 vaccines.
Immunovant witnessed a substantial surge of 63.2% after the drug
developer reported success in an early-stage trial of its antibody
treatment. Roivant Sciences, the company’s largest shareholder
according to LSEG data, saw a corresponding increase of 15.2%.
On the flip side, Sirius XM Holdings dropped 5.7% following
Liberty Media’s merger proposal with the satellite and online radio
company.
United Natural Foods (NYSE:UNFI)
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