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Dow slides more than 300 points as Moody’s bank downgrade adds to August woes: Live updates


8 Mins Ago

Solar stocks, clean energy names hit lowest levels since May 2022

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Invesco Solar ETF 1-day

8 Mins Ago

Solar stocks, clean energy names hit lowest levels since May 2022

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Invesco Solar ETF 1-day

32 Mins Ago

Earnings scorecard as season nears an end

Second-quarter earnings season is nearing a close, with results out so far from 89% of the S&P 500.

Of the nearly 450 companies that have reported results, 79% have topped earnings expectations while 63% have surpassed revenue estimates, according to Refinitiv.

For the period, earnings are expected to decline 3.8% from a year ago.

— Samantha Subin, Robert Hum

An Hour Ago

Wall Street bigwigs make concerns heard

Some on Wall Street express cautious sentiments about the stock market.

Credit Suisse global equity strategist Andrew Garthwaite said he’s now “incrementally more negative” on stocks. He also said a recession would likely hit next year.

Meanwhile, Bank of America’s Stephen Suttmeier said a tactical correction is already underway.

And Marko Kolanovic, JPMorgan’s top stock picker, recommended investors should stay underweight on equities, while noting people may be too optimistic about the state of the economy.

— John Melloy, Sarah Min and Jesse Pound

An Hour Ago

Goldman Sachs upgrade Sagimet Biosciences to buy

Clinical-stage biopharmaceutical company Sagimet Biosciences could see its treatments reach a breakout stage, which could send its share price soaring, according to Goldman Sachs. Analyst Andrea Tan initiated a buy rating on shares in a Tuesday note.

Sagimet Biosciences focuses on developing fatty acid synthase (FASN) inhibitors, which can treat a range of diseases including various cancers, non-alcoholic steatohepatitis (NASH) and acne. The company’s interim data has shown its lead treatment candidate, denifanstant, can reduce liver fat levels for patients with NASH — which could help support the treatments’ advancement to a pivotal program. 

The stock has been publicly traded since July 14, and is trading slightly below its IPO level.

To read the full story on the upgrade, click here.

— Hakyung Kim

An Hour Ago

Regional bank stocks fall more than 3%

— Hakyung Kim, Gina Francolla

2 Hours Ago

Sell-off gains steam in morning trading

A sell-off on Wall Street has intensified.

The Dow was down around 450 points, or 1.2%, shortly after 10:15 a.m. ET. The S&P 500 lost 1.1%, while the Nasdaq Composite dropped 1.4%.

— Alex Harring

2 Hours Ago

Datadog sinks on disappointing forecast, guidance cut

Datadog shares plummeted more than 20% after the software company issued weaker-than-expected revenue guidance for the third quarter and trimmed its full-year outlook.

The fall in shares came despite a top-and-bottom line beat for the second quarter, with Datadog reporting adjusted earnings of 36 cents a share on $509.5 million in revenue. That came in ahead of 28 cents expected on revenues of $500.6 million, according to Refinitiv.

For the third quarter, the company said it expects revenues to range between $521 million and $525 million, below the $536.2 million expected by analysts polled by FactSet.

Datadog also trimmed revenue guidance for the full year, saying it now anticipates sales to range between $2.05 billion and $2.06 million. The company previously said it expected between $2.08 billion and $2.10 billion in revenue.

2 Hours Ago

Stocks open lower

Stocks opened Tuesday’s session lower.

The Dow was down more than 200 points, or 0.6%. The S&P 500 shed 0.5%, while the Nasdaq Composite slipped 0.8%.

— Alex Harring

3 Hours Ago

A poor macro backdrop has traders hopeful the Fed can stop raising rates, Ed Moya says

A raft of poor signals is weighing on investor sentiment Tuesday morning, including weak trade data out of China, as well as credit rating cuts from Moody’s on 10 small and midsize banks. UPS also cut its guidance, citing falling demand and rising costs following a new labor contract.

However, Oanda’s Ed Moya said the suddenly “gloomy” global macroeconomic backdrop has Wall Street hopeful the Federal Reserve could stop raising rates.

“Stocks are down, but it is not too ugly as Wall Street is starting to become very confident that global economic weakness will do the trick in getting inflation back to the Fed’s 2% target,” Moya wrote Tuesday. “Rate hike odds continue to edge lower for the September and November FOMC meetings, but the rate cuts for 2024 keep growing.”

Traders are expecting an 85.5% likelihood the Fed will keep rates where they are when policymakers convene in September, according to the CME Fedwatch Tool. They expect a 14.5% chance the central bank could raise rates by another quarter percentage point.

Meanwhile, in January, they’re expecting a 47.4% probability the Fed will hold, and a 33.2% likelihood the Fed will cut rates by a quarter percentage point.

— Sarah Min

3 Hours Ago

AMC pops 5% after beating Street expectations for earnings

AMC Entertainment jumped nearly 5% after the movie theater stock surpassed analyst expectations in the second quarter.

The company reported 1 cent earned per share, while analysts surveyed by Refinitiv anticipated a loss of 4 cents per share. Revenue came in at $1.35 billion for the quarter, ahead of the consensus estimate of $1.29 billion.

AMC shares have climbed nearly 26% so far this year.

— Alex Harring

3 Hours Ago

Philadelphia Fed President: Interest rate-hiking cycle may be finished

The U.S. central bank could be at the end of its current interest rate-hiking cycle, Philadelphia Federal Reserve President Patrick Harker said Tuesday.

“Absent any alarming new data between now and mid-September, I believe we may be at the point where we can be patient and hold rates steady and let the monetary policy actions we have taken do their work,” Harker said in prepared remarks for a speech in Philadelphia.

But he also said there may not be any cuts to rates in the near future.

“Allow me to be clear about one thing, however. Should we be at that point where we can hold steady, we will need to be there for a while,” he said. “The pandemic taught us to never say never, but I do not foresee any likely circumstance for an immediate easing of the policy rate.”

— Jeff Cox

4 Hours Ago

Stocks making the biggest moves premarket

Check out some of the companies making headlines in premarket trading:

Read the full list here.

— Brian Evans

4 Hours Ago

Dish, EchoStar investors react to merger news

Investors modified exposure to Dish and EchoStar after Charlie Ergen said he would merge the two.

Shares of EchoStar tumbled more than 10%, while Dish rose more than 1%. The all-stock deal marks a reunion for the two companies, which have been separate for about 15 years.

— Michael Sheetz, Alex Harring

4 Hours Ago

Under Armour rises modestly following earnings report

Under Armour shares inched higher on a better-than-expected earnings report for its first fiscal quarter.

The retailer’s shares rose 0.3% after reporting 2 cents in earnings per share, while analysts polled by Refinitiv anticipated a loss of 2 cents. Revenue came in at $1.32 billion, slightly ahead of the $1.3 billion forecasted by Wall Street.

Shares have struggled this year despite the broader market’s rally, dropping more than 24% since the year began.

— Alex Harring

5 Hours Ago

Eli Lilly climbs 10% on earnings beat

Pharmaceutical stock Eli Lilly advanced around 10% in premarket trading as investors cheered a better second-quarter report than Wall Street anticipated.

Eli Lilly posted $2.11 in earnings per share, excluding items, while analysts polled by Refinitiv expected $1.98. Revenue also came in ahead of Wall Street’s consensus, with the company reporting $8.31 billion while analysts forecasted $7.58.

Shares are up more than 24% this year.

— Alex Harring

5 Hours Ago

Novo Nordisk soars 15% as Wegovy drug trial tops expectations

Shares in Danish pharmaceutical company Novo Nordisk soared more than 15% on Tuesday after headline results from a trial showed that its weight-loss drug Wegovy cut the risk of heart disease by 20% in adults with obesity.

The result lifted the broader sector in Europe and the U.S., with shares in stateside rival Eli Lilly climbing in pre-market trade.

— Elliot Smith

5 Hours Ago

UPS falls after revenue miss, guidance cut

UPS shares dipped 5.6% after the package delivery giant posted weaker-than-expected revenue for the second quarter.

The company’s revenue for the period came in at $22.1 billion. Analysts polled by Refinitiv expected $23.1 billion.

UPS also lowered its full year revenue outlook, citing labor negotiations and the cost of a tentative agreement with teamsters.

6 Hours Ago

Banks under pressure

Bank shares were under pressure after Moody’s lowered the credit rating on multiple banks, including M&T Bank.

JPMorgan Chase and Citigroup fell more than 1% each. Goldman Sachs, Morgan Stanley and Wells Fargo also dipped in the premarket. The SPDR S&P Bank ETF (KBE) slipped 1%, while its regional banking counterpart, the KRE, lost 1.6%.

Sentiment in the banking sector was also dampened by the Italian government announcing a 40% windfall tax on “excess” profits in 2023.

— Fred Imbert

7 Hours Ago

10-year Treasury yield falls as investors weigh interest rate outlook

U.S. Treasury yields fell on Tuesday as investors assessed the outlook for interest rates and Federal Reserve monetary policy ahead of comments from policymakers and key inflation data expected this week.

At 4:25 a.m. ET, the yield on the 10-year Treasury was down by over six basis points to 4.0140%, slipping from multi-month highs touched at the end of last week. The 2-year Treasury was trading more than one basis point lower at 4.7409%.

Treasurys

TICKER COMPANY YIELD CHANGE %CHANGE
US1M U.S. 1 Month Treasury 5.371% -0.014 0.00%
US3M U.S. 3 Month Treasury 5.459% -0.002 0.00%
US6M U.S. 6 Month Treasury 5.502% +0.003 0.00%
US1Y U.S. 1 Year Treasury 5.349% +0.008 0.00%
US2Y U.S. 2 Year Treasury 4.774% +0.016 0.00%
US10Y U.S. 10 Year Treasury 4.018% -0.06 0.00%
US30Y U.S. 30 Year Treasury 4.188% -0.069 0.00%



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