Thursday's big stock stories: What's likely to move the market in the next trading session
A hot inflation report and jitters over the artificial intelligence trade dragged stocks lower on Wednesday, with the S&P 500 posting its worst day since July.
TL;DR
- Key economic data releases tomorrow morning include weekly initial jobless claims, producer price index (PPI) for September, and retail sales.
- Big energy stocks such as ConocoPhillips, Chevron, EOG Resources, Phillips 66, Marathon Petroleum, and ExxonMobil have hit all-time highs in October.
- Homebuilders like D.R. Horton, PulteGroup, and Lennar are at multi-year lows due to rising mortgage rates, consumer confidence, and housing supply.
- Taiwan Semiconductor (TSM) reports earnings, and its stock has seen volatility despite a recent uptick.
- International Flavors & Fragrances (IFF) has reached a new high, while Skydance shares are trading just above $7.
- Mastercard and Visa are performing well, both up nearly 9% in October.
- Alcoa (AA) and J.B. Hunt Transport Services are reporting earnings after the bell, with both stocks down significantly in recent months.
- Tesla is unveiling its Roadster, and Southwest Airlines is holding a media day to discuss airport lounges.
- The average rate on a 30-year fixed mortgage is currently around 7.4%.