STOCK MARKET NEWS: Dow jumps 500+ points, Hurricane Ian fuels storm stocks, Alzheimer drug success
Hurricane Ian has strengthened to a Category 4 ahead of Wednesday afternoon landfall. Royal Caribbean Group announces adjustments. FOX Business is providing real-time updates on the markets, commodities and all the most active stocks on the move.
Coverage for this event has ended.
U.S. stocks staged an impressive rally with the Dow Jones Industrial Average, Nasdaq Composite and S&P 500 gaining around 2% as all 11 of the major S&P groups rose led by energy and communication companies. The yield on the 10-year Treasury saw the biggest one day drop since March 2009 to 3.707%. In commodities, oil jumped 4.6% to $82.15 as Hurricane Ian made landfall in Florida.
StockCharts.com chief market strategist David Keller and Neuberger Berman managing director Daniel Flax provide insight on investing.
Hurricane Ian has made landfall as an extremely dangerous Category 4 hurricane near Cayo Costa, Florida with maximum sustained winds at 150 mph.
Central and northeast Florida will also feel impacts. The storm is expected to move across central Florida and exit Daytona Beach sometime Thursday, Florida Governor Ron DeSantis said.
BREAKING WEATHER NEWS | FOX WEATHER HOME OF AMERICA'S WEATHER TEAM
Boeing logo at their headquarters in Chicago, Ill., April 24, 2013 (Reuters/Jim Young)
| Symbol | Price | Change | %Change |
|---|---|---|---|
| BA | $132.97 | 5.46 | 4.28 |
Taiwan's China Airlines has finalized an order for 16 Boeing Co 787 Dreamliner jets, with an option for 8 more, the companies said on Wednesday, nearly a month after disclosing a provisional agreement.
The firm order for 16 jets is worth $4.6 billion at list prices, though discounts are normal in such orders.
China Airlines announced the 787 agreement last month, weeks after a visit to Taipei by U.S. House of Representatives Speaker Nancy Pelosi angered Beijing and stoked Sino-U.S. trade tensions.
The airline now has 22 Boeing jets on order, including six 777 freighters, the companies said.
| Symbol | Price | Change | %Change |
|---|---|---|---|
| THO | $74.23 | 2.48 | 3.46 |
Thor Industries Inc. (THO) on Wednesday reported fiscal fourth-quarter earnings of $280.9 million.
The Elkhart, Indiana-based company said it had profit of $5.15 per share.
The results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $4.13 per share.
The recreational vehicle maker posted revenue of $3.82 billion in the period, which also topped Street forecasts. Four analysts surveyed by Zacks expected $3.77 billion.
For the year, the company reported profit of $1.14 billion, or $20.59 per share. Revenue was reported as $16.31 billion.
| Symbol | Price | Change | %Change |
|---|---|---|---|
| DOCU | $54.95 | 2.32 | 4.41 |
DocuSign plans to cut 9% of its workforce through a restructuring plan that will cost $30 to $40 million, the electronic document management company said in a regulatory filing.
The outlay consists primarily of cash expenditures for employee transition, notice period and severance payments, employee benefits, and related costs as well as non-cash expenses related to vesting of share-based awards.
The company expects to take a majority of the restructuring charges in the third and fourth quarter of fiscal 2023, with the restructuring substantially complete by the end of fiscal 2023.
Potential position eliminations in each country are subject to local law and consultation requirements, which may extend this process beyond fiscal 2023 in certain countries.
An estimated 6.5 million Americans age 65 and older are living with Alzheimer's and a new drug may be the first of its kind to slow the disease's progression.
Mortgage rates are headed towards 7% of more. National Association of Realtors (NAR) Chief Economist Lawrence Yun said he expects the economy will remain sluggish throughout the remainder of this year, with mortgage rates rising to close to 7% in the coming months.
Yun’s view is in line with Bank of America, whose strategists said the average interest rate on the most popular U.S. home loan could soon climb above 7%, hitting the highest level since the early 2000s.Pending home sales sagged for the third straight month in August, according to the NAR.
Its Pending Home Sales Index fell 2.0% to 88.4 in August. Year-over-year, pending transactions dwindled by 24.2%. An index of 100 is equal to the level of contract activity in 2001.
Rapidly rising mortgage rates are taking a toll on demand for mortgage and refinancing.
iPhone 14, iPhone 14 Pro and iPhone 14 Pro Max at the Apple Fifth Avenue store, in Manhattan, New York City, September 16, 2022. (Reuters/Andrew Kelly)
Apple Inc is dropping plans to increase production of its new iPhones this year after an anticipated surge in demand failed to materialize, Bloomberg News reported on Tuesday, citing people familiar with the matter.
The company told suppliers to curtail efforts to increase assembly of its flagship iPhone 14 product family by as many as 6 million units in the second half of this year, Bloomberg reported.
Instead, the Cupertino, California-headquartered company will aim to produce 90 million handsets for the period, nearly the same number as a year ago and in line with Apple's original forecast this summer, the report said.
Apple did not immediately respond to a Reuters request for comment.
U.S. stocks opened mixed but remained stable as the 10-year Treasury yield topped 4% before pulling back. Also helping sentiment, the Bank of England moved to halt the slide in the British pound. In commodities, oil inched higher to the $78 per barrel level.
| Symbol | Price | Change | %Change |
|---|---|---|---|
| I:DJI | $29,177.57 | 42.58 | 0.15 |
| SP500 | $3,651.32 | 4.03 | 0.11 |
| I:COMP | $10,810.30 | -19.21 | -0.18 |
| Symbol | Price | Change | %Change |
|---|---|---|---|
| LGF.A | $8.35 | 0.20 | 2.45 |
| LGF.B | $7.92 | 0.17 | 2.26 |
Lions Gate Entertainment says it “remains on a path” to separating its STARZ unit from its studio businesses “despite a volatile market environment,” according to a regulatory filing.
"As negotiations progress, we have increased our focus on the possibility of spinning our studio business, creating a number of financial and strategic benefits. In that regard, we are continuing productive negotiations with prospective strategic and financial partners on both sides of our business,” Lions Gate said.
The entertainment company also said its STARZ’S premium international streaming service, STARZPLAY, will rebrand as LIONSGATE+ in 35 countries, coinciding with a new brand look with graphics package, rolling out globally on Thursday.
STARZ established itself as one of the first U.S. linear channels to enter the global market upon launching its global SVOD service, now LIONSGATE+, in 2018.
Tourists in central London, Britain, September 27, 2022. (Reuters/Hannah McKay)
The Bank of England is temporarily buying back long-dated UK government bonds to restore orderly market conditions in the UK.
“The purchases will be carried out on whatever scale is necessary to effect this outcome,” England’s central bank said.
These purchases will be strictly time limited. They are intended to tackle a specific problem in the long-dated government bond market. Auctions will take place from today until 14 October. The purchases will be unwound in a smooth and orderly fashion once risks to market functioning are judged to have subsided.
The yield on 30-year U.K. government bond yields rose Wednesday above 5% for the first time since 2002, but fell more than 50 basis points following the announcement, Reuters reported.
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