Preliminary weekly hiring report from ADP for the four weeks ending October 3rd fell for the first time since mid-August to +74k (+18.5k/wk), but only after upward revisions to the prior two weeks took the prior week to the highest since early June.
That takes the 4-week moving average to +80.7k, a seventh week of gains and the best since July 11th.
Ryanair CEO on airline fares, OpenAI races to complete fundraising round and other headlines moving the market this morning.
After Mondays bounce, Tech is lower in the premarket with the most recent pressure coming after Elice Inc., a $750 million Korean data center and AI developer saw its shares drop as much as 35% following its IPO.
In a sharp reversal from the broad-based pile-in of recent years, global markets are now being much more selective and demanding with AI bets. “Elice’s disastrous debut is another confirmation that the era of ‘buy everything AI’ has given way to ‘question everything AI,’” said Hebe Chen, senior market analyst at Vantage Global.
Meanwhile, AI funder Softbanks credit-default swap level hit the highest among major Japanese companies.
From Bloomberg.
– $RAPP +26% (Phase 2 RAP-219 trial met the primary and secondary endpoints in bipolar mania)
– $MSCI +5.9% (Q3 earnings and revenue topped expectations)
– $EFX +5.5% (sharply positive initial reaction to Q3 results released before the bell)
– $HTZ +5.0% (Oro Mobility secured an $80 million strategic equity investment to accelerate its standalone growth)
– $HAL +4.4% (Q3 earnings and revenue beat expectations)
– $SNY +2.4% (no clear fresh catalyst identified; unusually strong, liquid ADR move)
– $APA +1.9%, $XOM +1.2%, $CVX +1.4%, $COP +1.5%, $OXY +1.6%, $SLB +1.4% (energy names rise as crude jumps on renewed Middle East supply risks)
– $VICR +1.7% (Q3 product and royalty revenue surged and gross margin expanded sharply)
– $GM -7.6% (Q3 beat, but the full-year profit range was narrowed with the upper end cut, disappointing expectations for another guidance raise)
– $GPC -6.3% (quarter narrowly beat, but the full-year earnings range was narrowed and its upper end cut)
– $STLD -5.4% (Q3 profit missed consensus and fell below the company’s own guidance despite a revenue beat)
– $AAOI -4.6%, SKHY -4.8%, COHR -3.5%, SNDK -3.2%, MU -2.7%, LITE -2.7% (AI hardware, memory and optical names fall as renewed bubble concerns and a weak Korean AI listing pressure the trade)
– $CCK -4.3% (Q3 reaction turns negative as rising input costs offset strong beverage-can volume growth)
– $CRWV -3.9%, NBIS -4.4%, IREN -4.3% (debt-heavy AI-infrastructure names fall as borrowing-cost and funding concerns deepen)
– $GE -3.6% (Q3 beat and the outlook was raised, but shares slip in a high-expectations sell-the-news reaction)
– $BHP -3.0% (quarterly copper production fell 19% on lower grades, maintenance and operational disruptions)
– $AAPL -1.4% (Loop Capital downgrades to Hold from Buy and cuts its target on weaker iPhone shipment expectations)
Positions: None.
Let’s try this again. We had a tech issue turning this on yesterday, but it’s live now!
Welcome to our new Stock Market Today feature. It’s a live market blog that we’ll be using for more immediate and lighter-weight content than many of our normal articles.
We hope you enjoy. Please feel free to leave a comment below and also note that you can continue the discussion on each entry by clicking the “Discuss This” button in each post. It’s a neat little feature our dev team added.
-Jason
Source: TheStreet Pro
Positions: Long KO VS
Tomorrow is D-Day for Rescheduling news:
Position: None
