Dow Jones Today: Stocks Rise After Strong Jobs Report; S&P 500 Near Unchanged for Week – Investopedia

This week's major indexes are gradually moving into positive territory.

14 minutes ago

After an eventful week, late-day gains pushed the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite Index into positive territory this week, but only just.

ExxonMobil hits record high despite third-quarter profit warning

1 hour 29 minutes ago

Exxon Mobil (XOM) stock hit a record high on Friday as oil prices soared on concerns about tensions in the Middle East.

The gains came even as the oil giant warned that lower crude oil prices and refining margins in the third quarter would have a negative impact on its results for the period compared to the previous quarter.

The energy giant wrote in a regulatory filing that oil price fluctuations will reduce upstream profits by $600 million to $1 billion in the third quarter. Similar financial effects are expected from changes in industry profit margins for energy products.

ExxonMobil made a profit of $9.2 billion in the second quarter. The company posted a profit of $9.1 billion in the third quarter of 2023.

ExxonMobil stock rose 1.6% to $124.58 in recent trading after hitting a high of $125.19 in early trading.

–Bill McCall

This week's S&P is back almost unchanged.

2 hours 59 minutes ago

After a rocky few days to open this month, the S&P 500 is just a few points off where it started the week.

The index recently rose 0.5% to 5,729, about 10 points from positive territory this week and far behind its intraday high of 5,767.

Meta price levels to watch as stocks reach all-time highs

4 hours 9 minutes ago

Metaplatforms (META) stock hit a new all-time high Friday as investors grew more optimistic about the tech giant's AI opportunities.

Meta shares rose 0.4% to around $585 in midday trading Friday. The stock is up 65% so far in 2024, easily outpacing the S&P 500's return of about 20% over the same period.

The relative strength index confirms bullish momentum in stocks, but it also warns of overbought conditions, opening the door to short-term profit-taking.

Investors should watch for key retracement levels near $535 and $480, as well as chart-based bullish price targets at $700 and $790.

Read the full technical analysis here.

–timothy smith

Rivian plunges as EV makers lower production forecasts

5 hours 11 minutes ago

Rivian Automotive (RIVN) shares fell on Friday after the electric vehicle maker missed third-quarter delivery expectations and lowered its full-year production outlook, citing parts availability.

Rivian said it manufactured 13,157 EVs and delivered 18,018 in the quarter. Analysts surveyed by Visible Alpha were looking for 12,080 deliveries. The company's latest news extended the recent decline in its stock price, which has fallen from levels seen this summer following an investment from Volkswagen.

The company lowered its production forecast for 2024 due to a lack of supply of parts used to manufacture the R1S SUV and RCV commercial van. It added that the issue started in the third quarter and “has become more severe in recent weeks and continues to this day.”

Rivian now expects to manufacture between 47,000 and 49,000 EVs this year, down from its previous forecast of 57,000.

Rivian stock is down 7% in recent trading and has lost more than half its value since the beginning of the year.

–Bill McCall

Frontier, JetBlue and Spirit soar on reports of bankruptcy talks

5 hours 43 minutes ago

Shares of Frontier Group Holdings (ULCC) and JetBlue Airways (JBLU) rose on Friday after reports that low-cost airline rival Spirit Airlines (SAVE) is considering filing for bankruptcy. Spirit stock plummeted 25% after the market opened.

wall street journal Spirit reported that it was in discussions with bondholders and other creditors about possible terms for a Chapter 11 filing, but noted that such a filing was not imminent. The newspaper reported that although bankruptcy negotiations are the focus, Spirit is also considering restructuring its balance sheet through an out-of-court transaction.

Spirit faces losses and declining revenue due to increased competition from low-cost carriers and larger airlines. Spirit's $6.6 billion plan to merge with Frontier in 2022 fell through. Spirit later agreed to an acquisition by JetBlue, but it was scrapped later this year after regulators objected to the deal, citing antitrust concerns.

Frontier stock is up 21% in recent trading, while JetBlue is up 17%.

–Bill McCall

Government bond yields rise, expectations for interest rate cuts decline

6 hours 56 minutes ago

U.S. Treasury yields rose sharply on Friday morning as unexpectedly strong jobs data eased some concerns that the Fed would need to rescue a weakening labor market, pushing markets to cut interest rates. Expectations plummeted.

Following this report, market participants lowered their expectations for a rate cut. The probability that the Fed will cut interest rates by 50 basis points (0.5 points) at its next meeting in November has fallen from 30% to about 5%, according to federal funds futures trading data. Market participants are now pricing in a less than 30% chance that the Fed will cut rates by a total of 75 basis points by the end of the year, compared to a 56% chance that was priced in yesterday.

The revised forecast is in line with Wall Street's view and that of Fed officials, who expect modest interest rate cuts in each of the two remaining meetings of the year in their quarterly economic forecasts. .

U.S. Treasury yields soared on the news, with the 10-year Treasury yield rising about 10 basis points to 3.95%, its highest level since mid-August. The yield on the two-year Treasury note, which is heavily influenced by market expectations for the Federal Reserve's benchmark rate, rose 15 basis points to 3.87%, its highest level in a month.

–Colin Laidley

Major index stock price futures rise ahead of employment report

8 hours 49 minutes ago

Futures linked to the Dow Jones Industrial Average rose 0.1%.

S&P 500 futures rose 0.3%.

Nasdaq 100 futures rose 0.4%.