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Major Averages Decline After Fed Meeting Minutes Release
The major averages closed lower after the release of the Federal Reserve's September meeting minutes. According to minutes from the latest FOMC meeting, most Fed members are seeing increased economic momentum and expect another rate hike by year-end. Many members see higher rates on risk-management grounds, the minutes showed. Of note, the benchmark 10-year Treasury yield rose more than eight basis points to trade as high as 5.356%, reaching its highest level since April 2002.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Chevronwill divest ownership interests in Hess Midstreamand DJ Basin crude assetsConstellation Brandsreported upbeat Q2 results and provided FY27 guidanceSpaceXis seeking to raise $40B to purchase Nvidiachips, FT reportsMicrosoftintends to unveil a new laptop that utilizes Nvidiachips, Reuters reportsAccording to minutes from the last Federal Reserve meeting, most Fed members expect another rate hike by year-end2. WALL STREET CALLS:Marvellupgraded to Buy at TD CowenAppFoliodowngraded to Neutral at UBSFlutter Entertainmentupgraded to Buy at CitiMohawk Industriesdowngraded to Underperform at RBC CapitalCantor upgraded Humanainto this week's Stars announcement by CMS3. AROUND THE WEB:Disney+will stream Super Bowl LXI in 2027, Variety reportsThe Trump administration's HUD is investigating Wells Fargoover nearly a decade of programs aimed at increasing Black homeownership, examining whether the bank's commitments and practices violated fair-lending laws by favoring Black or other minority borrowers, WSJ reportsThe U.S. government, Meta, Google DeepMind, and Isomorphic Labs are committing $1.8B to Biohub's effort to build standardized open biological datasets for AI training, Reuters saysThe FBI removed an Accenturecontractor due to their role in a data breach that exposed the personal details of thousands of FBI employees, Reuters saysA workers' union at Micron'sTaiwan facility has received an authorization from its members to strike over the dispute regarding the company's bonus scheme, Reuters reports4. MOVERS:HPEgained after announcing the first four of its HPE ProLiant Gen13 Servers powered by 6th Generation AMDEPYC Server processorsModernaincreased after entering a multi-year collaboration with Tempus AIand MerckSkyworkswas higher after BofA raised its price target on the stockFarm equipment makers Deere, Caterpillar, CNH Industrial, and Agcofell after the FTC launched a probe into the sector over possible anticompetitive conductFortuna Miningwas lower in New York after reporting production results for Q35. EARNINGS/GUIDANCE:Safe Proreported preliminary Q3 resultsPenguin Solutionsreported Q4 results and provided guidance for FY27Neogenreported Q1 results and raised its outlook for FY27PepsiCoto report Q3 results on October 8Delta Air Linesto report Q3 results on October 9INDEXES:The Dow fell 341.41, or 0.66%, to 51,179.87, the Nasdaq lost 61.20, or 0.22%, to 27,538.69, and the S&P 500 declined 17.16, or 0.22%, to 7,801.77.
Major Averages Broadly Lower as 10-Year Treasury Yield Rises to 5.356%
The major averages were broadly lower near noon amid an increase in bond yields and oil prices and ahead of the release of the Federal Reserve's September meeting minutes. The benchmark 10-year Treasury note yield rose more than eight basis points to trade as high as 5.356%, reaching its highest level since April 2002.The Fed's September meeting minutes could provide a clearer picture of the debate behind the central bank's 25-basis-point rate hike. Markets broadly expect the Fed to hold rates at its Oct. 27-28 meeting following last week's weaker jobs report, but expectations for another hike later in the year remain.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Chevronwill divest ownership interests in Hess Midstreamand DJ Basin crude assetsConstellation Brandsreported upbeat Q2 results and provided FY27 guidanceSpaceXis seeking to raise $40B to purchase Nvidiachips, FT reportsMicrosoftintends to unveil a new laptop that utilizes Nvidiachips, Reuters reportsDisney+will stream Super Bowl LXI in 2027, Variety reports2. WALL STREET CALLS:Marvellupgraded to Buy at TD CowenAppFoliodowngraded to Neutral at UBSFlutter Entertainmentupgraded to Buy at CitiMohawk Industriesdowngraded to Underperform at RBC CapitalCantor upgraded Humanainto this week's Stars announcement by CMS3. AROUND THE WEB:The U.S. government, Meta, Google DeepMind, and Isomorphic Labs are committing $1.8B to Biohub's effort to build standardized open biological datasets for AI training, Reuters saysMicrosoft'sXbox has secured game streaming rights for Grand Theft Auto VI, The Verge reportsThe FBI removed an Accenturecontractor due to their role in a data breach that exposed the personal details of thousands of FBI employees, Reuters saysA workers' union at Micron'sTaiwan facility has received an authorization from its members to strike over the dispute regarding the company's bonus scheme, Reuters reportsThe bipartisan House Select Committee on China in a report to be released today found "a profound gap" between Webull'spublic marketing as "an American company" and actual control of the St. Petersburg, Florida-based firm, CNBC says4. MOVERS:HPEgains after announcing the first four of its HPE ProLiant Gen13 Servers powered by 6th Generation AMDEPYC Server processorsModernaincreases after entering a multi-year collaboration with Tempus AIand MerckSkyworkshigher after BofA raised its price target on the stockFuelCellfalls after announcing CFO Michael Bishop will transition out of the roleFortuna Mininglower in New York after reporting production results for Q35. EARNINGS/GUIDANCE:Safe Proreported preliminary Q3 resultsPenguin Solutionsreported Q4 results and provided guidance for FY27Neogenreported Q1 results and raised its outlook for FY27PepsiCoto report Q3 results on October 8Delta Air Linesto report Q3 results on October 9INDEXES:Near midday, the Dow was down 402.95, or 0.78%, to 51,118.33, the Nasdaq was down 137.31, or 0.50%, to 27,462.58, and the S&P 500 was down 28.79, or 0.37%, to 7,790.14.
Google Parent Company Shares Drop 7% to 3-Month Low
Mega-cap Tech weighed heavily on sentiment in Thursday's trading as elevated capex plans by Alphabetand Teslaworried investors. Parent of Google fell 7% to trade at a 3-month lows, while Tesla shed 15%, falling to 2026 lows below $320. Every other member of the MAG-7 also traded lower on the day, as Communication Services, Consumer Cyclicals, and Technology sectors underperformed. Health Care and Industrials were the best performing sectors in the S&P 500, with Energy also bid amid ongoing Iran-US tensions. WTI Crude Oil was up for the fifth consecutive day, rising above $92 per barrel - the highest level in over a month.In the opening hours of the evening session on Thursday, S&P e-minis are flat while Nasdaq 100 contract is up 0.2%. Blowout earnings result out of Intelis making an attempt to rightsize the ship, seemingly sent adrift by the floundering Tech space, where Semiconductor ETFhas now fallen 13% from its June 22nd high. Friday may well see a bounce, especially in light of the market tolerating higher capex plans by the chipmaker. The earnings calendar remains hot and heavy next week however, with Microsoftand Metadue out on Wednesday and Appleand Amazonon the docket for Thursday.Check out this evening's top movers from around Wall Street, compiled by The Fly.HIGHER AFTER EARNINGS -Tenet Healthcareup 12.6%Edwards Lifesciencesup 4.2%Intelup 3.7%; Semiconductor Equipment companies higher on Intel plans to increase CapEx in FY26 and FY27. Applied Materialsup 2.1%, KLA Corpup 1.7%, and LAM Researchup 1.6%Enova Internationalup 1.5%ALSO HIGHER -Safety Insurance Groupup 37.6% after announcing acquisition by MapfreAmkor Technologyup 13.2% after disclosing partnership with NvidiaDOWN AFTER EARNINGS -MaxLineardown 12.1%JAKKS Pacificdown 11.5%Summit Therapeuticsdown 5.3%Robert Halfdown 4.3%Deckers Outdoordown 3.4%AppFoliodown 2.4%Newmontdown 1.4%Comfort Systems USAdown 1.4%
Middle East Turbulence Leads to Dow and S&P 500 Decline
Turbulence in the Middle East - including attacks by Iranian gunboats on cargo ships and a sense of ongoing tensions between Lebanon and Israel impacting U.S.-Iran diplomacy - has given traders the green light to scale back on risk, sending Dow Industrials and S&P 500 down by 0.4% on Thursday. Nasdaq Composite fell by a wider margin, with Tech especially weak on heavy selling in Software Infrastructure as well as Applications. More defensive areas of the market such as Consumer Staples and Utilities were largely higher however, with Industrials being paced by United Rentals'23% post-earnings jump.In the opening hour of the evening session however, Tech is being boosted by a blowout earnings report from Intel, with Nasdaq 100 up 0.5% and S&P e-minis up a decimal. In commodities, WTI Crude Oil remains bid above $96 per barrel. Precious metals, meanwhile, continue to trade in a month-long sideways pattern, with Gold above 4,700 and Silver holding above $75.50 per ounce.Check out this evening's top movers from around Wall Street, compiled by The Fly.HIGHER AFTER EARNINGS -MaxLinearup 31.6%World Kinectup 22.5%Intelup 19.2%; Other semis up in sympathy: Alpha and Omega Semiconductorup 5.7%, Qualcommup 0.9%Carlisle Companiesup 7.2%SAP SEup 6.9%Comfort Systemsup 6.3%Edwards LifesciencesRobert Halfup 3.1%AppFolioup 2.4%Verisignup 1.5%Newmontup 0.9%DOWN AFTER EARNINGS -Courseradown 11.9%Boyd Gamingdown 4.9%SS&C Technologiesdown 2.1%
Company Reports Q1 Revenue of $262.21M, Exceeding Expectations
Reports Q1 revenue $262.21M, consensus $258.07M. Total units under management grew 8% year-over-year to 9.5M. "We are proud of our start to 2026 - our strategy is translating into strong financial outcomes and our momentum continues," said Shane Trigg, President and CEO. "We are putting AI to work across every dimension of our business, accelerating performance for our customers while driving greater efficiency across our own operations. Our ability to expand both customer value and financial performance continues to grow."
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