US stock markets: live updates

It appears that Tesla was the first of the so-called “Magnificent 7” shares to be renewed.

Tesla’s 52-week high came on Sept. 21, 2022, and since then the stock has fallen further in the bunch against its 52-week high, down 20%.

Microsoft peaked on July 18, which is 9.9% lower; Apple topped the number one spot a day later on July 19 and has fallen nearly 11% since then; Meta Platforms hit a 52-week high on July 28 and the stock has fallen 8.3% since then; Amazon peaked on August 4 and was down 4.2%; It was a 52-week high for Nvidia on Aug. 24 and has fallen nearly 8% since then. Alphabet was the last of the seven companies to make a new high, on Aug. 31, and has fallen just 2% since then.

– Scott Schneiber

Even with a drop of 0.1% during Thursday’s session, the energy sector is the only sector in the S&P 500 that is on pace to end the week in positive territory.

Energy stocks rose 0.5% this week thanks to a 3% increase from Halliburton and Marathon Petroleum. Valero Energy and Chevron jumped 2.3% and 1.6%, respectively.

The energy sector was the only sector that reached positive territory for September, up 2.6% since the beginning of the month.

– Samantha Sobin

Loop Capital moved to the sidelines at Roku after its valuation soared.

Downgrading the broadcast stock to Maintain, analyst Alan Gould said: “We believe there is less margin of error in the current valuation, particularly in a challenging media and entertainment advertising environment as broadcasters have shifted their focus to profits from growth.” He buys.

CNBC Pro subscribers can click here for the full story.

– Alex Haring

B. Riley downgraded Crocs stock to neutral from buy on Thursday, citing increasing footwear inventory and declining sector sales after Labor Day.

“We believe the current footwear/consumer slowdown background is likely to be very challenging and hinder CROX to avoid bearish earnings revisions,” analyst Jeff Lake wrote in a note to clients.

In addition, if there is another downturn for its HeyDude brand, which saw weak demand last quarter, there could be another wave of selling.

Shares of Crocs saw little change in afternoon trading and are down 11% year-to-date.

– Michelle Fox

Citi believes semiconductor shares of Micron Technology can benefit from stronger dynamic random-access memory (DRAM) chip prices.

The company raised its price target for Micron shares to $85 from $75, up nearly 21% from Wednesday’s close.

“Micron is showing three signs of bottoming: lower capex, bottoming out valuation, and most downside in consensus estimates,” analyst Christopher Danieli wrote in a note on Thursday. The analyst emphasized that Micron is Citi’s top pick in the US semiconductor sector, and began a positive catalytic watch on the stock.

– Brian Evans

Check out which companies are making headlines in the midday trading.

• WestRock – The stock rose 5% in midday trading after news that the company was close to merging with European firm Smurfit Kappa in a deal that could create a global paper and packaging giant worth about $20 billion. As I first mentioned before The Wall Street Journal.
• GameStop — The video game retailer saw its shares fall 1% even after the company reported quarterly revenue that beat Wall Street estimates as well as a smaller-than-expected loss. GameStop said the strong revenue in the quarter came from a “significant software release.”
• Semiconductor – Semiconductor stocks fell as a group. Lam Research and Advanced Micro Devices fell more than 3% and 2%, respectively. Qualcomm shares fell more than 6%. Nvidia fell more than 2%. On the other hand, Intel shares bucked the trend, rising by 2%.

Read the full list here.

– Sarah Maine

Omega family chief and CEO Leon Cooperman told CNBC’s “Squawk Box” that he was buying energy stocks even though he was wary of the broader market.

“I think the price of oil will probably stay in the 80-90 region, and it won’t go up much,” Kupperman said. “But at 80-90, these companies are minting money.”

Read the full interview, including Cooperman’s comments about the energy stocks he owns, on CNBC Pro.

– Jesse Pound

Wells Fargo offers its perspective on the recent weakness in stocks and seasonality for the month of September.

“The credit calendar is the main driver of seasonal equity and bond weakness, in our view,” Chris Harvey, head of equity strategy, said in a note to clients Thursday.

“The September credit flood (and damage) is likely to occur in the two weeks leading up to the FOMC meeting (Sept. 20) as bond investors short Treasurys to acquire new credit positions,” he added.

– Samantha Sobin

Copper prices have reached their lowest levels in nearly two weeks, as investors around the world worry about the impact of higher federal interest rates on the global economy. Futures reached a low of $3,739 per pound – a level not seen since August 25th.

Copper is seen by many as a barometer of the global economy due to its range of uses, which stretch from construction to electronics, among others.

Fred Imbert, Gina Francola

Two clean energy-focused ETFs hit lows not seen in several years during the Thursday session.

The Invesco Solar ETF (TAN) last fell nearly 3% in the session and touched its lowest level since September 2020. Maxeon Solar and JinkoSolar led the fund lower, both down about 6%.

Meanwhile, the latest iShares Global Clean Energy ETF (ICLN) fell more than 1% and reached its lowest level since August 2020. With a drop of more than 5%, Sunnova Energy was the worst-performing ETF.

Alex Haring, Gina Francola

Former St. Louis Federal Reserve Chairman James Bullard said on Thursday that the prospect of inflation numbers remaining stubbornly high for a while could mean more interest rate increases.

In an interview with CNBC, the current dean of the Mitchell E. Daniels Jr. School of Business at Purdue University raised the possibility of further policy tightening as core inflation remains stuck at around 4%.

“That raises the risk that the Fed will have to follow through with the rate hike they promised at some point in the next couple of meetings, and there is some risk that they will have to go up a little bit even from there,” Bullard told CNBC’s Steve. Leisman.

He said inflation numbers “have to come down to the 3% range, eventually to the 2% range, and if they don’t and they stabilize at very high levels, the Fed may have to do more.”

—Jeff Cox

Billionaire investor Leon Kupperman said Thursday that the stock market could remain stagnant for an extended period of time, adding that he stands by his call for a recession.

“I don’t expect to see a new high in the market for a long time,” Cooperman said on CNBC’s Squawk Box. “We had a very bad policy mix, and part of the strength this year has been very simulated fiscal policy and restrictive monetary policy.”

– Yun Lee

Barclays downgraded Seagate Technology stock to an equal weight from an overweight rating, citing weaker fundamentals and a longer-than-expected recovery.

“The near recovery is a ‘toe in the air’ exercise at this point and will likely come later than announced and the stock is trading at 30 times our CY24 numbers,” analyst Tom O’Malley said in a Thursday note to clients.

While normalizing server spending should benefit the company in the coming year, he noted that hard drive deployment includes later stages of the AI ​​boon.

“We realize this name trades on momentum and we think many will point to ’25, but we’re stepping into the sidelines here with a $65 price point, as that’s clearly taking much longer and the stock is starting to rally,” O’Malley wrote.

Shares are down more than 8% during early morning trading, and the price target suggests a decline of about 9% from Wednesday’s close.

– Samantha Sobin

The Valvoline sell-off is a buying opportunity, according to Wells Fargo.

Analyst David Lantz said that while electric cars present a risk in the long term, “the recent underperformance is sharp and we see an opportunity”. Auto repair stock coverage started when overweight.

CNBC Pro subscribers can read more about his decision here. Shares were last up 1.3%.

– Alex Haring

Stocks opened lower on Thursday.

The Nasdaq Composite fell 1.5%, falling for the fourth consecutive day, while the S&P 500 fell 0.7%. The Dow Jones Industrial Average is hovering near the flat line.

– Samantha Sobin

A strong dollar may have been another headwind for the stock market in September.

On Thursday, the dollar index was headed for its fifth consecutive daily advance, near a six-month high, and was on track for its eighth consecutive weekly gain – the latest for the first time since February 2015. The index measures the greenback against six leading currencies. But mostly the euro and the Japanese yen.

The Chinese yuan (which is not in the index) is at its weakest level since December 2007, while the euro and the British pound (in the index) are at their lowest levels in three months.

Although a strong dollar helps American tourists in Paris, the problem with equities is that it raises the costs of American exports, hurts US competitiveness, and reduces the value of profits earned outside the US when translated into dollars.

Scott Schneiber, Gina Francola

A round of economic data Thursday morning showed a tight labor market as costs rose more than expected.

Initial jobless claims totaled a seasonally adjusted 216K for the week ending September 2nd, down 13K from the prior period and below the Dow Jones estimate of 230K. The Ministry of Labor reported. Continuing claims, which were a week late, totaled 1.679 million, down 40,000 and below FactSet’s estimate of 1.725 million.

separate A report from the Bureau of Labor Statistics It showed that unit labor costs, which is the calculation of hourly compensation minus productivity, increased 2.2% in the second quarter, above estimates of 1.9%.

The Bureau of Labor Statistics said non-farm productivity, or output per hour, increased 3.5% during the quarter, down 0.2 percentage points but 0.1 percentage points higher than forecasts.

—Jeff Cox