DAILY UPDATE: Inflation Calm but Stock Markets Down

MEDICAL EXECUTIVE-POST TODAY’S NEWSLETTER BRIEFING

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Quote: “It looks like the global battle against inflation has largely been won, even if price pressures persist in some countries. In most countries, inflation is now hovering close to central bank targets…The decline in inflation without a global recession is a major achievement.”—IMF (CNN Business)

CITE: https://www.r2library.com/Resource

STOCKS UP

  • Spirit Airlines is back from the dead, soaring 46.67% on a Wall Street Journal report that it may end up merging with Frontier Airlines after all. Frontier Airlines rose 0.76% on the news.
  • AT&T climbed 4.65% after it beat earnings expectations in the third quarter, though it missed on revenue.
  • Starbucks fell hard late yesterday but recovered a bit this afternoon after new CEO Brian Niccol said the coffee chain is suspending its 2025 fiscal outlook. Shares rose 0.86% today.
  • Stride Technology sprinted 39.11% higher after the education technology company absolutely crushed earnings expectations.

STOCKS DOWN

  • Coca-Cola fizzled 2.07% after beating both top and bottom line expectations. The problem is that the only reason the soda giant performed well was because it raised prices, while demand for soft drinks slowed.
  • Enphase Energy plummeted 14.92% after the solar stock missed on both earnings and revenue expectations last quarter.
  • Boeing is a very familiar name in the “What’s down” section, and its latest earnings report did nothing to help. The manufacturing giant notched a $6 billion loss last quarter, and shares fell 1.76%.

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Here’s where the major benchmarks ended:

  • The SPX fell 53.78 points (–0.92%) to 5,797.42; the Dow Jones Industrial Average® ($DJI) lost 409.94 points (–0.96%) to 42,514.95; and the NASDAQ Composite ($COMP) dropped 296.47 points (–1.60%) to 18,276.65.
  • The 10-year Treasury note yield gained four basis points to 4.24%. 
  • The CBOE Volatility Index® (VIX) jumped to 19.37.

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Visualize: How private equity tangled banks in a web of debt, from the Financial Times.

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