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S&P 500 Gains and Losses Today

Markets News, Nov. 8, 2023: S&P 500 and Nasdaq Extend Rally While Dow, Oil Treasury Yields Retreat

Colin is an Associate Editor focused on tech and financial news. He has more than three years of experience editing, proofreading, and fact-checking content on current financial events and politics. He received his M.A. in journalism from The New School and his B.A. in history and political science from McGill University.

Stocks ended Wednesday mixed, with the S&P 500 and Nasdaq adding to their longest winning streaks in two years while oil prices and Treasury yields retreated.

The S&P 500 and Nasdaq both eked out modest gains of about 0.1%, while the Dow Jones Industrial Average slipped 0.1%.

Stocks have been on a tear since last week’s interest rate decision from the Federal Reserve. Investors are increasingly confident the Federal Open Market Committee will vote to keep interest rates steady at the policymaking group’s next meeting in December. But recent comments from other Fed officials have indicated that’s far from a safe bet.

Stocks ticked up again yesterday, with the Nasdaq and the S&P 500 notching their longest winning streaks since November 2021.

S&P 500 Gains and Losses Today

Here are the stocks in the S&P 500 that gained and lost the most today, and the stories behind the day’s market movers.

Dow Breaks Seven-Day Winning Streak Ahead of Disney Results

An afternoon rally wasn’t enough to bring the Dow Jones Industrial Average into the green. The index fell about 0.1%, or 40 points, to break its seven-session winning streak.

Amgen (AMGN) was the best-performing stock Dow 30 after gaining 0.8%.

Microsoft (MSFT) advanced for the ninth straight day, rising about 0.7% to close at a new record high of $363.20. Apple (AAPL) shares gained 0.6%.

Walgreens Boots Alliance (WBA) shares dropped 3% after the launch of the Pharmacy Guild, a pharmacy worker union backed by the International Association of Machinists and Aerospace Workers (IAM). Pharmacists at Walgreens and CVS Health (CVS) health locations staged a three-day walkout late last month to protest understaffing and overwhelming workloads.

Shares of Intel (INTC) fell 2.2%, giving up all of its gains yesterday when it was the best-performing stock in the index. The chipmaker disclosed in a regulatory filing Wednesday that it purchased nearly 1.2 million American depositary receipts (ADRs) of British chip designer Arm Holdings (ARM) when it went public in September. ADRs of Arm declined 1.5% Wednesday ahead of its post-market earnings report.

Shares of Chevron (CVX) fell for the fourth straight session. The oil major shed about 1.4% as oil prices slumped more than 2% to their lowest level since July.

Honeywell (HON) shares lost 1.1% while 3M (MMM) shares dipped 0.9%.

Walt Disney Company (DIS) shares slipped about 0.1% as investors waited for the media giant’s earnings report after the bell.

Warner Bros. Discovery Shares Tumble as Its TV Ad Sales and Streaming Subscribers Decline

Warner Bros. Discovery (WBD) was the worst-performing stock in the S&P 500 Wednesday as shares tumbled 18% after the media giant posted a drop in ad sales at its TV networks and lost direct-to-consumer service subscribers.

The owner of CNN, HGTV, Max, Discovery+, and Warner Bros. studio reported a third-quarter fiscal 2023 loss of $0.17 per share, nearly triple expectations. Revenue was up 1.6% from a year ago to $9.98 billion, also short of forecasts.

Advertising revenue at its Networks segment tumbled 12% to $1.71 billion. Subscribers to its HBO, Max, and Discovery+ services totaled 95.1 million, a decline of 700,000 from the previous quarter.

With Wednesday’s declines, shares of Warner Bros. Discovery are flat for 2023.

FDA Approves Eli Lilly’s Zepbound for Weight Loss

The U.S. Food and Drug Administration on Wednesday approved tirzepatide, the active ingredient in Eli Lilly’s (LLY) diabetes drug Mounjaro, for the treatment of obesity.

The weight-loss version of the drug will be marketed as Zepbound, and will be available by the end of the year at a list price of $1,060 before insurance.

Zepbound is a glucagon-like peptide-1 (GLP-1) receptor agonist, the same class of drug as Ozempic and Wegovy. Buzz around those two drugs launched their developer, Novo Nordisk (NVO), to the top spot on the list of Europe’s most valuable companies.

Eli Lilly has also seen its shares soar this year amid excitement about GLP-1s. Shares rose more than 2% Wednesday on the FDA’s Zepbound approval, putting them up 68% for the year. With a market cap of over $580 billion, Eli Lilly is worth 160% of the next largest U.S. drug maker, Johnson and Johnson (JNJ).

Lucid Shares Skid After Revenue Miss, Lower Production Guidance

Shares of electric vehicle maker Lucid Group (LCID) fell more than 8% on Wednesday, a day after the company reported less-than-impressive third-quarter results and cut its production guidance for the year.

Third-quarter revenue of $137.8 million came in nearly 30% below the same period a year ago. While its cost of revenue declined, spending on research and development, as well as selling, general, and administrative expenses, rose, leading to a net loss of $630.9 million or 28 cents a share for the quarter.

Lucid’s pared-down guidance now pegs production for the year at 8,000-8,500 vehicles, down from a target of 10,000 that it reinforced at the end of the second quarter.

Robinhood Shares Plunge as the Online Brokerage Posts a Drop in Trading Revenue and Users

Shares of Robinhood Markets (HOOD) sank over 14% in early trading Wednesday after the online brokerage reported worse-than-expected results as trading activity and users declined.

Robinhood posted a third-quarter fiscal 2023 loss of $0.09 per share. Revenue increased 29% from a year ago to $467 million, primarily because of a jump in interest income fueled by Fed monetary tightening. Both were short of estimates.

The company’s transaction-based sales fell 11% to $185 million. Trading revenue for equities dipped 13% to $27 million, and it plunged 55% to $23 million for cryptocurrencies. Options trading revenue was unchanged at $124 million. The number of monthly active users (MAU) dropped 16% to 10.3 million.

Despite Wednesday’s losses, Robinhood shares remained in positive territory for the year.

Midday Market Movers

Extra Space Storage (EXR): Shares of the self-storage real estate investment trust (REIT) rose more than 7% after its third-quarter revenue and funds from operations topped Wall Street estimates. It also raised its same-store revenue growth forecast for the year.

Mosaic Co. (MOS): Shares of the fertilizer company gained more than 4% after its third-quarter sales fell less on a year-over-year basis than analysts expected. The company was upbeat about 2024, saying in a statement, “Across most major growing regions around the world, inventories of potash and phosphates have been depleted and will need to be replenished in 2024.”

Warner Bros Discovery (WBD): Shares of the entertainment company slumped more than 16% after reporting a larger-than-expected quarterly loss amid a drop in ad sales and direct-to-consumer subscriber losses. Competitor Paramount’s shares fell more than 8% after surging last week.

Coupang Inc. (CPNG): Shares of the South Korean e-commerce company fell more than 8% after its quarterly earnings fell short of Wall Street’s expectations despite better-than-expected revenue growth.

Airline Stocks Rise on Falling Oil Prices

Shares of major airlines rose as oil prices slumped to a nearly 4-month low Wednesday.

American Airlines (AAL), Delta Air Lines (DAL), and United Airlines (UAL) all gained about 3% in early trading Wednesday. They’ve been boosted in recent days by earnings reports from booking companies like TripAdvisor (TRIP) and Expedia (EXPE), which have driven home the resilience of post-Covid travel demand.

Airline stocks got an extra leg up Wednesday from oil prices, which have tumbled as weak economic data out of Europe and China have raised concerns about a global slowdown.

West Texas Intermediate, the U.S. oil benchmark, fell more than 2% Wednesday morning after dropping 4% yesterday. Futures contracts traded at less than $76 a barrel midday, nearly 14% lower than its mid-October price of over $89.

Speculators Signal Optimism on U.S. Stocks for First Time Since Mid-2022

A report this week from the Commodity Futures Trading Commission, outlining data through Oct. 31, showed that speculators had “net long” positions in S&P 500 futures contracts at the Chicago Mercantile Exchange for the second straight week.

Prior to last week’s report, that hadn’t happened in 70 weeks, the longest string of weekly net short positions since the CFTC began tracking E-mini S&P 500 contracts in the late 1990s.

The data, which the CFTC reports weekly, means that collectively, speculators, hedge funds and so-called “non-commercial” traders have turned more optimistic about U.S. stocks than they have since mid-2022—potentially a positive sign for equity investors.

The margin of bullish-to-bearish investors remains thin, with the net long position in the latest data only equaling 0.2% of the E-mini S&P 500’s open interest, or total number of existing contracts. But as recently as late May, weeks after turmoil in the U.S. banking sector roiled global markets, net shorts equaled 17% of open interest.

Video Game Stocks Pop

Shares of video game makers jumped Wednesday after earnings reports from pioneer Nintendo and relative newcomer Roblox.

Nintendo shares trading in Tokyo surged 6.1%, their biggest one-day gain since December 2020, after it said it planned to make a big screen adaptation of its best-selling Legend of Zelda franchise. The company is looking to recreate the success it had earlier this year with the “Super Mario Bros. Movie,” which grossed nearly $1.4 billion, making it the second-biggest animated movie of all time.

The Mario movie and “The Legend of Zelda: Tears of the Kingdom,” the latest entry in Nintendo’s famed franchise, have boosted both game and console sales this year, leading the company to raise its full-year sales and profit outlook on Tuesday.

Roblox (RBLX) shares jumped 17% in early trading Wednesday after it reported a 20% increase in bookings and a nearly 70% increase in net cash from operating activities.

Chief Financial Officer Michael Guthrie said the company was “now entering a new phase” of slower operating expense growth and growing free cash flow.

And Take-Two Interactive (TTWO) shares surged more than 7% as rumors swirled that it will soon announce the much-anticipated sixth installment of its blockbuster Grand Theft Auto series. Take-Two reports earnings after the bell Wednesday.

Stocks Making the Biggest Moves at the Open

Gains:

• Roblox Corp. (RBLX): Shares of the online video game developer surged more than 12% after reporting better-than-expected third-quarter bookings and earnings on a resilient video game market.
• Take-Two Interactive Software Inc. (TTWO): Also a video game developer, Take-Two shares surged 11% on reports it would soon announce the much-anticipated Grand Theft Auto VI, the latest installation in one of the best-selling video game series of all time.
• Rivian Automotive Inc. (RIVN): The electric truck maker’s shares gained more than 6% after it raised its full-year production forecast and lowered its forecast full-year loss, saying it cutting costs through negotiations with suppliers.

Losses:

• Robinhood Markets Inc. (HOOD): Shares of the digital trading platform slumped more than 6% after it reported third-quarter revenue below Wall Street’s estimates. Monthly active users and transaction revenue both fell more than 10% from last year.
• Lucid Group (LCID): Shares of the luxury electric vehicle maker fell more than 6% after its revenue also fell short of forecasts. It also reduced its full-year production forecast to a range of 8,000 to 8,500 vehicles, from a prior estimate of 10,000 units.
• eBay Inc. (EBAY): Shares of the online marketplace sank more than 8% after it beat Wall Street estimates on the top and bottom lines, but warned a weakening consumer outlook would impact current-quarter sales.

Stock Futures Waver Ahead of Powell Speech

Futures contracts connected to the Dow Jones Industrial Average were less than 0.1% higher in premarket trading.

S&P 500 futures were also slightly higher before the bell.

Nasdaq 100 futures were little changed.

S&P 500 (SPX) Top Gainers

Top Gainers – Our page showing which stocks and stock markets performed best on a percentage basis during the most recent trading day. Here you can see the biggest stock gainers today as well as premarket gainers. Only stocks with a positive up day appear on this list. In addition to the day’s price performance, users can also see traded volume, 52-week high price, and various sortable price performance data ranging from 1-month to 5-years. Users can track trends in the S&P 500, Dow 30, Nasdaq 100, Russell 1000, ETFs, EU stocks, all US Markets and more. This page allows users to filter stocks based on eight different markets, nine different sectors, 62 different countries, and 100+ different industries. Users can also filter by market capitalization ranging from nano-cap (less than $50 million) to mega-cap ($200 billion or more). Further analysis is possible by filtering stocks based on 82 different ratios or metrics. Multiple filters are possible, and results can be saved to a watchlist or exported for back-testing and saved to Microsoft Excel.

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