Stock futures fell on Monday as Wall Street entered the final week of September. This month so far:
S&P500
down 4.2%;
Nasdaq Composite
It fell 5.9%. Investors will keep an eye on U.S. inflation data over the weekend and this week, as well as monitor negotiations in Congress to avoid a government shutdown.
The striking screenwriters have reached a tentative agreement with Hollywood studios to end a strike that has lasted nearly five months. Published by the Writers Guild of America. 3 year contract with statement: “We can say with great pride that this agreement is exceptional, delivering meaningful benefits and protections for writers across all sectors of our membership.” Media stocks rose in pre-market trading . Paramount Global (PARA) up 3%, Warner Bros. Discovery (WBD) up 4.1%, Netflix (NFLX) up 1.3%, Walt Disney (DIS) up 1%, Amazon.com (AMZN) rose 0.5%.
Amazon
,
Meanwhile, it plans to invest up to $4 billion in artificial intelligence company Anthropic. Amazon will acquire a minority stake in Anthropic. Amazon’s cloud customers will have early access to Anthropic’s technology through Amazon Bedrock, the company’s AI platform for business, and Amazon Web Services will become Anthropic’s primary cloud provider.
HP Inc. comes after Warren Buffett’s Berkshire Hathaway (BRK.B) disclosed in a filing that it sold 4.8 million shares of the PC and printer maker’s stock worth about $130 million in recent days. (HPQ) fell 2.7% to $26.05 in pre-market trading.
Advertisement – SCROLL TO CONTINUE
Nike (NKE) fell 1.4% to $89.58 after Jefferies downgraded the sports apparel maker’s stock from “buy” to “hold” and lowered its price target from $140 to $100. . Nike is scheduled to release quarterly results later this week. Jefferies also downgraded Foot Locker (FL) from buy to hold and Urban Outfitters (URBN) from buy to hold. Foot Locker fell 2.9% and Urban Outfitters fell 2.3%.
Instacart (CART) rose slightly in pre-market trading to $30.04. Shares of the grocery delivery app, formally known as Maplebear, were initiated Monday at Wolf Research with a Peer Perform rating and a fair value range of $24 to $42 per share. BTIG analysts gave Instacart a “neutral” rating on Friday. The stock went public last Tuesday at $30 per share and opened at $42. However, Instacart stock has fallen since its strong trading debut.
Recreational vehicle manufacturer Thor Industries (THO) is scheduled to report quarterly results after the closing bell on Monday. Later this week, Costco Wholesale (CSCO), Micron Technology (MU), Carnival (CCL), Paychecks (PAYX), Jefferies Financial (JEF), Accenture (ACN), Jabiru (JBL), CarMax ( A report from KMX) is scheduled to be released. , Blackberry (BB).
Advertisement – SCROLL TO CONTINUE
Email Joe Weelfel at joseph.woelfel@barrons.com.
