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Wall Street collapsed in September.
Dreamtime
Stock futures fell on Monday as Wall Street entered the final week of September, a month so far that has seen the S&P 500 fall 4.2% and the Nasdaq Composite 5.9%. Investors will be watching U.S. inflation data at the end of the week and negotiations in Congress to avoid a government shutdown.
These stocks faced changes on Monday:
Striking writers reached a tentative agreement with Hollywood studios that would end a strike that had lasted nearly five months. The Writers Guild of America announced the three-year deal in a statement: “We can say with great pride that this deal is exceptional – with significant gains and protections for writers across all areas of membership.” Media stocks rose in premarket trading. Paramount Global (PARA) rose 2.5%, Warner Bros. Discovery (WBD) rose 2.2%, Netflix (NFLX) rose 0.9%, Walt Disney (DIS) rose 0.7% and Amazon.com (AMZN) rose 1%.
Amazon, meanwhile, will invest up to $4 billion in artificial intelligence company Anthropic. Amazon will take a minority stake in Anthropic. Amazon’s cloud customers will gain early access to Anthropic’s technology through Amazon Bedrock, the company’s enterprise AI platform, and Amazon Web Services will become Anthropic’s primary cloud provider.
HP Inc. (HPQ) fell 2.5% to $26.09 in premarket trading after Warren Buffett’s Berkshire Hathaway (BRK.B) said in filings that the company raised $4.8 million in recent days had sold shares in the PC and printer manufacturer worth around $130 million.
CarMax (KMX) rose 2.3% to $78.44 after upgrading shares of the used car seller from Neutral to Outperform at Wedbush and raising its price target to $90 from $85.
Dow (DOW) rose 1.6% in premarket trading after the chemical giant was upgraded to overweight from neutral at JP Morgan.
Nike (NKE) fell 1.3% to $89.66 after Jefferies downgraded the sportswear maker’s shares to “hold” from “buy” and cut its price target to $100 from $140. Nike is expected to report its quarterly results later this week. Jefferies also downgraded Foot Locker (FL) to “Hold” from “Buy” and Urban Outfitters (URBN) to “Hold” from “Buy.” Foot Locker fell 2.7% and Urban Outfitters fell 2.3%.
Instacart (CART) fell 0.5% to $29.85 in premarket trading. Shares of the food delivery app, formally known as Maplebear, debuted on Wolfe Research on Monday with a peer perform rating and a fair value range of $24 to $42 per share. Analysts at BTIG initiated coverage of Instacart with a neutral rating on Friday. The stock went public last Tuesday at $30 per share and opened trading at $42. But Instacart shares have fallen since their strong trading debut.
Thor Industries (THO), the recreational vehicle maker, is expected to report quarterly results after the closing bell on Monday. Reports are expected later in the week from Costco Wholesale (CSCO), Micron Technology (MU), Carnival (CCL), Paychex (PAYX), Jefferies Financial (JEF), Accenture (ACN), Jabil (JBL), CarMax (KMX). . , and BlackBerry (BB).
Write to Joe Woelfel at [email protected]