Wall Street has slumped in September.
Dreamstime
Stocks traded mostly lower Monday and bond yields continued to climb as Wall Street begins the last week of September, which has been a tough month for equities. Investors will be keying in on U.S. inflation data at the end or the week and monitoring negotiations in Congress over avoiding a government shutdown.
These stocks were making moves Monday:
Striking writers reached a tentative agreement with Hollywood studios that would end a strike that lasted nearly five months. The Writers Guild of America announced the three-year deal in a statement: “We can say, with great pride, that this deal is exceptional—with meaningful gains and protections for writers in every sector of the membership.” Media stocks were mixed.
Paramount Global
(PARA) fell 0.4%,
Warner Bros. Discovery
(WBD) slid 1.1%,
Netflix
(NFLX) gained 0.8%,
Walt Disney
(DIS) was up 0.3%, and
Amazon.com
(AMZN) rose 1%.
Amazon,
meanwhile, will be investing up to $4 billion in artificial-intelligence company Anthropic. Amazon will be taking a minority stake in Anthropic. Amazon’s cloud customers will get early access to Anthropic’s technology through Amazon Bedrock, the company’s AI platform for businesses, and Amazon Web Services will become Anthropic’s primary cloud provider.
Alcoa
(AA) dropped 5.4% after the maker of aluminum products said it appointed Chief Operating Officer William Oplinger to the role of chief executive, effective Sept. 24.
Sealed Air
(SEE) gained 4.1% after the containers and packing company was upgraded to Buy from Neutral at
Citi.
Opendoor Technologies
(OPEN) dropped 3.8% to $3.47 after Citi analysts slashed their price target on the real estate company to $2.70 from $3.90.
American depositary receipts of
NIO
(
NIO
) fell 3.4% after Bloomberg reported that the Chinese electric-vehicle maker was weighing raising $3 billion from investors. NIO, however, said in a statement it “currently has no reportable capital raising activity” other than a completion of a convertible notes offering.
CarMax
(KMX) rose 3% to $78.99 after shares of the used-car seller were upgraded to Outperform from Neutral at Wedbush and the price target was increased to $90 from $85.
Dow
(DOW) gained 1.6% after the chemical giant was upgraded to Overweight from Neutral at
J.P. Morgan.
Instacart
(CART) slipped 1.2% to $29.64. Shares of the grocery-delivery app, officially known as Maplebear, were initiated at Wolfe Research on Monday with a Peer Perform rating and a fair value range of $24 to $42 a share. Analysts at BTIG on Friday picked up coverage of Instacart with a Neutral rating. The stock went public last Tuesday at $30 a share and opened for trading at $42. But
Instacart
shares have been falling since their strong trading debut.
Nike
(NKE) fell 0.4% to $90.52 after Jefferies downgraded shares of the athletic apparel maker to Hold from Buy and reduced its price target to $100 from $140.
Nike
is scheduled to report quarterly earnings later this week. Jefferies also downgraded
Foot Locker
(FL) to Hold from Buy and
Urban Outfitters
(URBN) to Hold from Buy. Foot Locker declined 3.8% and Urban Outfitters fell 2.7%.
Thor Industries
(THO), the recreational-vehicle maker, is scheduled to report quarterly earnings after the closing bell 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]
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