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Live Market Updates: Nasdaq Composite, S&P 500, Dow Jones All Down | KO, SBUX, MCD
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Biggest Gainers in the Nasdaq Composite
While the Nasdaq is down today, there are some notable gainers. Let’s look at some winners and what’s driving their outperformance.
- Texas Instruments (NYSE: TXN): The company is a bellwether for semiconductors in heavy industry and automotive. Last night Texas Instruments reported earnings and signaled a bottom had been reached in semiconductor demand for industrial and automotive end markets. That has helped drive the stocks of companies selling semiconductors to these industries up across the board. Texas Instruments is up 4.2% while NXP Semiconductors (Nasdaq: NXPI) is up 3% and ON Semiconductor is up 2.8%.
- Baker Hughes (Nasdaq: BKR): Reported earnings that hit $.67 in EPS, well above estimates of $.61. The company is up 3.2% in early trading.
Biggest Losers in the Nasdaq Composite
With markets down a good amount, many recent winners are seeing larger declines in today’s trading. Let’s look at a few of the Nasdaq’s biggest losers so far today.
- ARM Holding (Nasdaq: ARM): Down 5.5% after Bloomberg reported that ARM has given a cancellation notice of its license to Qualcomm (Nasdaq: QCOM). There has been an ongoing feud between the two companies centering around whether Qualcomm needs to renegotiate its contract with ARM after a large acquisition. For now, Wall Street is betting the feud is bad for both companies. Qualcomm (Nasdaq: QCOM) is down 2.4% in early trading.
- NVIDIA (Nasdaq: NVDA): Down 2.7%. There doesn’t appear to be any company-specific news driving the dip in its shares today. Rather, NVIDIA is selling off as macroeconomic fears ramp. If long-term interest rates continue rising and policymakers are forced to curb rate cuts, it could cause global economic growth to sag. In such an environment, the highest growth companies like NVIDIA would have more to lose.
At 9:45 a.m. ET markets are down across the board today. The Nasdaq Composite is down .53% while the S&P 500 is performing slightly better. Let’s look at the performance of each major index:
- Nasdaq Composite: -98.20 (-.53%)
- S&P 500: -18.18 (-.31%)
- Dow Jones Industrial Average: -258.43 (-.60%)
- Russell 2000: Down 10.29 (-.46%)
There is plenty of market news as we’re in the peak of earnings season. Let’s look at some of the stocks moving the market the most today and macroeconomic storylines to watch.
McDonald’s The Dog of the Dow
The Dow’s underperformance relative to the Nasdaq and S&P 500 in early trading is mostly thanks to McDonald’s (NYSE: MCD). The company is down 6.40% after an e. coli outbreak was linked to the company. Specifically, the CDC warned an outbreak in Western states was linked to Quarter Pounder burgers.
Starbucks (Nasdaq: SBUX) is another restaurant stock to watch. The company issued dismal earnings last night. Same-store sales were down 7% (way below expectations of a 3.5% decline) while sales in China dropped 14%. Starbucks was initially down big after releasing earnings, but has clawed back to near even during the morning. Its stock is down .83% slightly before 10 a.m. ET. Investors are choosing to focus on the turnaround plan of new CEO Brian Niccol rather than recent performance.
Another consumer stock to watch today is Coca-Cola (NYSE: KO). The company topped both earnings and revenue expectations but is facing some headwinds. Specifically, volumes of concentrate sales were down 2% (versus estimates of being flat). It seems investors are focusing more on the sluggish demand picture as shares are down 2.8% in early trading.
Interest Rates Weight on Indexes
The big macroeconomic number to watch right now is the yield on 10-year Treasuries, which broke above 4.2% in trading on Tuesday. That’s the highest level since late July. The rise in long-term Treasuries is driven by:
1.) The growing belief that U.S. government spending levels are unsustainable
2.) Rising inflation expectations as U.S. economic growth revives
3.) Expectations falling on how much the Federal Reserve will cut rates across the next 24 months
The rise in long-term rates is especially problematic for sectors like residential real estate. Zillow has the national 30-year mortgage rate at 6.33%. It had recently bottomed out at 5.53%, so this is a significant jump in a short amount of time.
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