- Wall Street loses at the start of this week's final session
- UAW begins strikes at three Ford (F.US), Stellantis (STLA.US)and General Motors (GM.US) plants
The final session on Wall Street this week begins with declines in the major stock market benchmarks. At the moment, the US100 index is losing 0.95% and the US500 index is losing almost 0.42%. Investors' attention today is focused on macro data from China and the expiry of futures contracts, which often brings a spike in market volatility.
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Create account Try a demo Download mobile app Download mobile appRelative to yesterday's trading session, the prediction for a US interest rate hike cycle was revised slightly downwards. A pause at the next meeting is priced with a 98% probability and a November 25 basis point hike with a 33% probability. Source: Bloomberg Finance LP
US companies categorised by sector and industry. Size indicates market capitalisation. Source: xStation5
The US100 index is losing nearly 0.95% early in today's session and is trading below yesterday's lows. Source: xStation 5
News
Adobe (ADBE.US) shares are losing close to 3% early in the session following the release of quarterly results and Q4 guidance.
The quarterly figures themselves came in better than analysts' expectations. Source: Bloomberg Finance LP
Investors, however, did not like the relatively conservative outlook for Q4. Source: Bloomberg Finance LP
The United Auto Workers union officially went on strike at three major manufacturing plants . Thousands of union members walked off the job at three US assembly plants.
12,700 UAW workers are on strike. Ford (F.US) - Wayne, MI assembly plant with 3,000 workers (Bronco); Stellantis (STLA.US) - Toledo, Ohio assembly plant with 5,800 workers (Jeep); General Motors (GM.US) - Wentzville, Missouri assembly plant with 3,600 workers (Canyon, Savanna). However, in view of the fact that the scale of the strikes is not large at the moment, the quotations of these companies are not reacting negatively to the news and are even gaining in value.
Source: xStation 5
Shares of Arm Holdings (ARM.US) are currently gaining close to 4.5% after the company's optimistic IPO. Needham Agency initiated a 'hold' recommendation on the UK company, saying that Arm's valuation looks 'full'.
ANALYSTS' RECOMMENDATIO
- Adobe Inc (ADBE.US): Baird raised its target price for the company's shares to $540 versus the $500 recommended earlier. The institution is mindful of improved quarterly results driven by demand for AI solutions.
- Alcoa (ADBE.US): JPMorgan lowered its price target to $28 versus $35 recommended earlier. The bank expects Q3 results to be affected by operational uncertainty surrounding the company.
