Stock Market Today: Live Updates

Some stocks have seen big moves in pre-market trading.

Elevance Health – Shares plunged more than 10% after the health insurer reported lower-than-expected third-quarter profits. CEO Gail Boudreau said in a statement that the company remains “confident” amid “unprecedented challenges in our Medicaid business.” Healthcare stocks Molina Healthcare and Centene also fell nearly 9% and more than 7%, respectively. Taiwan Semiconductor – Shares rose more than 8% after the company announced a 54% increase in third-quarter net profit. Shares of semiconductor giant Nvidia, one of TSMC’s customers, rose more than 3% sympathetically following the quarterly results. Expedia – Shares rose nearly 5% after the Financial Times reported that Uber was exploring a potential takeover offer, citing people familiar with the process. For online travel agencies. Uber’s interest in Expedia was at an “early stage”, according to Financial Times sources. Uber stock fell more than 2%.

Read here for the complete list.

— Sean Conlon

The Commerce Department said Thursday that U.S. retail sales rose 0.4% in September, beating the Dow Jones Industrial Average’s forecast for a 0.3% increase. Excluding automobiles, sales rose 0.5%, compared with economists’ expectations for just 0.1%.

— Fred Imbert

The European Central Bank cut its key interest rate by 25 basis points on Thursday as policymakers became accustomed to the pace of inflation. This is the third time this year.

The ECB still expects inflation to rise, but expects it to fall to its 2% target thereafter. Thursday’s action will reduce banks’ deposit facility interest rates to 3.25%, following a quarterly percentage point cut.

“Domestic inflation remains high as wages continue to rise at a high pace. At the same time, profits partially cushion the impact on inflation, increasing labor cost pressures,” the ECB said in a statement after the Governing Council meeting. will continue to ease gradually.” .

—Jeff Cox

Raymond James gives bullish outlook for protection and food packaging companies sealed air For next year.

Analyst Matt Roberts upgraded the stock to strong buy, saying the company’s risk-reward profile is poised to “break through on the other side.”

“We capture an attractive risk-reward profile in SEE within the paradigm.
Recent changes in management priorities and company structure
“We expect the conservation sector to stabilize with sustainable solutions and a portfolio review in 2025,” Roberts said in a note to clients.

Roberts added that investors are overlooking the value of the food sector as a whole. The food sector is likely to return to increased production and beat the 2025 forecast due to improved cattle feeding cycles.

Roberts’ $42 price target suggests the stock could rise about 19%. The stock price has fallen 3.3% this year.

— Peer Singh

US listed stocks Taiwan semiconductor manufacturing company Shares rose 8% early Thursday morning after the company reported strong third-quarter results.

TSMC’s third-quarter net profit was approximately NT$325.3 billion, or $10.1 billion. Analysts polled by LSEG had expected a net profit of NT$300.2 billion, according to Reuters.

Additionally, net revenue increased 36% year over year to $23.5 billion. TSMC’s gross profit margin for the quarter rose to 57.8% from 54.3% at this time last year.

“Based on our current business outlook, we expect our fourth quarter revenue to be between $26.1 billion and $26.9 billion, an increase of 13% sequentially and 35% year over year at the midpoint. ” said the TSMC chief financial officer. Police Officer Wendell Huang said during the earnings call, according to a transcript of the call compiled by FactSet.

TSMC attributes its performance to strong AI-related demand. TSM stock has soared 80% this year.

— Lisa Kailai Han, Ruksandra Yodake

Uberhas recently received a lot of attention from Wall Street after Tesla’s largely disappointing robotaxi announcement showed no short-term threat to the stock. Still, some analysts have long-term concerns.

One of the most bearish analysts on ride-hailing giant Daiwa is Daiwa analyst Jairam Nathan, who lowered his rating on Uber from outperform to neutral. Nathan’s $84 price target suggests the stock, which has risen about 33% since the beginning of the year, has a potential upside of just 2.6%.

“We view Tesla’s recent outperformance following its unimpressive robotaxi event as limiting upside potential for valuation,” Nathan said in a note to clients on Wednesday. “While the threat of robotaxi is not imminent, Tesla’s robotaxi model highlights some risks to Uber.”

Risks include a potential revenue share with a much lower total number of bookings per mile, a loss of pricing control, and a lack of control in high-usage areas even under Uber’s ride-sharing network, the analyst said. One example of this is the initial competition with robotaxis.

— Peer Singh

SINGAPORE 1 Most markets in Asia-Pacific fell on Thursday, with the country’s real estate stocks falling as China’s Housing Ministry’s explanation failed to impress investors.

The CSI 300 real estate index, which was up more than 5% on Wednesday, fell nearly 8%, with the benchmark CSI 300 index down 1.13% to 3,788.22.

Hong Kong’s Hang Seng Index fell 1.3% to 20,030 at the close of trading.

Japan’s Nikkei Stock Average fell 0.69% to close at 38,911.19, while the composite index TOPIX fell 0.11% to close at 2,687.83 after Japan’s export and import growth in September was lower than expected. Finished.

South Korea’s Kospi ended marginally lower at 2,609.30, while the small-cap Kosdaq fell 0.1% to 765.79.

Australia’s S&P/ASX 200 rose 0.86% to close at 8,355.9.

— Dylan Butts

European stocks rose slightly after the opening bell on Thursday.

pan-european Stocks 600 rose nearly 0.2%, with most sectors in positive territory.

— Sam Meredith

of russell 2000 It rose on Wednesday, setting a new closing price level for the first time in about three years.

The small-cap benchmark rose 1.64%, marking its fourth consecutive winning session and its highest close since November 2021.

These small businesses are expected to perform well as the Federal Reserve lowers interest rates. These cyclical companies tend to rely on financing, and lower interest rates would reduce borrowing costs.

“Recently improved growth prospects, supported by better labor market conditions than concerns, and increased expectations for Fed interest rate cuts have pushed prices out of the lower end of the (Russell 2000) upward channel,” said LPL Financial’s technical director. I rebelled,” he said. Strategist Adam Turnquist said in a note:

He said the rally among bank names has also boosted small-cap benchmarks, making them the largest sector by weight in the Russell 2000.

–Dara Mercado, Chris Hayes

Barclays says it makes sense to be cautious if back-to-school spending is going to set the tone for the holiday season. In its latest survey of U.S. consumers, the company pointed to deep discounts and deep disparities between households earning less than $100,000 and wealthier households. The company said spending remains healthy, but demand is volatile.

Low-income consumers remain under pressure as wages have not kept pace with inflation, the company said. High-income households, on the other hand, may be feeling a “wealth effect” from rising investment portfolios and rising house prices.

“We expect retailers that can clean inventory and maintain store traffic to do well, while those that can’t do well,” Hale Holden said in a research note. “In many ways, this feels like a return to the base trend of 2018 or 2019.”

Barclays retail analyst Adrian Yee chose: foot locker, VF Corporation and victoria’s secret These three stocks will benefit from a late-cycle recovery in margins over the next two to four quarters. All three stocks have significantly underperformed the market, with Foot Locker stock plummeting 20% ​​since the beginning of the year.

Victoria’s Secret stock rose 6.6% on Wednesday following the return of its iconic fashion show.

—Christina Cheddar Burke

Check out the companies making headlines for extended deals.

Discover Financial — Shares fell by 1%. The financial services company’s third-quarter results beat expectations, with earnings per share of $3.69 on revenue of $4.45 billion. Analyst estimates compiled by LSEG were for earnings of $3.42 per share and revenue of $4.35 billion.

CSX — The rail transportation company fell 4% after its third-quarter results fell short of Wall Street expectations. CSX reported earnings of 46 cents per share and revenue of $3.62 billion, compared to analyst estimates compiled by LSEG of earnings of 48 cents per share and revenue of $3.67 billion. Overall sales volume increased 3% year over year, but revenue per unit decreased approximately 1%.

Lucid Group — The electric car maker fell 10% after announcing a public offering of more than 262 million shares. Lucid also said Ayar Saad Investment Company, an affiliate of the Public Investment Fund, has indicated its intention to purchase more than 374 million shares.

A complete list can be found here.

— Ha-Kyung Kim

U.S. stock futures opened little changed on Wednesday.

Dow Jones Industrial Average futures fell slightly. S&P 500 futures and Nasdaq 100 futures fell 0.05% and 0.08%, respectively.

— Ha-Kyung Kim