Bank of New York Mellon Corp (BNY) News & EventsBNYBank of New York Mellon Corp

Tech Stocks Decline, Nasdaq and S&P 500 Suffer Major Drops

Stock futures are pointing to a mixed open as a technology selloff deepens following hotter-than-expected inflation data and renewed concerns about the cost of financing the artificial-intelligence buildout. The Nasdaq and S&P 500 suffered their steepest daily declines in months Wednesday after September CPI came in above expectations, fueling concerns that the Federal Reserve may need to keep rates higher for longer or raise them again.AI-related stocks remain under pressure. Investors are increasingly questioning whether elevated borrowing costs and the scale of AI infrastructure spending could constrain future growth, even as demand for AI computing remains strong.The Producer Price Index rose 1.3% month over month, the largest increase since March 2022, following a 0.4% gain in August and exceeding economists' expectations for a 0.6% advance. On an annual basis, producer prices climbed 6.3%, up from 5.6% in August and the highest rate since December 2022. Core PPI, which excludes food and energy, rose 0.7% monthly and 5% annually, suggesting inflationary pressures are extending beyond volatile commodity prices.In pre-market trading, S&P 500 futures fell 0.32%, Nasdaq futures fell 1.31% and Dow futures rose 0.43%.Check out this morning's top movers from around Wall Street, compiled by The Fly.HIGHER -Opko Healthup 21% after agreeing to a deal for Labcorpto acquire select assets of BioReference Health for $722MPenske Automotiveup 8% after entering into a $16.3B merger agreement to be taken private by Motown Acquisition Corp., an entity owned by Penske Corporation and MitsuiUP AFTER EARNINGS -Ericssonup 11%Kimberly-Clarkup 3%BNY Mellonup 2%CMC Industriesup 2%Prologisup 1%Marsh McLennanup 1%DOWN AFTER EARNINGS -ManpowerGroupdown 12%First Horizondown 5%Charles Schwabdown 3%TSMCdown 3%PNC Financialdown 2%LOWER -FMCdown 39% after cutting third quarter guidance

BNY Reports Q3 Revenue of $5.68B, Beating Expectations

Reports Q3 revenue $5.68B, consensus $5.56B. Reports Q3 tangible book value per share $32.22. Reports Q3 CET1 capital ratio 10.9%. The company said, "BNY delivered strong results in the third quarter. With broad-based growth across our platforms, we increased revenue by 12% year-over-year, delivering significant operating leverage and earnings per share growth of 24%. For the quarter, we generated a very solid pre-tax margin of 39% and a strong ROTCE of 29%."

Major U.S. Averages Rise on Jobs Data

The major averages ended the week on a high note as Treasury yields retreated following the September jobs data, which showed jobs growing well below forecasts and unemployment rising to 4.2%. Traders may see the weak jobs report raising hopes that the Fed will hold rates steady this month. Also helping stocks were oil prices falling nearly 2% as European countries agreed to release strategic fuel reserves following pressure from the Trump administration to boost supplies.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:U.S. nonfarm payrolls rose a lower-than-expected 29,000 in September, with the unemployment rate rising to 4.2%Nikereported upbeat Q1 results but provided a lower-than-expected outlook for FY27Onsemiand Synapticsannounced a revised merger agreementTeslareported Q3 deliveries ahead of estimates while Fordreported a 6.6% year-over-year decline in Q3 U.S. vehicle salesDavid Ellison said the combined Paramountand Warner Bros. Discoverywill be named "Skydance"2. WALL STREET CALLS:Edison Internationaldowngraded to Underperform from Hold at JefferiesKeyBanc upgraded Airbnbto Overweight, says growth increasingly durableAST SpaceMobiledowngraded to Neutral from Buy at B. RileyDaiwa upgrade HPEto Outperform after "bullish" networking eventNorthrop Grummandowngraded to Sector Perform from Outperform at RBC Capital3. AROUND THE WEB:The FAA determined that a new Boeing737 MAX software glitch doesn't pose a flight-safety issue, WSJ reportsBNYis in discussions with Payward, the parent company of crypto exchange Kraken, over a major partnership spanning digital assets and financial market infrastructure, CoinDesk reportsSoftBankhas completed its final $10B investment in its $30B commitment to OpenAI's latest funding round, while Nvidiaalso completed its final $10B investment, The Information reportsAmazonis looking to offload $8B of Nvidiachips to external customers via a new vehicle meant to strengthen its balance sheet, FT saysGoldman Sachshas purchased shares worth $220M in Shein following the retailer's stock market debut last month, FT reports4. MOVERS:Sable Offshoregained after JPMorgan initiated coverage of the stock with an Overweight ratingNNincreased after announcing a $50M private placement of stockApplied Digitalwas higher after achieving its Ready for Service for the second phase of Building 2 at its Polaris Forge 1 campusTarget Hospitalityfell after announcing an 11M share Block TradeRivianwas lower after producing 19,751 vehicles in Q35. EARNINGS/GUIDANCE:Taylor Devicesreported Q1 results, with EPS and revenue lower year-over-yearIntegra LifeSciencesreported preliminary Q3 results and cut its guidance for FY26Ruanyun Edai Technologyreported preliminary results for 1HPhillips Edisonbacked its guidance for FY26Algoma Steelprovided its outlook for Q3INDEXES:The Dow rose 250.40, or 0.49%, to 51,176.96, the Nasdaq gained 319.27, or 1.19%, to 27,190.86, and the S&P 500 advanced 56.27, or 0.73%, to 7,722.72.