Nasdaq 100 Climbs as Cooler PCE Cuts Rate Hike Bets, Micron Earnings Loom: Stock Market Today
U.S. stocks are higher at midday Wednesday, led by technology and software shares, after softer-than-expected inflation data eased fears of another Federal Reserve rate hike. Oil is climbing again, however, and long-dated Treasury yields remain close to multi-decade highs. • United Therapeutics stock is charging ahead with explosive momentum. Why are UTHR shares rallying? Trump said he offered Iran “nothing” on sanctions relief, according to media reports, pushing back on suggestions that Washington was ready to soften its stance. The comments kept the geopolitical risk premium in crude alive. West Texas Intermediate crude futures rose about 2.2% to $91.38 a barrel. Brent crude gained about 2.8% to $98.84. The 10-year Treasury yield hovered near 5.3%, close to its highest level since 2007, with the 30-year yield topping 5.6% and reaching its highest level since June 2002. The Personal Consumption Expenditures price index rose 0.3% in August, and the annual rate slowed to 3.4% versus the 3.7% forecast. Core PCE also came in cooler than expected. Separately, ADP reported private payrolls rose by 90,000 in September, above the 68,000 consensus. Traders now price in less than a 40% cha
S. stocks are higher at midday Wednesday, led by technology and software shares, after softer-than-expected inflation data eased fears of another Federal Reserve rate hike. Oil is climbing again, however, and long-dated Treasury yields remain close to multi-decade highs. • United Therapeutics stock is charging ahead with explosive momentum.
Why are UTHR shares rallying? Trump said he offered Iran “nothing” on sanctions relief, according to media reports, pushing back on suggestions that Washington was ready to soften its stance. The comments kept the geopolitical risk premium in crude alive. 38 a barrel.
84. 6% and reaching its highest level since June 2002. 7% forecast. Core PCE also came in cooler than expected.
Separately, ADP reported private payrolls rose by 90,000 in September, above the 68,000 consensus. Traders now price in less than a 40% chance of a 25-basis-point rate hike in October, following the inflation data. S. equity markets by midday Wednesday, gains were led by growth and chip-related shares, while defensives and rate-sensitive groups lagged.
6% to 7,717, while the Dow Jones Industrial Average was little changed near 51,350. 9% to 30,605. Within the Magnificent Seven stocks, Alphabet Inc. (NASDAQ: GOOGL ) gained 3%, Apple Inc.
4%, and NVIDIA Corp. 6%, while Tesla Inc. 7%. 2% to 2,814.
Micron Technology Inc. 5 billion, while investors focus on the AI-driven HBM4 demand outlook, gross margins near 86%, and first-quarter revenue guidance. S. 6%.
The SPDR Dow Jones Industrial Average ETF Trust (NYSE: DIA ) was flat. 9%. 2%. 2%.
7%, while the Consumer Discretionary Select Sector SPDR Fund (NYSE: XLY ) and Materials Select Sector SPDR Fund (NYSE: XLB ) were roughly flat. 2%. 7% alongside crude. S.
3% as fuel costs rose. Among corporate movers, Hewlett Packard Enterprise Co. 2 billion AMD Helios AI rack order from Vultr and lifting its networking outlook. FormFactor Inc.
2% after Deutsche Bank initiated coverage with a Buy rating and a $200 price target, citing the company’s position as a second-source probe-card supplier for Nvidia GPUs at TSMC. Summit Therapeutics Inc. 36 per share, alongside positive ivonescimab survival data presented at ESMO and a Jefferies upgrade to Buy. Gen Digital Inc.
475 billion; no fresh company news was identified today. United Therapeutics Corp. 1% surge, but no confirmed company-specific catalyst could be found for today’s move. On the downside, Jabil Inc.
92 consensus. Peer Sanmina Corp. 7%; the only fresh item was a downgrade to Hold at Zacks Research, with no company-specific news identified. Moderna Inc.
9% after Citi downgraded the stock to Sell, citing valuation following a rally of more than 200%, while raising its price target to $80. Annaly Capital Management Inc. (NYSE: NLY ) lost 6% as Treasury yields held near multi-year highs, with the mortgage REIT breaking below technical support to a new 52-week low. CarMax Inc.
9 billion, up 19%. Used-vehicle gross profit per unit declined $111 to $2,105; a consensus comparison could not be confirmed. 1% FormFactor, Inc. 2% Summit Therapeutics Inc.
8% Gen Digital Inc. 1% Wednesday’s Russell 1000 Top Losers Name % change Jabil Inc. 9% Moderna, Inc. 9% Annaly Capital Management, Inc.
7% CarMax, Inc. -5% Photo: Shutterstock See More: Top Value Stocks