Trending Stocks, bonds and more
The stock market’s summer rally is in the rear-view mirror now.
Worries about rising bond yields and a strengthening dollar are dragging down stocks.
Meanwhile, investors are keeping watch on a possible government shutdown.
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Marketwatch:
Tesla (TSLA): Tesla stock edged higher.
Sirius XM (SIRI): Stock fellhttps://t.co/6tYeabA7je (AMZN): stock was down 3%
Chip stocks declined amid broader weakness https://t.co/ShdJlrYZOX (JD) Shares fell premarket
DraftKings (DKNG): shares rose 3%#Trending pic.twitter.com/j1NFWq5p3N— The_Journalbiz (@the_journalbiz) September 26, 2023
Factset chart
The yield on the 10-year U.S. Treasury note has been choppy. It settled Monday at a 16-year high above 4.5%, and it’s still above that level.
Tesla (TSLA): Tesla stock edged higher. Reports from the Financial Times and Bloomberg highlighted how the company could be swept up in a European Union probe of Chinese subsidies for electrical vehicle exports.
Sirius XM (SIRI): Majority shareholder Liberty Media proposed combining Sirius XM with the group of tracking stocks (LSXMA) that holds Liberty’s existing stake in the satellite radio company. Sirius stock fell, while Liberty’s Class A tracking stock gained.
Amazon.com (AMZN): The tech giant’s stock was down 3% in afternoon action. The Federal Trade Commission and 17 states on Tuesday sued the company, alleging that it illegally wields monopoly power that keeps prices artificially high and locks sellers into its platform.
Chip stocks including ASML (ASML) declined amid broader weakness in shares of big technology companies.
JD.com (JD), PDD (PDD): American depositary receipts in Chinese tech companies fell premarket, reflecting continued concerns about China’s economy and its ailing property market.
DraftKings (DKNG): JPMorgan analysts upgraded their rating on the sports-betting stock to “overweight” and assigned a $37-a-share price target for the end of 2024. DraftKings shares rose about 3%.
Coty (COTY): The cosmetic maker’s stock fell nearly 3% after it launched an offering of 33 million shares as part of a plan to seek a dual listing in Paris.
