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S&P 500 is little changed to start week as Fed decision looms: Live updates

23 Mins Ago

Clorox warns of financial impact from August cyberattack

Clorox shares slumped 1% after the company warned that a cyberattack in August will weigh on its fiscal first-quarter results.

The company known for household items such as bleach said that the attacks resulted in product outages and delays that have impacted operations.

Clorox said it will begin bringing systems back to speed next week, but did not provide an estimates as to when it expects a full resumption in operations.

— Drew Richardson, Samantha Subin

43 Mins Ago

Stocks are little changed

Stocks were little changed shortly after Monday’s opening bell.

The Dow, S&P 500 and Nasdaq Composite all traded near flat shortly after 9:30 a.m. ET.

— Alex Harring

An Hour Ago

Oil prices rise Monday on worries of tighter supply

Oil prices edged higher as investors weighed the prospect of a widening supply deficit in the fourth quarter.

U.S. West Texas Intermediate crude gained more than 1% early Monday and hit a high of $91.70, the highest level since Nov. 8, 2022 when WTI traded as high as $92.17. So far this quarter, WTI has gained 29.8%, putting it on pace for the first positive quarter in three quarters.

Brent crude futures hit a high of $94.78, also hitting its highest level since Nov. 16, 2022 when it traded as high as $94.79.

The VanEck Oil Services ETF (OIH) gained 0.9% in premarket trading, led by Dril Quip, Liberty Energy and Transocean which were all higher by more than 1.5%.

— Pia Singh, Gina Francolla

An Hour Ago

These are the stocks moving before the bell: DoorDash, Micron, Arm and more

Here are Monday’s biggest premarket movers:

  • DoorDash— Shares added 1.6% after being upgraded by Mizuho Securities to buy from neutral on Sunday. The Wall Street firm said solid market share and strong consumer spending on food should help the delivery company surpass forecasts in the second half.
  • Micron Technology — The stock gained more than 2% premarket after Deutsche Bank upgraded the memory and storage solutions company to buy from hold on Sunday, and also raised its target price. The firm said Micron’s pricing power with semiconductor direct random access memory is hitting an inflection point, and could push the company to beat first-quarter expectations.
  • Arm Holdings — Shares of the semiconductor company fell 3.7% in premarket trading as the newly public Arm tries to find its level in the market. Bernstein initiated coverage on Monday with an underperform rating

Read here for the full list of stocks on the move.

— Pia Singh

An Hour Ago

U.S. could see ‘immaculate disinflation,’ Yardeni says

The U.S. could see disinflation without triggering a broad recession, according to Ed Yardeni, president of Yardeni Research.

Yardeni said the U.S. is shaping up to see a rolling recession, which is when different sectors see recessionary periods at different points. The Federal Reserve, which has its next policy meeting this week, has been trying for the past several months to bring down inflation without tipping the economy into a recessionary period.

“Generally speaking, Fed watchers like to criticize the Fed and suggest that they’re always wrong about their forecast and what they are doing,” he said on CNBC’s “Squawk Box.” “But I think they’re actually getting it right this time. And I think we may very well have immaculate disinflation, where inflation comes down without an economy-wide recession.”

— Alex Harring

2 Hours Ago

Late September has historically been challenging for stocks, data shows

The end of September has been hard in the past for the S&P 500, according to Carson Group data.

A rocky patch is typically seen between the 20th and 30th of September for the S&P 500, Carson Group found when averaging index performance back to 1950. Of those 11 days, only two — the 27th and 28th —have been positive on average.

And this year, that stretch of days bleeds into the latter half of this week. The S&P 500 has historically lost an average of 0.2% on the 20th, 0.31% on the 21st and 0.08% on the 22nd.

— Alex Harring

3 Hours Ago

S&P 500 and Nasdaq Composite come off losing weeks

Last week was tough for the S&P 500 and Nasdaq Composite.

The S&P 500 and Nasdaq lost about 0.2% and 0.4%, respectively. It marked the second straight week of losses for both indexes.

Meanwhile, the Dow was able to eke out a narrow gain of around 0.1%.

— Alex Harring

7 Hours Ago

European stocks open lower

European markets had a negative open to start this week’s trading, following their Asia-Pacific counterparts lower as investors look ahead to a week of central bank decisions.

The pan-European Stoxx 600 index opened 0.2% lower, with sectors spread across positive and negative territory. Mining stocks led marginal gains with a 0.3% uptick, while household goods were down 0.5% at the start of trading.

— Hannah Ward-Glenton

10 Hours Ago

Evergrande shares tumble more than 20% after wealth management staff detained

Shares of beleaguered Chinese real estate developer Evergrande tumbled as much as 22.6% on Monday after police detained some staff from the group’s wealth management unit over the weekend.

Reuters reported that police from the southern city of Shenzhen said in a statement that “public security organs took criminal compulsory measures against Du and other suspected criminals at Evergrande Financial Wealth Management Co.”

It is not clear who Du is, although Reuters said that he was identified by staff in 2021 as general manager and legal representative of Evergrande’s wealth management division.

Evergrande shares recovered later in the session to gain 1.61%, compared with its Friday close.

12 Hours Ago

SoftBank eyes OpenAI tie up after Arm IPO: FT

Japanese investment holding company SoftBank is reportedly planning to invest “tens of billions” into artificial intelligence, according to the Financial Times.

Citing “two people familiar with [SoftBank founder Masayoshi] Son’s thinking,” the FT reported the company is considering several options, including investing in or a “broad strategic partnership” with Microsoft-backed OpenAI.

SoftBank could also invest in rivals, the report added. FT also said that SoftBank made a preliminary approach to buy U.K.-based AI chipmaker Graphcore.

SoftBank told the FT it does not comment on rumors, and Graphcore denied to FT that it received an offer from SoftBank.

— Lim Hui Jie

13 Hours Ago

Singapore trade slides more than expected in August; 11th straight month of decline

Singapore’s non-oil domestic exports slid for an 11th straight month, falling 20.1% year on year.

The fall was much larger than the 15.8% drop forecast by economists polled by Reuters, but slightly less than the 20.3% fall recorded in July.

Total trade in Singapore declined 15.2% year on year in August to 100 billion Singapore dollars ($73.4 billion) , following the 20.9% contraction in the preceding month.

Both imports and exports fell year on year, dropping 15.6% and 14.7%, respectively.

— Lim Hui Jie

15 Hours Ago

Tech sector coming off a losing week

The technology sector was the S&P 500’s hardest-hit group during the week ending Sept. 15. The Technology Select Sector SPDR Fund lost 2.2% week to date.

Oracle led the sector’s losses, falling nearly 10% for the week after missing revenue expectations in the fiscal first quarter. Chipmaker KLA Corporation lost 8.7%, while Monolithic Power Systems also fell by more than 7%.

Meanwhile, the utilities sector saw the largest weekly gains, with the Utilities Select Sector SPDR Fund adding 2.8%.

— Hakyung Kim

16 Hours Ago

Stock futures open flat

U.S. stock futures ticked up Sunday evening.

Dow Jones Industrial Average futures added 17 points, or 0.05%. S&P 500 and Nasdaq 100 futures inched up 0.03% and 0.02%, respectively.

— Hakyung Kim

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