US stocks in holding pattern ahead of Wednesday's Fed decision |
US stocks did little of note on Tuesday, with traders seemingly content to sit on their hands ahead of the Federal Reserve decision tomorrow afternoon. The S&P 500, Nasdaq 100, and Russell 2000 all declined 0.1% on the session. Energy was the best-performing S&P 500 sector ETF, while utilities was at the bottom of the leaderboard. Steel Dynamics was one of the bright spots, with shares up 6.2% after the company guided for better-than-expected Q3 earnings. Warner Bros. Discovery led declines, falling 6.3% after TD Cowen downgraded the stock from "buy" to "hold," citing concerns over its recent takeover uncertainty. Elsewhere… |
- Webtoon Entertainment shares soared 39% after Disney said it's buying a 2% stake and partnering with the popular digital comics platform.
- Tesla rose 2.8% amid new data showing it continues to dominate in US EV sales and as CEO Elon Musk responded to a post on X with, "Daddy is very much home," before detailing his packed Tesla schedule and involvement with the company.
- Rivian jumped 5.2% after the EV maker broke ground on its delayed $5 billion Georgia plant, which it says will be able to produce 200,000 vehicles per year by 2028.
- Nio shares climbed 8.2% following an upgrade from UBS to "buy" from "neutral." The move propelled the stock to its highest level since last October.
- Plug Power gained 7.3% after a wave of bullish options activity.
- Moderna ticked higher by 4% after the biotech giant announced encouraging Phase 4 clinical trial results for its next Covid-19 vaccine.
- GameStop popped 3.1%, notching its longest winning streak since 2022, on the heels of the company's stellar Q2 earnings report last week.
- Oracle was up 1.5% as the WSJ reported that the cloud giant is part of an upcoming deal for a US spinoff of TikTok.
- Dave & Buster's tumbled nearly 17% after the arcade-and-restaurant chain's disappointing Q2 earnings report, released after the bell on Monday.
- Rocket Lab shares dropped 12.6% after the company announced an at-the-market share offering of up to $750 million in securities, hammering its stock price in early trading.
- Hims & Hers fell 5.7% after the FDA posted a warning letter it sent the company over its compounded weight-loss drugs.
- Delta Air Lines shares dipped 1% after the Trump administration ordered the airline to dissolve its roughly 9-year-old joint venture with Aeromexico by Jan. 1, 2026.
- Ralph Lauren shares fell as much as 2% before closing roughly flat after the luxury retailer delivered a solid revenue outlook but warned that tariffs and inflation could squeeze margins.
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— Luke Kawa, Markets Editor & Nia Warfield, Markets Writer |
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A surge of interest in Google Gemini's popular "Veo3" video generator and "Nano Banana" image generator has rocketed the app to the top of the iOS store, dethroning ChatGPT from its long-standing perch atop the leaderboard. Read more. |
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The number of Americans who've been unemployed for over 27 weeks hit 1.9 million in August. See the chart. |
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Alphabet's YouTube said it's paid out over $100 billion to creators, artists, and media companies over the past four years — cementing its place as one of the internet's biggest talent magnets. The Google-owned platform, which turned 20 this year, credited connected TVs as a major driver of growth. Read more. |
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- Institutional investors are the most bullish since the February peak in stocks, and no longer think a trade war is the biggest risk out there
Institutional investors are bullish and want corporates to invest.
- One mother's LinkedIn post inspired GameStop CEO Ryan Cohen to give a surprise gift to a new employee
The GameStop CEO gave James, a teenage employee an Irving, Texas, an e-bike so he could get to work easier. - Tesla still sells a lot more EVs in the US than anyone else
Tesla's market share is declining but it's still the biggest EV maker in the room. - Citi analysts: Ethereum will drop to $4,300 by end of year
The analysts gave a bull case for the crypto to rise to $6,400 and a bear case for it to drop as far as $2,200. - OpenAI building a teen mode that will guess a user's age and restrict flirtatious and self-harm-related chats
After a series of high-profile safety failures, OpenAI CEO Sam Altman says the company will build an "age-prediction system" and may ask for an ID to verify a user's age.
- Trump is suing the NYT for $15 billion
In case you're curious, that sum outstrips the entire market cap of the NYT.
- Anthropic data: Businesses are using Claude to automate rather than collaborate
Claude users are more likely to use the AI chatbot for coding assistance, and Washington, DC, has the highest Claude usage per capita.
- Oscar Health slips after announcing a $355 million convertible note offering
Oscar, like many health insurance companies that offer government-sponsored plans, has had a tumultuous year amid rising costs.
- Tesla faces door handle probe after Bloomberg report
The report cited instances where accidents left the door handles inoperable, trapping people inside.
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