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Check-In On Large Caps
Let’s take a look at the performance of some of the market’s biggest stocks today:
Winners
- NVIDIA: Up 1.14%
- Charles Schwab: Up 3.59%
- General Motors: Up 2.59%
Losers
- Alphabet: Down 1.13%
- Eli Lilly: Down 1.84%
- Tesla: Down 3.65%
Shortly after 10 a.m. ET, most indexes are down slightly on Thursday. Let’s take a look at performance:
- Dow Jones Industrial Average: Down 39.56 (-.09%)
- S&P 500: Down 6.63 (-.10%)
- Nasdaq: Down 26.46 (-.12%)
- Russell 2000: Down 4.29 (-.19%)
As you can see, while each index is in the red, losses aren’t significant. Financial and energy stocks are performing the best today, with financials up .33% while energy stocks are up .32%.
When looking at bottom performers, healthcare stocks are down -.67% while consumer discretionary is down .56%.
Wholesale Prices Match Expectations
The big economic release this morning was wholesale prices from the Bureau of Labor Statistics. Like yesterday’s CPI release, the producer price index was largely in line with expectations. Wholesale inflation now stands at 2.4%, which is up a tenth of a percentage point from September.
Similar to CPI numbers, services that rely on labor costs are driving most price increases. Services increased .3% from last month, outpacing most other categories. Food wholesale prices fell .2% from last month while energy costs decreased .3%.
Disney, Tapestry, Wynn Resorts Leads Stock Gainers
The top three performers in the S&P 500 today are Walt Disney (NYSE: DIS), Tapestry (NYSE: TPR), and Wynn Resorts (Nasdaq: WYNN).
- Disney: Is up 9% after reporting earnings on Thursday. The highlight of the earnings report was the company’s streaming numbers, which hit an operating profit of $321 million. Last year, Disney’s streaming business was still losing $387 million per quarter. Overall, Disney’s number of subscribers grew 4% to 122.7 million. Disney’s revenue per user has flat-lined at around $7.70 per domestic user, but cheaper packages that come with more ads have been an attractive segment that Netflix is also pushing into. When combining streaming, entertainment, and advertisement revenue, Disney’s sales in these categories was up 14% from last year.
- Tapestry: The Coach parent company abandoned a bid for Capri after regulatory hurdles made the merger far more difficult than expected. Investors aren’t disappointed in the merger’s collapse, with shares of Tapestry up nearly 12% today.
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