La vendita allo scoperto per SPDR Select Sector Fund - Consumer Discretionary dà agli investitori un'idea del grado in cui gli investitori stanno scommettendo sul declino delle azioni di SPDR Select Sector Fund - Consumer Discretionary. I dati relativi alle vendite allo scoperto vengono aggiornati ogni due settimane.

SPDR Select Sector Fund - Consumer Discretionary (ARCA:XLY), Report sulle vendite allo scoperto

SPDR Select Sector Fund - Consumer Discretionary

Consumer Cyclical

Technology

Healthcare

Financial Services

Other

Communication Services

Real Estate

Energy

Industrials

Consumer Defensive

Utilities

Basic Materials

The fund employs a replication strategy. It generally invests substantially all, but at least 95%, of its total assets in the securities comprising the index. The index includes securities of companies from the following industries: retail; hotels, restaurants and leisure; textiles, apparel and luxury goods; household durables; automobiles; auto components; distributors; leisure products; and diversified consumer services. It is non-diversified.

Amazon.Com Inc

Tesla, Inc.

Home Depot Inc/The

Mcdonald'S Corp

Lowe'S Cos.Inc.

Tjx Cos., Inc.

Booking Holdings, Inc.

Nike Inc

Starbucks Corp

Chipotle Mexican Grill Inc. Class A

The Consumer Discretionary Select Sector SPDR Fund

INVESCO CONS DISC S&P US SECTOR  ETF

SPDR FUND CONSUMER DISCRE SELECT ETF

Both the S&amp;P 500 and the Dow Jones Industrial Average extended their record highs on Monday, reflecting continued bullish sentiment as investors anticipate key <a href="https://www.benzinga.com/earnings">corporate earnings reports </a>later this week.
The S&amp;P 500 surged past 5,850 points during midday trading in New York, while the Dow Jones broke above the 43,000 mark for the first time. Wall Street celebrated the two-year anniversary of <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41314387/most-widely-hated-bull-market-reaches-2-year-milestone-top-20-s-p-500-stocks-drivin">the bull market&#8217;s start.</a>
However, the Nasdaq 100 is still lagging. It gained 0.7% on the day but remains about 1% below its all-time high set on July 10.
Small-cap stocks also advanced, with the Russell 2000 climbing 0.6%. Among sectors, utilities and technology led the gains, while semiconductors and homebuilders were the top-performing industries.
Despite no major economic data releases, U.S. Treasury yields edged higher, with the 10-year yield reaching 4.13%, its highest level since late July. The U.S. dollar also rose by 0.3%.
Commodities were the weakest asset class, weighed down by uncertainty over China&#8217;s stimulus measures. Gold, silver, and copper fell 0.4%, 1.2%, and 2%, respectively. Crude oil prices dropped 2.3% as OPEC&#8217;s weakening demand outlook dampened sentiment.
Chinese equities, tracked by the iShares MSCI China ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCHI#NYSE">MCHI</a>), declined 1.1%.
In the crypto space, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) stood out as the best performer, rallying 4.5% to surpass $65,000. Other cryptocurrencies and crypto-linked stocks followed its lead.
<h3 class="wp-block-heading">Monday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,857.62</td>
<td>0.7%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>20,409.65</td>
<td>0.7%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,245.80</td>
<td>0.6%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>43,027.29</td>
<td>0.4%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:30 p.m. ET</figcaption></figure>
According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent101124&amp;t=be2bearmibe3na1">Benzinga Pro</a> data: 
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;rose 0.7% to $583.72.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;rose 0.4% to $430.59.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rallied 0.8% to $497.15.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rose 0.6% to $222.52.</li>
<li>The Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) outperformed, up 1.2%. The Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XKE#NYSE">XKE</a>) lagged, down 0.3%.</li>
</ul>
<h3 class="wp-block-heading">Monday&#8217;s Stock Movers</h3>
<ul>
<li>Vistra Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VST#NYSE">VST</a>) surged more than 5% after BNP Paribas initiated coverage with an Outperform rating and a $231 price target.</li>
<li>Wells Fargo &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>) rallied 3.7%, after soaring 5.6% Friday, after Bank of America Securities raised the price target on the stock from $70 to $75. </li>
<li>SoFi Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOFI#NASDAQ">SOFI</a>) soared over 9% following the announcement of a major agreement with Fortress Investment Group LLC for its loan-platform business.</li>
<li>Upstart Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UPST#NASDAQ">UPST</a>) jumped over 4% after Wedbush upgraded the stock to Neutral, boosting its price target from $10 to $45.</li>
<li>Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>), CleanSpark Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CLSK#NASDAQ">CLSK</a>) and MARA Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MARA#NASDAQ">MARA</a>) rallied 7.7%, 7.3% and 5.4%, respectively, on the heels of Bitcoin&#8217;s rally. </li>
</ul>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/24/10/41302909/18-stocks-to-buy-7-to-sell-this-earnings-season-goldman-sachs-calls-it-the-year-of-the-stock-picker">18 Stocks To Buy, 7 To Sell This Earnings Season: Goldman Sachs Calls It &#8216;The Year Of The Stock Picker&#8217;</a></li>
</ul>
Image created using artificial intelligence via Midjourney.

Analyst Color

Equities

Large Cap

Macro Economic Events

Mid Cap

Broad U.S. Equity ETFs

Small Cap

Economics

Tech

ETFs

$BTC

CLSK

COIN

SPDR Dow Jones Industrial Average ETF Trust

MARA

MCHI

SOFI

UPST

Select Sector SPDR-Consumer Discretionary

S&P 500 Extends Record Highs, Dow Breaks 43,000 Ahead Of Pivotal Earnings Week, Bitcoin's Rally Lifts Crypto Stocks: What's Driving Markets Monday?

Friday's trading session saw another robust rally on Wall Street, with the S&amp;P 500 and Dow Jones Industrial Average both reaching new record highs, fueled by better-than-expected third-quarter earnings <a href="https://www.benzinga.com/news/earnings/24/10/41293190/us-banks-top-q3-earnings-estimates-jpmorgan-delivers-robust-beat-financial-sector-stocks-hit-record">from major U.S. banks.</a>
The S&amp;P 500 surged past 5,800 points, while the Dow Jones Industrial Average climbed above 42,800.
Leading the charge were top U.S. financial institutions, which kicked off the earnings season with strong results. JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>), Wells Fargo &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>), Bank of New York Mellon Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BK#NYSE">BK</a>), and BlackRock Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>) all beat analysts&#8217; earnings expectations. The upbeat results from these banking giants triggered a rally in financial stocks, pushing the sector to an all-time high. 
Furthermore, gains spilled over to regional banks and the broader small-cap universe, as the SPDR S&amp;P Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>) and the Russell 2000 rallied 2.7% and 1.7%, respectively. 
Meanwhile, Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) plunged by 8%, on track for its worst session in more than a month, with analysts expecting further declines after the lack of clear business plans for robotaxis and no updates on the lower-cost production vehicle, following the highly anticipated Robotaxi <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41295072/tesla-robotaxi-day-event-more-fanfare-than-substance-8-analysts-on-cybercab-optimus">Day on Thursday.</a>
On the macroeconomic front, inflation remains in focus. Following Thursday&#8217;s hotter-than-expected Consumer Price Index (CPI) report, Friday's Producer Price Index (PPI) data also came in above forecasts, indicating a setback <a href="https://www.benzinga.com/economics/macro-economic-events/24/10/41290382/producer-inflation-rises-more-than-expected-in-september-as-food-transportation-c">in the disinflationary narrative.</a>
Despite the inflation uptick, market expectations for a Federal Reserve rate cut in November remained largely unchanged. According to CME's FedWatch tool, there is still an 85% probability of a 25-basis-point rate cut next month.
In the commodities space, oil prices steadied after surging 3.5% on Thursday, amid a lack of relevant news from the Middle East front. Gold advanced 1.2%, while silver gained 1.4%.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) also posted notable gains, rising over 3% in response to the strong earnings report from BlackRock, which showed higher-than-expected fund inflows. Investors appear optimistic about continued institutional interest in cryptocurrencies.
<h1 class="wp-block-heading">Friday&#8217;s Performance In Major U.S. Indices, ETFs</h1>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,223.00</td>
<td>1.7%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>42,727.13</td>
<td>0.6%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,807.71</td>
<td>0.5%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>20,259.87</td>
<td>0.1 %</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:35 p.m. ET</figcaption></figure>
According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent101124&amp;t=be2bearmibe3na1">Benzinga Pro</a> data: 
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;rose 0.4% to $578.52.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;rose 0.6% to $427.37.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) held steady at $492.55.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rose 1.6% to $220.38.</li>
<li>The Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) outperformed, up 1.9%. The Consumer Discretionary Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) lagged, down 0.4%.</li>
</ul>
<h1 class="wp-block-heading">Friday&#8217;s Stock Movers</h1>
<ul>
<li>Uber Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NASDAQ">UBER</a>) rose 9.1% in reaction to the dismal Robotaxi event. </li>
<li>Shares of JPMorgan Chase &amp; Co. rose 4.8% in reaction to upbeat quarterly earnings. </li>
<li>Other banks reacting to earnings reports were Wells Fargo &amp; Co., up 6.1%, BlackRock Inc., up 2.4%, and Bank of New York Mellon, down 1.8%. </li>
<li>Fastenal Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FAST#NASDAQ">FAST</a>) rallied 9.1% after reporting stronger-than-expected earnings. </li>
<li>Shares of Affirm Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AFRM#NASDAQ">AFRM</a>) rallied over 10% after Wells Fargo upgraded the stock from Equal Weight to Overweight.</li>
</ul>
Read Now:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41295766/kinder-morgans-core-business-is-robust-now-bofa-upgrades-stock">Kinder Morgan&#8217;s &#8216;Core Business Is Robust Now,&#8217; BofA Upgrades Stock</a></li>
</ul>
Photo: Shutterstock

Econ #s

Markets

AFRM

FAST

TSLA

UBER

XLRE

Wall Street Marks New Highs As Bank Stocks Rally, Tesla Tumbles As Robotaxi Disappoints: What's Driving Markets Friday?

A hotter-than-expected September Consumer Price Index inflation report, combined with a surprising spike in weekly jobless claims, weighed on major stock indices in early New York trading Thursday, while sparking diverging performances <a href="https://www.benzinga.com/markets">among sectors</a>.
Technology and consumer discretionary stocks led the declines, while utilities outperformed, with the latter rebounding from significant losses earlier in the week.
<h3 class="wp-block-heading">Inflation Tops Estimates, Claims Likely Affected By Hurricane Helene</h3>
The annual headline inflation rate dipped slightly from 2.5% in August to 2.4% in September, but came in <a href="https://www.benzinga.com/economics/macro-economic-events/24/10/41270761/september-inflation-hotter-than-expected-jobless-claims-spike-the-most-in-over-a-">above economist forecasts of 2.3%</a>.
Despite this marking the sixth consecutive decline in annual inflation, core inflation — which excludes volatile food and energy — rose unexpectedly from 3.2% to 3.3%, marking its first increase since March 2023.
Monthly inflation readings also came in slightly above expectations for both headline and core metrics, though they showed no acceleration from August's growth pace.
With the Federal Reserve&#8217;s heightened focus on labor market dynamics, markets closely watched the latest jobless claims report, which revealed a surprising jump to 254,000, the highest since July 2023. 
Some experts, like Bill Adams, chief economist at Comerica Bank, attributed the spike to temporary disruptions caused by Hurricane Helene and said he anticipates similar effects from Hurricane Milton in the coming weeks.
Overall, the two key data releases pushed the S&amp;P 500 down from record highs reached the previous day while boosting expectations for a 25-basis-point rate cut in November. Notably, market-implied odds of a November rate cut inched up from 76% to 86% after the reports.
<h3 class="wp-block-heading">Thursday&#8217;s Sector Movers</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
<tr>
<th>Sector</th>
<th>1-day % Chg</th>
</tr>
</thead>
<tbody>
<tr>
<td>Utilities</td>
<td>0.81%</td>
</tr>
<tr>
<td>Energy</td>
<td>0.46%</td>
</tr>
<tr>
<td>Real Estate</td>
<td>0.17%</td>
</tr>
<tr>
<td>Cons. Staples</td>
<td>0.02%</td>
</tr>
<tr>
<td>Financials</td>
<td>0.01%</td>
</tr>
<tr>
<td>Materials</td>
<td>0.01%</td>
</tr>
<tr>
<td>Health Care</td>
<td>-0.04%</td>
</tr>
<tr>
<td>Communications</td>
<td>-0.28%</td>
</tr>
<tr>
<td>Industrials</td>
<td>-0.59%</td>
</tr>
<tr>
<td>Cons. Discretionary</td>
<td>-0.61%</td>
</tr>
<tr>
<td>Technology</td>
<td>-0.77%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 9:55 a.m. ET</figcaption></figure>
<h3 class="wp-block-heading">Thursday&#8217;s Stock Movers</h3>
Stocks leading gains within the Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) included NextEra Energy, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEE#NYSE">NEE</a>), Duke Energy Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DUK#NYSE">DUK</a>) and Eversource Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ES#NYSE">ES</a>), up 2.5%, 1.5% and 1.4% respectively. 
Dragging down the tech sector, tracked by the Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>), were First Solar, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FSLR#NASDAQ">FSLR</a>), down 6.3%, Super Micro Computer, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>), down 4.6%, and Enphase Energy, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ENPH#NASDAQ">ENPH</a>), down 3.3%. 
Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), Ross Stores Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ROST#NASDAQ">ROST</a>) and Lululemon Athletica Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LULU#NASDAQ">LULU</a>) were the worst performers within the Consumer Discretionary&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>), down 2.8%, 1.7% and 1.5%, respectively. 
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/10/41255250/banks-gear-up-for-earnings-season-15-top-stock-picks-including-citigroup-morgan-stanley-and-truist">Banks Gear Up For Earnings Season: 15 Top Stock Picks Including Citigroup, Morgan Stanley, And Truist</a></li>
</ul>
Photo via Shutterstock.

Sector ETFs

Federal Reserve

Movers

ENPH

FSLR

LULU

ROST

SMCI

Tech, Consumer Discretionary Stocks Fall, Utilities Sector Outperforms On Surprisingly High Inflation, Jobless Claims Data

Nike (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nke#NYSE">NKE</a>) just announced that its current CEO has retired, and it&#39;s bringing in a long-time employee to take the helm. Elliott Hill will become Nike&#39;s CEO on Oct. 14. He hopes to be the new face the company needs to turn its fortunes around.
I&#39;ll detail Nike&#39;s history with lame-duck CEO John Donahoe and whether Hill is truly the spark needed to reignite the ailing consumer discretionary company.
<h2>How Donahoe Led Nike Astray</h2>
Since Donahoe took over as CEO of Nike in Jan. 2020, the company&#39;s performance has been disappointing, to say the least. Shares are down 14% over that time, greatly underperforming their sector. The Consumer Discretionary Select Sector SPDR Fund (ARCA: XLY) has managed to rise by 57%. Revenue has increased slowly over that period, rising a total of just 20% in just under four years.
The first few months of Donahoe&#39;s tenure may have tainted his overall strategy for the company. He entered the head role just two months before the beginning of COVID-19 lockdowns in the United States. In the following quarters, Nike&#39;s direct-to-consumer revenue stream saw massive growth. Donahoe believed this trend would continue and aimed to shift more of the company&#39;s revenue toward this business.
On the surface, it doesn&#39;t seem like a bad idea. Direct-to-consumer sales usually have higher margins, and companies cut out the middleman wholesalers, letting them keep more profit. However, it somewhat discounts the fact that going to the store and trying on a pair of shoes is a key element of the purchasing process for many.
But, more importantly, it also left brick-and-mortar stores with a dearth of inventory now that Nike was sending less supply. Notably, the percentage of Foot Locker&#39;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/fl#NYSE">FL</a>) inventory spending on Nike dropped from 75% in 2020 to 55% by the end of 2022. This opened the door for competitors to gain customer exposure, as Foot Locker needed inventory from different sources.
Previously unknown brands like On (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/onon#NYSE">ONON</a>) and Hoka were able to take advantage of this. In 2023, On received 63% of its revenue from wholesale sources and has seen its stock price rise over 50% in the past three years. Nike failed to realize how its overwhelming presence in retail stores kept new competitors from becoming well-known. The same was true for online wholesalers. Nike completely cut ties with e-commerce vendors like Zappos, causing them to need other inventory.
Another big criticism of the firm was Nike&#39;s push to sell through mobile apps. They wanted to innovate how they exposed customers to their products, but they weren&#39;t innovating the products themselves. They relied too much on very successful products and styles. They stopped pushing to create the next blockbuster shoe.
<h2>History Shows Hill Can Bring Nike Back to Its Roots and Stock Market Success</h2>
Elliott Hill began his career as an intern at Nike in 1988, just before the company had started cementing itself as the must-own shoe brand worldwide. Before its release, he watched the company&#39;s first &quot;Just Do It&quot; ad in a theater with other employees. Hill has a marketing background. He eventually worked his way up the company to oversee all commercial and marketing operations for Nike and its Jordan brand. He retired in 2020.
In the eyes of many, this is exactly what Nike needs right now. Nike has begun to move back toward relationships with wholesalers. Hill should help speed up this process. He likely worked directly with wholesale partners in his previous role. Also, after 30 years at the company, he saw all the successes and failures in product innovation and marketing that made Nike the top name in footwear.
The CEO before Donahoe was Matt Parker, a former sneaker designer. Under his reign, starting in 2006, Nike&#39;s stock provided a total return of 1,047% until Donahoe took over. That&#39;s over four times the total return of the S&amp;P 500 over that period. Donahoe, on the other hand, joined Nike after leading a cloud computing company.
<h2>Nike&#39;s Future: What to Watch For</h2>
Clearly, Nike performs better when its leader is steeped in product knowledge. Donahoe&#39;s hiring is a welcome return to that idea and has a great chance to change the market&#39;s tune on Nike. Still, it&#39;s important to hear the details of Elliot&#39;s plan before rushing back into the stock. Nike will likely provide more clarity around that at its Investor Day on Nov. 19.
The article &quot;<a href="https://www.marketbeat.com/originals/nikes-new-ceo-could-return-the-company-to-stock-market-glory/">Nike&#39;s New CEO Could Return the Company to Stock Market Glory</a>&quot; first appeared on MarketBeat.

News

Events

Trading Ideas

ONON

Nike's New CEO Could Return the Company to Stock Market Glory

Wall Street inched higher on Tuesday, with the Nasdaq 100 outperforming other major indices, while cyclical sectors linked to metals and industrial commodities saw strong gains, fueled by a surprise stimulus package <a href="https://www.benzinga.com/markets/asia/24/09/41003814/chinese-stocks-jump-as-central-bank-unveils-major-stimulus-to-spur-economy-a-step-in-the-right-direc">from China&#8217;s central bank.</a>
The People&#8217;s Bank of China (PBOC) unveiled a series of aggressive measures, including cuts to the reserve requirement ratio (RRR) for banks and a reduction in the seven-day repo rate, following a recent cut to the 14-day reverse repo rate. These moves are expected to inject roughly $140 billion (1 trillion yuan) into the banking system, providing banks with additional liquidity to boost lending.
Chinese equities skyrocketed on the news, with the iShares China Large-Cap ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXI#NYSE">FXI</a>) soaring over 8%, marking its largest single-day gain since March 2022. 
Commodities followed suit with copper and silver climbing more than 3% each, while gold rose 0.7%, hitting record highs for the fourth consecutive session.
The Nasdaq 100 posted a 0.5% gain, leading U.S. indices, while the S&amp;P 500 remained nearly flat, hovering just shy of its all-time highs. 
The U.S. dollar weakened by 0.4% following a lower-than-expected September consumer confidence report from the Conference Board. This data has bolstered expectations for a potential 50-basis-point rate cut by the Federal Reserve in November.
Treasury yields fell on short-term maturities, while longer-dated yields held steady. Oil prices climbed 1.2%, though concerns about U.S. demand lingered due to the disappointing consumer confidence figures.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) slipped 0.2% failing to join the China-led rally across other risk assets.
<h1 class="wp-block-heading">Tuesday&#8217;s Performance In Major US Indices, ETFs</h1>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>19,958.91</td>
<td>0.5%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,726.37</td>
<td>0.1 %</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,218.10</td>
<td>0.0%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>42,081.24</td>
<td>-0.1%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:30 p.m. ET</figcaption></figure>
According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent092424&amp;t=be2bearmibe3na1">Benzinga Pro</a> data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;rose 0.1% to $570.49.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;flattened at $420.90.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose 0.6% to $485.85.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) stalled at $220.69.</li>
<li>The Materials Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>) outperformed, up 1.2%. The Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) lagged, down 1.2%.</li>
</ul>
<h1 class="wp-block-heading">Tuesday&#8217;s Stock Movers</h1>
<ul>
<li>Chinese stocks rallying Tuesday included Tencent Music Entertainment Group &#8211; ADR (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TME#NYSE">TME</a>) up 14%, JD.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JD#NASDAQ">JD</a>) up over 10%, PDD Holdings Inc &#8211; ADR (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PDD#NASDAQ">PDD</a>) up 10%, XPeng Inc &#8211; ADR (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>) up 9%, NIO Inc &#8211; ADR (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) up 8.7% and Li Auto Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>) up 9%.</li>
<li>NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) rallied nearly 4% amid rising growth prospect in China.</li>
<li>Materials stocks showing the largest gains were MP Materials Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MP#NYSE">MP</a>) up 10%, Freeport McMoRan Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>) up 7.5%, Alcoa Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AA#NYSE">AA</a>) up 7.6%, and Southern Copper Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCCO#NYSE">SCCO</a>), up 7.3%.</li>
</ul>
Read Next:
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<li><a href="https://www.benzinga.com/markets/asia/24/09/41007724/gold-breaks-records-on-chinas-policy-stimulus-mining-metal-stocks-exhibit-strongest-1-day-rally-in-2">Gold Breaks Records On China&#8217;s Policy Stimulus: Mining, Metal Stocks Exhibit Strongest 1-Day Rally In 2024</a></li>
</ul>
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Tech Stocks Rise, Materials Sector Rallies On China's Stimulus, Nvidia Surges: What's Driving Markets Tuesday?

Wall Street kicked off the week on a cautious note, with major indexes trading relatively flat as investors seek more clarity on the economic and political landscape.
A widely followed private sector survey by S&amp;P Global revealed that output growth slightly exceeded expectations in September, buoyed by stronger services activity. However, the report also signaled a reawakening of inflationary pressures, raising concerns about <a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/24/09/40965082/feds-historic-dissenter-bowman-says-smaller-interest-rate-cut-was-justified-we-have-no">future monetary policy moves.</a>
The latest betting-implied odds from Polymarket show Kamala Harris at 51% to win the 2024 U.S. presidential election, surpassing former President Donald Trump, who has seen his consensus slips in recent weeks.
Among major assets, gold continues its upward momentum, setting new all-time highs as investors flock to safe-haven assets amid global uncertainty.
Meanwhile, natural gas prices spiked over 4%, hitting a three-month high early Monday. The rise follows the formation of another storm in the Gulf of Mexico, which threatens to further disrupt supply chains already impacted by Hurricane Francine.
The geopolitical situation in the Middle East remains tense, with Israel targeting new Hezbollah sites in Lebanon and the U.S. sending additional military troops to the region amid rising conflict. 
Despite the turmoil, oil prices fell by 2%, suggesting that supply fears may be easing for the moment. 
In the cryptocurrency space, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) eased by 0.5%, showing little movement.
<h1 class="wp-block-heading">Monday&#8217;s Performance In Major U.S. Indices, ETFs</h1>
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>19,816.41</td>
<td>0.1 %</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,707.19</td>
<td>0.1 %</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>42,002.30</td>
<td>-0.1%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,213.90</td>
<td>-0.6%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:45 p.m. ET</figcaption></figure>
According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent092324&amp;t=be2bearmibe3na1">Benzinga Pro</a> data: 
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;was flat at $568.42.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;edged 0.1% lower to $420.26.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) flattened at $482.36.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) fell 0.5% to $220.36.</li>
<li>The Consumer Discretionary Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) outperformed, up 0.6%. The Health Care Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>) lagged, down 0.6%.</li>
</ul>
<h3 class="wp-block-heading">Monday&#8217;s Stock Movers</h3>
<ul>
<li>Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) rallied 4%, while General Motors Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) fell 2.7% reacting to the latest export ban proposal from the U.S. administration <a href="https://www.benzinga.com/markets/asia/24/09/40981254/chinese-vehicle-tech-faces-biden-administration-ban-over-national-security-concerns-china-ev-stocks">on Chinese-made vehicles. </a></li>
<li>Intel Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) rose over 3% amid rumors that Qualcomm Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>) is <a href="https://www.benzinga.com/m-a/24/09/40983591/qualcomm-takeover-of-intel-is-logically-unlikely-in-face-of-regulatory-challenges-analyst-says">exploring a potential takeove</a>r. Shares of Qualcomm fell 2%.</li>
<li>Ciena Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CIEN#NYSE">CIEN</a>) obtained a double upgrade from Sell to Buy by Citigroup. </li>
<li>Viking Therapeutics Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VKTX#NASDAQ">VKTX</a>) fell over 6% amid negative weight-loss study data.</li>
</ul>
Read Now:
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<li><a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/24/09/40965082/feds-historic-dissenter-bowman-says-smaller-interest-rate-cut-was-justified-we-have-no">Fed&#8217;s Historic Dissenter Bowman Says Smaller Interest Rate Cut Was Justified: &#8216;We Have Not Yet Achieved Our Inflation Goal&#8217;</a></li>
</ul>
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US Stocks Stall, Gold Updates Record Highs, Tesla Rallies: What's Driving Markets Monday?

Amazon.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) has raised the <a href="https://www.benzinga.com/markets/equities/24/09/40912814/amazon-told-its-staff-they-must-come-to-office-five-days-a-week-but-its-primary-healthcare-subsi">pay for hourly workers</a> at its U.S. fulfillment centers and transportation operations, the retail giant announced on Wednesday.
&#8220;Earlier today,&nbsp;I visited one of our sites near Salt Lake City to share some news with our teammates there—that we're making a significant new investment in pay and benefits for the hourly front-line employees across our fulfillment and transportation network,&#8221; Udit Madan, vice president of Amazon Worldwide Operations, wrote in the company&#8217;s newsletter.
He said Amazon&#8217;s front-line team will receive an hourly pay raise of $1.50 starting this month to bring the average base wage to $22 per hour. This will bring average total compensation, which includes benefits, to $29 per hour, he said.
&#8220;This is an increase of $3,000 a year on average for full-time employees who work a 40-hour week,&#8221; he wrote.
Read Also: <a href="https://www.benzinga.com/news/large-cap/24/09/40904271/whats-going-on-with-amazon-stock">What&#8217;s Going On With Amazon Stock?</a>
&#8220;And as one of the largest private employers in the country (we now have more than 800,000 people in these roles across the U.S.), this pay increase equals a total investment of more than $2.2 billion in our team.&#8221;
Amazon&#8217;s benefits include pre-paid college tuition, flexible working hours, a Prime membership, health insurance from the first day on the job and dental coverage.
&#8220;As I told the team this morning, this is just one way to say thank you for all they do,&#8221; Madan wrote.
Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), Microsoft Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NYSE">MSFT</a>) and Google, which is owned by Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) offer <a href="https://www.benzinga.com/news/23/06/32679188/silicon-valleys-salary-showdown-unveiling-how-much-top-talent-at-apple-microsoft-and-google-get-paid-1">six-figure salaries</a> for managers and engineers.
Just over a year ago, the United Parcel Service, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UPS#NYSE">UPS</a>) and the Teamsters Union ratified a <a href="https://www.benzinga.com/news/large-cap/23/08/33995076/ups-and-teamsters-seal-the-deal-ensures-170-000-per-year-for-drivers-the-next-5-years">five-year contract</a> that ensures $170,000 per year for drivers over the next five years.
Price Action: Amazon gained 0.1% to $187.11 at the time of publication Wednesday.
Exchange-traded funds that hold the stock also trended upward.
<ul>
<li>ProShares Online Retail ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ONLN#NYSE">ONLN</a>) gained 1.32%.</li>
<li>Fidelity MSCI Consumer Discretionary Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FDIS#NYSE">FDIS</a>) rose 0.72%.</li>
<li>Vanguard Consumer Discretionary ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VCR#NYSE">VCR</a>) went up 0.81%.</li>
<li>Consumer Discretionary Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) gained 0.67%.</li>
<li>ProShares Long Online/Short Stores ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLIX#NYSE">CLIX</a>) ticked up 0.68%.</li>
</ul>
Read Next:
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<li><a href="https://www.benzinga.com/top-stories/24/09/40887347/amazon-to-cut-management-layers-end-work-from-home">Amazon To Cut Management Layers, End Work From Home</a></li>
</ul>
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Amazon Joins UPS In Raising Hourly Pay As Worker Compensation Trends Upward

Launched on 10/21/2013, the Fidelity MSCI Consumer Discretionary Index ETF (ARCA:FDIS) is a passively managed exchange traded fund designed to provide a broad exposure to the Consumer Discretionary - Broad segment of the equity market.
An increasingly popular option among retail and institutional investors, passively managed ETFs offer low costs, transparency, flexibility, and tax efficiency; they are also excellent vehicles for long term investors.
Additionally, sector ETFs offer convenient ways to gain low risk and diversified exposure to a broad group of companies in particular sectors. Consumer Discretionary - Broad is one of the 16 broad Zacks sectors within the Zacks Industry classification. It is currently ranked 11, placing it in bottom 31%.
<h2>Index Details</h2>
The fund is sponsored by Fidelity. It has amassed assets over $1.70 billion, making it one of the largest ETFs attempting to match the performance of the Consumer Discretionary - Broad segment of the equity market. FDIS seeks to match the performance of the MSCI USA IMI Consumer Discretionary Index before fees and expenses.
The MSCI USA IMI Consumer Discretionary Index represents the performance of the consumer discretionary sector in the U.S. equity market.
<h2>Costs</h2>
Cost is an important factor in selecting the right ETF, and cheaper funds can significantly outperform their more expensive counterparts if all other fundamentals are the same.
Annual operating expenses for this ETF are 0.08%, making it the least expensive product in the space.
It has a 12-month trailing dividend yield of 0.58%.
<h2>Sector Exposure and Top Holdings</h2>
ETFs offer a diversified exposure and thus minimize single stock risk but it is still important to delve into a fund&#39;s holdings before investing. Most ETFs are very transparent products and many disclose their holdings on a daily basis.
This ETF has heaviest allocation in the Consumer Discretionary sector--about 100% of the portfolio.
Looking at individual holdings, Amazon.com Inc accounts for about 20.67% of total assets, followed by Tesla Inc and Home Depot Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hd#NYSE">HD</a>).
The top 10 holdings account for about 55.60% of total assets under management.
<h2>Performance and Risk</h2>
The ETF return is roughly 8.30% so far this year and it&#39;s up approximately 15.69% in the last one year (as of 09/17/2024). In that past 52-week period, it has traded between $64.24 and $86.11.
The ETF has a beta of 1.28 and standard deviation of 25.14% for the trailing three-year period, making it a medium risk choice in the space. With about 275 holdings, it effectively diversifies company-specific risk.
<h2>Alternatives</h2>
Fidelity MSCI Consumer Discretionary Index ETF carries a Zacks ETF Rank of 3 (Hold), which is based on expected asset class return, expense ratio, and momentum, among other factors. Thus, FDIS is a sufficient option for those seeking exposure to the Consumer Discretionary ETFs area of the market. Investors might also want to consider some other ETF options in the space.
Vanguard Consumer Discretionary ETF (ARCA:VCR) tracks MSCI US Investable Market Consumer Discretionary 25/50 Index and the Consumer Discretionary Select Sector SPDR ETF (ARCA:XLY) tracks Consumer Discretionary Select Sector Index. Vanguard Consumer Discretionary ETF has $5.67 billion in assets, Consumer Discretionary Select Sector SPDR ETF has $18.49 billion. VCR has an expense ratio of 0.10% and XLY charges 0.09%.
<a href="https://www.zacks.com/stock/news/2336918/should-you-invest-in-the-fidelity-msci-consumer-discretionary-index-etf-fdis?cid=CS-BENZ-FT-sector_etf-2336918">To read this article on Zacks.com click here.</a>

Dividends

Analyst Ratings

Should You Invest in the Fidelity MSCI Consumer Discretionary Index ETF?

Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) may be regarded by consumers primarily as <a href="https://www.benzinga.com/news/24/09/40751108/whats-going-on-with-amazon-stock-friday">an e-commerce company</a>, given its blue delivery trucks are constantly dropping off packages at people&#8217;s doorsteps, but an analyst begs to differ.
&#8220;Our view is that eCommerce does NOT drive AMZN&#8217;s share price,&#8221; Needham analyst Laura Martin wrote in a note Thursday.
 &#8220;We believe AMZN is a Services company (ie, Advertising, Cloud, Prime Video, etc), NOT a products company, and eCommerce is all about products. Every quarter, we calculate a sum-of-the-parts valuation, and in most quarters we conclude that investors are paying almost nothing for AMZN&#8217;s eCommerce.&#8221;
She noted Amazon&#8217;s net revenue for this year&#8217;s second quarter grew 15% year-over-year to $86.4 billion, accounting for 58% of the company&#8217;s revenue of $148 billion in a three-month period and growing four timers faster than product sales revenue.
She said that quarterly product sales have stagnated at around $61 billion for every quarter since the first quarter of 2021, excluding the fourth quarter of every year.
Read Also: <a href="https://www.benzinga.com/real-estate/24/09/40814473/seller-of-79m-mansion-to-jeff-bezos-says-he-was-deceived-files-lawsuit-over-lost-millions-against-re">Seller Of $79M Mansion To Jeff Bezos Says He Was Deceived, Files Lawsuit Over Lost Millions Against Real Estate Firm That Brokered The Deal</a>
&#8220;AMZN&#8217;s services revs have been higher than its product sales for the past 11 quarters, and the gap is widening,&#8221; Martin wrote.
&#8220;We believe that eCommerce is where AMZN came from, but high margin businesses such as Advertising, Cloud, GenAI and other Services are where AMZN is going,&#8221; she added.
Martin pointed out that Amazon&#8217;s eCommerce business is very adaptable to meeting customer needs and is committed to constantly shortening delivery speeds with its &#8220;enormous&#8221; logistics network, but the company realizes significant costs in maintaining same-day delivery.
She attributed the higher costs to fewer items getting sent in a single box, running empty delivery trucks and requiring more gas and trips to pull off the same-day delivery.
&#8220;We believe the financials support the view that AMZN uses its eCommerce business as a loss-leader,&#8221; she said.
&#8220;This notion was supported by several experts who mentioned that AMZN&#8217;s retail strategy has historically centered around maintaining low margins for both 1P and 3P eCommerce business, and then adding higher-margin revenue streams such as Prime subscriptions and advertising, in order to improve profit margins.&#8221;
AMZN Price Action: Amazon gained 0.18% to $184.86 Thursday at publication.
Exchange traded funds that hold the stock mostly trended upwards on Thursday.
<ul>
<li>ProShares Online Retail ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ONLN#NYSE">ONLN</a>) rose 0.12%</li>
<li>Fidelity MSCI Consumer Discretionary Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FDIS#NYSE">FDIS</a>) went up 0.16%</li>
<li>Vanguard Consumer Discretionary ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VCR#NYSE">VCR</a>) gained 0.28%</li>
<li>Consumer Discretionary Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) edged up 0.24%</li>
<li>ProShares Long Online/Short Stores ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLIX#NYSE">CLIX</a>) slipped 0.38%</li>
</ul>
Read Now:
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<li><a href="https://www.benzinga.com/24/01/36488214/jeff-bezos-encouraged-his-brother-and-sister-to-invest-10-000-in-amazon-their-stake-grew-10-249-900">Jeff Bezos Encouraged His Brother And Sister To Invest $10,000 In Amazon — Their Stake Grew 10,249,900% And Now Potentially Is Worth Over $1 Billion</a></li>
</ul>
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Retail Sales

Amazon E-Commerce Is A 'Loss-Leader' … Its Real Money Is In 'Services,' Says Analyst

Risk aversion is shaping another tough day for Wall Street, with stocks trading in the red as investors await the presidential debate between Vice President Kamala Harris and former President Donald Trump,<a href="https://www.benzinga.com/general/politics/24/09/40797797/trump-vs-harris-debate-do-voters-want-to-hear-more-about-economy-healthcare-or-bitcoin"> scheduled at 9 p.m. ET. </a>
Energy and financial sectors are witnessing deeper losses, sharply underperforming the rest of the market. 
In the latest monthly report, OPEC revised its global oil demand growth forecasts downward, now expecting 2024 oil demand to increase by 2.03 million barrels per day (bpd), down from the previous estimate of 2.1 million bpd. For 2025, OPEC has trimmed global demand growth forecast to 1.74 million bpd, compared to the earlier projection of 1.78 million bpd.
On the regulatory front, Federal Reserve Board Vice Chair for Supervision Michael Barr announced changes to the BASEL III and GSIB (Global Systemically Important Banks) surcharge proposals, which will now increase capital requirements for the largest banks by 9%, down from the original plan of 19%. Barr also clarified that banks with assets under $250 billion would largely be exempt from these heightened requirements.
Despite this capital relief, financial stocks sank across the board. The financial sector gauge fell 2%, with JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) dropping 7%. The SPDR Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>) declined 2.6%, reflecting ongoing pressure even on the regional bank industry which is largely exempted from the regulation.
Elsewhere, Treasuries continued to rally. The iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) rose 0.6%, hitting its highest levels since late July 2023. 
The Japanese yen gained 0.5%, while both gold and Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) traded broadly flat, reflecting a mixed sentiment in alternative assets.
<h1 class="wp-block-heading">Tuesday&#8217;s Performance In Major U.S. Indices, ETFs</h1>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>18,667.20</td>
<td>0.0%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,458.25</td>
<td>-0.2%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>40,509.61</td>
<td>-0.8%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,081.31</td>
<td>-1.0%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:50 p.m. ET</figcaption></figure>
According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent091024&amp;t=be2bearmibe3na1">Benzinga Pro</a> data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;was 0.2% lower to $545.43.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;fell 0.6% to $406.46.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) inched 0.1% higher to $454.91.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) fell 1% to $206.36.</li>
<li>The Real Estate Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>) outperformed, up 0.8%. The Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) and the Financials Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) were the laggards, down 2.1% and 1.9%, respectively.</li>
</ul>
<h1 class="wp-block-heading">Tuesday&#8217;s Stock Movers</h1>
<ul>
<li>Worst-performing energy stocks were Diamondback Energy, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FANG#NYSE">FANG</a>), APA Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APA#NYSE">APA</a>) and Exxon Mobil Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>), down 5.1%, 5% and 3.4%, respectively.</li>
<li>Hewlett Packard Enterprise Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HPE#NYSE">HPE</a>) fell over 7% as the company announced it has commenced a public offering of $1.35 billion (27 million shares) of Series C mandatory convertible preferred stock.</li>
<li>Oracle Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NYSE">ORCL</a>) rallied 12% on the back of stronger-than-expected quarterly results. </li>
<li>Other stocks reacting to earnings were Rubrik Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RBRK#NYSE">RBRK</a>) down 5.8% and Academy Sports and Outdoors Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASO#NASDAQ">ASO</a>) up 5.68%.</li>
<li>GameStop Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>) will report earnings after the close.</li>
</ul>
Read Also:
<ul>
<li><a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/24/09/40799429/s-p-500-off-to-a-rough-start-in-september-with-historical-trends-suggesting-more-troub">Stocks Had Worst Start To September Nearly Ever &#8211; Here&#8217;s Why</a></li>
</ul>
Photo: Shutterstock

Commodities

FANG

ORCL

RBRK

iShares Trust Barclays 20+ Year Treasury Bond Fund

Wall Street Falls Ahead Of Trump-Harris Debate, Bank Stocks Tumble, Oil Plummets To $65 On Weaker Demand Outlook: What's Driving Markets Tuesday?

<a href="https://www.benzinga.com/news/24/09/40766744/elon-musk-says-tesla-will-open-a-lot-more-superchargers-asks-ev-enthusiasts-for-input-on-where-to-in">The UK parliament </a>wants to summon Elon Musk to appear before a committee and provide evidence about how his social media platform, X, is run. 
The plans to summon Musk, who <a href="https://www.benzinga.com/m-a/22/10/29458281/elon-musk-takes-over-twitter-whos-in-charge-whos-gone-and-what-happens-to-the-stock">acquired X (formerly Twitter)</a> in 2022, were drawn up by Labour politician Dawn Butler, who is seeking to head the House of Commons&#8217; Science, Innovation and Technology Select Committee.
Musk is "someone we'd like to invite" as a witness," Butler <a href="https://www.ft.com/content/c4849a3a-cdaa-487c-8845-b54e50356add">told</a> the Financial Times. &#8220;It is vital for the committee to formally examine the use of algorithms in pushing hateful material — and the moderation of such content — on X and other social media platforms.&#8221;
Labour MP Chi Onwurah, Butler&#8217;s rival for the chair position, is in favor of an inquiry into using algorithms by social media companies, including how they result in misinformation and profits.
Read Also: <a href="https://www.benzinga.com/news/24/09/40700524/mark-cuban-tells-elon-musk-delete-your-account-after-tech-billionaire-calls-tucker-carlsons-latest-e">Mark Cuban Tells Elon Musk &#8216;Delete Your Account&#8217; After Tech Billionaire Calls Tucker Carlson&#8217;s Latest Episode On WW2 And Churchill &#8216;Worth Watching&#8217;</a>
In July, British officials said they faced resistance from X over requests to take down posts deemed a threat to national security during the worst riots in England in more than a decade.
Musk also taunted Prime Minister Sir Keir Starmer on the platform during the unrest and said that "civil war is inevitable" in the UK. Musk did not immediately respond to a request for comment on Butler's statement.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Civil war is inevitable
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1819933223536742771?ref_src=twsrc%5Etfw">August 4, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Nominations for committee chairs in the Commons closed on Monday, and elections for contested positions are set for Wednesday. 
MPs cannot force witnesses to turn up, but can deem them to be "in contempt" of Parliament if they snub a formal summons. The sanction is in practice only symbolic.
<a href="https://www.benzinga.com/government/24/09/40739165/trump-plans-to-appoint-elon-musk-to-government-efficiency-commission-if-elected-tesla-ceo-says-hell">During a speech </a>on Thursday in New York, former President Donald Trump said Musk has agreed to lead a government efficiency commission that he would form if he were re-elected president in November.
Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), Musk&#8217;s electric vehicle company, is also part of the ongoing X/Twitter narrative. 
X.com&#8217;s revenue reportedly collapsed by <a href="https://www.benzinga.com/startups/24/08/40533138/as-twitters-revenue-collapses-by-84-tesla-bulls-fear-elon-musk-will-liquidate-more-tesla-stock-bring">84% with Musk in charge</a>. Now Tesla bulls are worried that Musk, the carmaker&#8217;s CEO, will liquidate Tesla stock, which would bring the company&#8217;s value down (he already sold at least $7 billion in Tesla stock to fund the acquisition). 
Price Action: Tesla gained 2.59% to $216.19 into Monday&#8217;s late-day trading.
Exchange-traded funds that hold Tesla shares
<ul>
<li>T-Rex 2X Long Tesla Daily Target ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLT#NASDAQ">TSLT</a>) gained 5.15%</li>
<li>Direxion Daily TSLA Bull 2X Shares (NASADQ: TSLL) went up 5.11%</li>
<li>Consumer Discretionary Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) rose 1.13%</li>
<li>The Nightview Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NITE#NYSE">NITE</a>) fell 3.07%</li>
<li>ARK Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKK#NYSE">ARKK</a>) gained 2.13%</li>
</ul>
Read Now:
<ul>
<li><a href="https://www.benzinga.com/news/24/09/40770222/elon-musk-sets-2026-for-starships-first-uncrewed-mars-mission-targeting-successful-landing">Elon Musk Sets 2026 For Starship&#8217;s First Uncrewed Mars Mission, Targeting Successful Landing</a></li>
</ul>
Image: Shutterstock

Government

Legal

ARKK

NITE

TSLL

TSLT

Elon Musk To Be Summoned By UK Parliament Over Role of Social Media Platform X

U.S. stocks started the new week with strong gains, as all major indices and sectors in the S&amp;P 500 were in the green by midday in New York. This comes after Wall Street experienced its worst <a href="https://www.benzinga.com/markets">week of the year.</a>
Investors kicked off Monday with renewed optimism, anticipating a boost from Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>)'s highly anticipated event and key inflation data for August, set to be released on Wednesday.
Economists are predicting a slowdown in the headline inflation rate from 2.9% in July to 2.6% year-over-year in August, potentially marking the lowest inflation level since March 2021. A lower inflation reading could reinforce market expectations for an aggressive rate-cut cycle from the Federal Reserve.
Airline stocks led the charge within industries, with the U.S. Global Jets ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JETS#NYSE">JETS</a>) rising 2.6%, recovering from last month's losses.
In the semiconductor space, Palantir Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NASDAQ">PLTR</a>) surged 13%, logging its best one-day rally since February following news of the company's inclusion in the S&amp;P 500 index.
Commodities also gained ground despite a 0.3% rise in the U.S. dollar. Oil prices climbed 1.6% amid production shutdowns in the Gulf of Mexico due to storm warnings. Gold edged up 0.2%, and silver rose 1.3%.
In the cryptocurrency market, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) jumped 2.8%, heading for its third consecutive session of gains.
<h1 class="wp-block-heading">Monday&#8217;s Performance In Major U.S. Indices, ETFs</h1>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day chg. %</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>40,984.61</td>
<td>1.6%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>18,691.03</td>
<td>1.5%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,484.48</td>
<td>1.4%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>210.16</td>
<td>1.1%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 1:00 p.m. ET</figcaption></figure>
According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent090924&amp;t=be2bearmibe3na1">Benzinga Pro</a> data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;was 1.3% higher to $547.30.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;rose 1.5% to $410.13.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rallied 1.4% to $448.38.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) was 1.1% higher to $210.10.</li>
<li>The Financials Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) outperformed, up 2%, followed by the Consumer Discretionary Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>), up 1.8%.</li>
</ul>
<h1 class="wp-block-heading">Monday&#8217;s Stock Movers</h1>
<ul>
<li>Moderna Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRNA#NASDAQ">MRNA</a>) surged 7% on Monday after its manufacturing facility in Laval, Quebec, received a Drug Establishment License (DEL) from Health Canada. This certification confirms the facility meets stringent safety and quality standards, granting it authorization to produce drug substances.</li>
<li>MicroStrategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) soared 9.3% in reaction to Bitcoin&#8217;s surge.</li>
<li>Arm Holdings Plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARM#NASDAQ">ARM</a>) rallied 7% after reports surfaced that its AI chip technology will be integrated into Apple&#8217;s upcoming iPhone 16.</li>
</ul>
Read Now:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40777242/bank-of-america-warns-energy-could-be-cheap-for-a-reason-highlights-utilities-as-de">Bank Of America Warns Energy Could Be &#8216;Cheap For A Reason,&#8217; Highlights Utilities As Defensive Play</a></li>
</ul>
Photo: ImageFlow on Shutterstock

JETS

MRNA

MSTR

PLTR

Wall Street Rallies After Last Week's Sell-Off, Palantir Soars On S&P 500 Inclusion, Airlines Rally: What's Driving Markets Monday?

Investors showed little enthusiasm for the August jobs report, as the slower-than-expected hiring numbers deepened worries about <a href="https://www.benzinga.com/economics/macro-economic-events/24/09/40748557/job-creation-falls-short-of-expectations-in-august-unemployment-rate-ticks-lower-">a softening labor market.</a>
The U.S. economy added 142,000 nonfarm jobs in August, up from July's 89,000 but falling short of the projected 160,000. The unemployment rate edged down by 0.1% to 4.3%, in line with expectations, while wages saw stronger-than-anticipated growth, rising 0.4% month-over-month.
On Friday, markets shifted sharply into risk-off mode, with all major indices dropping over 1% by midday trading in New York. 
The CBOE Volatility Index (VIX) spiked over 17% to 23 points. The Nasdaq 100 led the decline, losing over 5% for the week, eyeing its worst performance since September 2022.
Semiconductors dragged down the tech-heavy index. The iShares Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NYSE">SOXX</a>) dropped nearly 5%, while Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) fell more than 4%. The chipmaker giant extended the weekly loss to 14%, on track for its steepest decline since October 2022.
Investors dumped equities and moved into cash as the U.S. dollar strengthened despite weaker-than-expected nonfarm payroll data.
In the bond market, short-term Treasury yields tumbled, bringing the yield curve back to a normal shape after two years of inversion. The two-year Treasury yield fell below the 10-year, signaling a shift in economic outlook.
Commodities took heavy losses across the board. Gold dropped 0.9%, silver plunged 3.1% and crude oil (WTI) slid 3%, reaching $66 per barrel, the lowest since May 2023.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) also dropped, losing over 3%, as investors steered clear of crypto assets amid a broad-based decline in risk appetite.
<h3 class="wp-block-heading">Friday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>40,320.98</td>
<td>-1.1%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,406.64</td>
<td>-1.8%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,092.33</td>
<td>-2.2%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>18,424.39</td>
<td>-2.7%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:50 p.m. ET</figcaption></figure>
According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent090624&amp;t=be2bearmibe3na1">Benzinga Pro</a> data: 
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;was 1.8% lower to $539.77.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;fell 1.1% to $404.13.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) tumbled 2.7% to $448.38.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) fell 2.2% to $207.31.</li>
<li>The Consumer Staples Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>) outperformed, flat for the day, while the Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) lagged, down 3%.</li>
</ul>
<h3 class="wp-block-heading">Friday&#8217;s Stock Movers</h3>
<ul>
<li>Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>) tumbled 9.9%, on track for its worst session since March 2020, following weaker-than-expected guidance.</li>
<li>Other stocks reacting to earnings included Samsara Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IOT#NYSE">IOT</a>), up 13%, Guidewire Software Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GWRE#NYSE">GWRE</a>), up 11.8% and DocuSign Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DOCU#NASDAQ">DOCU</a>), up 3.9%. </li>
<li>Super Micro Computer Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) plummeted over 7% as JPMorgan downgraded the rating from Buy to Neutral and sharply lowered its price target from $950 to $500. </li>
</ul>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40741279/ai-tech-sector-is-not-in-a-bubble-but-diversification-out-of-magnificent-7-is-key-g">AI Tech Sector &#8216;Is Not In A Bubble,&#8217; But Diversification Out Of Magnificent 7 Is Key, Goldman Sachs Says</a></li>
</ul>
Photo created using artificial intelligence via Dall-E.

AVGO

DOCU

GWRE

iShares PHLX SOX Semiconductor Sector Index Fund

SOXX

Stocks Tumble On Jobs Data, Nasdaq 100 Eyes Worst Week In 2 Years As Semiconductors Slump: What's Driving Markets Friday?

Republican presidential candidate Donald Trump said on Thursday he would establish a government efficiency commission headed by billionaire supporter Elon Musk if he wins <a href="https://www.benzinga.com/markets/equities/24/09/40679572/elon-musk-cant-wait-to-work-with-trump-in-cutting-waste-and-needless-regulation-as-reports-sugge">the presidency in November</a>.
The former president said that Tesla, Inc. (NASADQt: TSLA) CEO Elon Musk agreed to head the body in a speech on his economic plans at the New York Economic Club.
&#8220;And Elon, because he&#8217;s not very busy, has agreed to head that task force,&#8221; Trump said.
&#8220;He&#8217;s be a good one to do it, if he has the time, but he&#8217;s agreed to do it.&#8221;
Trump had talked about the idea of a government efficiency commission with aides for weeks, people with knowledge of those conversations told Reuters, but Thursday&#8217;s speech was the first time he publicly endorsed the idea, the outlet reported. 
Read Also: <a href="https://www.benzinga.com/general/entertainment/24/09/40736498/elon-musks-blade-runner-inspired-cybertruck-now-serves-pizza-on-the-side">Elon Musk&#8217;s &#8216;Blade Runner&#8217;-Inspired Cybertruck Now Serves Pizza On The Side</a>
&#8220;I will create a government efficiency commission tasked with conducting a complete financial and performance audit of the entire federal government and making recommendations for drastic reforms,&#8221; Trump said.
&#8220;We need to do it, can&#8217;t go on the way we are now.&#8221;
Trump said that fraud and improper payments cost taxpayers hundreds of billions of dollars in 2022.
&#8220;As the first order of business, this commission will develop an action plan to totally eliminate fraud and improper payments within six months.&#8221;
He said taking such action will save the U.S. trillions of dollars while keeping the same level of government services.
&#8220;It&#8217;s massive,&#8221; he said. &#8220;Trillions of dollars is wasted, gone and nobody knows where it went.&#8221;
Musk said on an Aug. 19 podcast that he had held conversations with the former president about the commission and that he would be interested in serving on the body. 
&#8220;I look forward to serving America if the opportunity arises,&#8221; Musk wrote on X on Thursday.
&#8220;No pay, no title, no recognition is needed.&#8221;
TSLA Price Action: Tesla has risen 4.06% to $228.32 as of Thursday&#8217;s mid-afternoon trading.
Exchange-traded funds that hold the stock also gained on Thursday afternoon.
<ul>
<li>T-Rex 2X Long Tesla Daily Target ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLT#NASDAQ">TSLT</a>) jumped 10.54%.</li>
<li>Direxion Daily TSLA Bull 2X Shares (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLL#NASDAQ">TSLL</a>) gained 10.35%.</li>
<li>Consumer Discretionary Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) picked up 1.12%.</li>
<li>The Nightview Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NITE#NYSE">NITE</a>) edged up 1.43%.</li>
<li>ARK Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKK#NYSE">ARKK</a>) went up 1.54%.</li>
</ul>
Read Now:
<ul>
<li><a href="https://www.benzinga.com/news/24/09/40724275/elon-musks-x-faces-26-ad-spend-decline-by-2025-amid-steep-decline-in-brand-safety-survey-reveals">Elon Musk&#8217;s X Faces 26% Ad Spend Decline By 2025 Amid Steep Decline In Brand Safety, Survey Reveals</a></li>
</ul>
Photo via Shutterstock.

Specialty ETFs

Politics

Management

Trump Plans To Appoint Elon Musk To Government Efficiency Commission If Elected, Tesla CEO Says He'll Do It For Free

Signs of a cooling labor market last month pushed major U.S. stock averages lower on Thursday, ahead of the highly anticipated August jobs report set for release on Friday.
Private sector job creation came in at 99,000 for August, according to ADP data, marking the slowest pace of growth since January 2021 and missing <a href="https://www.benzinga.com/economics/macro-economic-events/24/09/40728795/private-employment-grows-by-99-000-in-august-sharply-misses-forecasts-of-140-000-">the forecast of 140,000.</a>
A stronger-than-expected services sector activity sentiment for August offered some relief to broader recession concerns, but an employment subindex bolstered hints of the ongoing cooling <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40732534/services-sector-activity-expands-more-than-expected-in-august-but-employment-growth">in the labor market.</a>
The S&amp;P 500 dropped below the 4,500 support level for the first time since mid-August, extending weekly losses to 2.9%, and is on track for its worst week since mid-April.
Tech stocks managed to pare losses, with semiconductor shares holding steady. Blue-chip stocks underperformed, as the Dow Jones slid 0.8%, while small-cap stocks fell 0.6%.
A decision from OPEC+ to delay an October oil production increase by two months supported crude prices and further pressured already fragile investor sentiment. West Texas Intermediate (WTI) crude stopped its decline after suffering its worst two-day slump since October 2023.
Treasury yields dipped slightly, and the U.S. dollar softened. Meanwhile, gold edged higher by 0.6%.
Natural gas was Thursday's standout performer, with Henry Hub prices surging over 5%. The U.S. Energy Information Administration reported a natural gas storage injection of 13 billion cubic feet (Bcf) for the week ending Aug. 30, significantly below historical averages and expectations.
Sentiment in crypto assets worsened, with Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) tumbling 3% to $56,170. 
<h1 class="wp-block-heading">Thursday&#8217;s Performance In Major US Indices, ETFs</h1>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>% change</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>18,906.30</td>
<td>-0.1%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,495.09</td>
<td>-0.5%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,132.72</td>
<td>-0.6%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>40,638.99</td>
<td>-0.8%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:52 p.m.</figcaption></figure>
According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent090524&amp;t=be2bearmibe3na1">Benzinga Pro</a> data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;was 0.5% lower to $548.40.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;fell 0.8% to $407.30.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) edged 0.1% lower to $459.90.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) fell 0.6% to $211.35.</li>
<li>The Consumer Discretionary Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) outperformed, up by 0.8%, while the Health Care Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>) lagged, down 1.5%.</li>
</ul>
<h1 class="wp-block-heading">Thursday&#8217;s Stock Movers</h1>
<ul>
<li>Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) rallied 4% after announcing it plans to roll out its Full Self-Driving (FSD) technology in China and Europe during the first quarter of 2025, pending regulatory approvals. The EV maker will also produce a six-seat Model Y variant in China, starting next year.</li>
<li>Verizon Communications Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VZ#NYSE">VZ</a>) announced Thursday it has reached an agreement to acquire Frontier Communications Parent Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FYBR#NYSE">FYBR</a>) in an all-cash deal valued at approximately $20 billion. Shares of Verizon eased 0.6%, while those of Frontier Communication Parent plummeted 9% after rallying 37% on Wednesday.</li>
<li>United Steel Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/X#NYSE">X</a>) rose 4% after tumbling 17% Wednesday. According to Reuters, the Committee on Foreign Investment in the U.S. (CFIUS) has raised concerns about potential national security risks related to Nippon Steel&#8217;s planned $14.9 billion acquisition of U.S. Steel. </li>
<li>NIO Inc. &#8211; ADR (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) rallied 11% in reaction to upbeat quarterly results and improved guidance.</li>
<li>Other stocks reacting to earnings results included The Toro Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TTC#NYSE">TTC</a>) down over 10%, Copart Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CPRT#NASDAQ">CPRT</a>) down 6.7%, Hewlett Packard Enterprise Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HPE#NYSE">HPE</a>) down 5.3%, Core &amp; Main, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNM#NYSE">CNM</a>) down 0.7%, Credo Technology Group Holding Ltd (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRDO#NASDAQ">CRDO</a>) and C3.ai, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AI#NYSE">AI</a>), both down around 13%.</li>
<li>Companies reporting results after the close include Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>), Samsara Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IOT#NYSE">IOT</a>), DocuSign Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DOCU#NASDAQ">DOCU</a>), Ui Path Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PATH#NYSE">PATH</a>) and Smartsheet Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMAR#NYSE">SMAR</a>). </li>
</ul>
Read Now:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40718185/could-august-jobs-numbers-keep-recession-fears-at-bay-this-time-is-different-analys">Could August Jobs Numbers Keep Recession Fears At Bay? &#8216;This Time Is Different,&#8217; Analyst Says</a> Don&#8217;t miss the opportunity to dominate in a volatile market at the <a href="https://www.benzinga.com/events/small-cap/global-small-cap-conference-2024/" target="_blank" rel="noreferrer noopener">Benzinga SmallCAP Conference</a> on Oct. 9-10 at the Chicago Marriott Downtown Magnificent Mile. Get exclusive access to CEO presentations, 1:1 meetings with investors, and valuable insights from top financial experts. Whether you&#8217;re a trader, entrepreneur, or investor, this event offers unparalleled opportunities to grow your portfolio and network with industry leaders. Secure your spot and get your tickets today!</li>
</ul>
Photo: Shutterstock

Earnings

Bonds

CPRT

CRDO

FYBR

PATH

SMAR

S&P 500 Falls Below 5,500 Points On Cooling Jobs Data, Tesla Leads Tech Gains, Natural Gas Spikes: What's Driving Markets Thursday?

Launched on 06/12/2000, the iShares U.S. Consumer Discretionary ETF (ARCA:IYC) is a passively managed exchange traded fund designed to provide a broad exposure to the Consumer Discretionary - Broad segment of the equity market.
Passively managed ETFs are becoming increasingly popular with institutional as well as retail investors due to their low cost, transparency, flexibility and tax efficiency. They are excellent vehicles for long term investors.
Additionally, sector ETFs offer convenient ways to gain low risk and diversified exposure to a broad group of companies in particular sectors. Consumer Discretionary - Broad is one of the 16 broad Zacks sectors within the Zacks Industry classification. It is currently ranked 11, placing it in bottom 31%.
<h2>Index Details</h2>
The fund is sponsored by Blackrock (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/blk#NYSE">BLK</a>). It has amassed assets over $1.06 billion, making it one of the larger ETFs attempting to match the performance of the Consumer Discretionary - Broad segment of the equity market. IYC seeks to match the performance of the Dow Jones U.S. Consumer Services Index before fees and expenses.
The Russell 1000 Consumer Disc 40 Act 15/22.5 Daily Capped Index measures the performance of the consumer services sector of the U.S. equity market.
<h2>Costs</h2>
Cost is an important factor in selecting the right ETF, and cheaper funds can significantly outperform their more expensive counterparts if all other fundamentals are the same.
Annual operating expenses for this ETF are 0.40%, making it one of the cheaper products in the space.
It has a 12-month trailing dividend yield of 0.62%.
<h2>Sector Exposure and Top Holdings</h2>
It is important to delve into an ETF&#39;s holdings before investing despite the many upsides to these kinds of funds like diversified exposure, which minimizes single stock risk. And, most ETFs are very transparent products that disclose their holdings on a daily basis.
This ETF has heaviest allocation in the Consumer Discretionary sector--about 68.90% of the portfolio. Telecom and Consumer Staples round out the top three.
Looking at individual holdings, Amazon Com Inc accounts for about 13.24% of total assets, followed by Tesla Inc and Home Depot Inc.
The top 10 holdings account for about 50.07% of total assets under management.
<h2>Performance and Risk</h2>
So far this year, IYC has gained about 9.43%, and was up about 20.46% in the last one year (as of 08/29/2024). During this past 52-week period, the fund has traded between $63.10 and $84.94.
The ETF has a beta of 1.16 and standard deviation of 22.22% for the trailing three-year period, making it a medium risk choice in the space. With about 182 holdings, it effectively diversifies company-specific risk.
<h2>Alternatives</h2>
IShares U.S. Consumer Discretionary ETF carries a Zacks ETF Rank of 3 (Hold), which is based on expected asset class return, expense ratio, and momentum, among other factors. Thus, IYC is a reasonable option for those seeking exposure to the Consumer Discretionary ETFs area of the market. Investors might also want to consider some other ETF options in the space.
Vanguard Consumer Discretionary ETF (ARCA:VCR) tracks MSCI US Investable Market Consumer Discretionary 25/50 Index and the Consumer Discretionary Select Sector SPDR ETF (ARCA:XLY) tracks Consumer Discretionary Select Sector Index. Vanguard Consumer Discretionary ETF has $5.55 billion in assets, Consumer Discretionary Select Sector SPDR ETF has $18.51 billion. VCR has an expense ratio of 0.10% and XLY charges 0.09%.
<a href="https://www.zacks.com/stock/news/2328673/should-you-invest-in-the-ishares-u-s-consumer-discretionary-etf-iyc?cid=CS-BENZ-FT-sector_etf-2328673">To read this article on Zacks.com click here.</a>

iShares Trust Dow Jones USnsumer Services Sector Index Fund

Should You Invest in the iShares U.S. Consumer Discretionary ETF?

The U.S. dollar, oil prices and tech stocks surged Thursday following an upward revision of the second-quarter real gross domestic product growth to 3%, signaling the continued strength<a href="https://www.benzinga.com/government/24/08/40624663/us-economy-expands-by-3-in-q2-surpasses-earlier-estimates-jobless-claims-little-moved-last-week"> of the U.S. economy.</a>
More defensive assets like bonds and the Japanese yen fell as expectations for interest rate cuts were slightly tempered.
What Happened: The U.S. economy continues to display robust health, boasting a notable real GDP growth rate of 3% in the second quarter, revised higher from the initial estimate of 2.8% on Thursday. This represents more than double the 1.4% growth recorded in the first quarter, marking the eighth consecutive quarter of sequential growth for the U.S. economy.
The boost was primarily driven by consumer spending, which surged by 2.9% in the second quarter, an upward revision from the previously reported 2.3% and significantly higher than the 1.5% growth in the first quarter. Corporate profits also showed improvement, flipping from a 2.7% contraction in the first quarter to a 1.7% expansion in the second.
Positive signs also emerged from price pressures, as Personal Consumption Expenditure prices were revised downward in the second estimate.
The revised data also included downward adjustments to nonresidential fixed investment (4.6% vs. 5.2% earlier reported), exports (1.6% vs. 2%), private inventory investment (7.5% vs. 8.4%), government spending at both federal (3.3% vs. 3.9%) and local (2.3% vs. 2.6%) levels, and residential fixed investment (negative 2% vs. negative 1.4%). Imports were adjusted slightly higher (7% vs. 6.9%).
Why It Matters: The resilience of the U.S. economy reduces recession risks that had surfaced earlier this month following a cooler-than-expected July jobs report. 
For markets sensitive to domestic economic conditions, such as small- and medium-cap stocks, a healthy economy signals improved risk sentiment among investors.
The concurrent decline in price pressures bolsters the Federal Reserve&#8217;s confidence that inflation is trending toward its 2% target, paving the way for a September interest rate cut. 
The strong economic activity also represents a factor that could refrain the Fed from making large or swift rate cuts to avoid reigniting inflationary pressures.
Market-implied odds for a 50-basis-point rate cut in September slightly eased from 38% a day ago to the 32.5%, as per CME Group&#8216;s FedWatch data. 
Market Reactions:
<ul>
<li>U.S. Dollar: The U.S. Dollar Index, tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>), rallied 0.4% in response to the GDP data, building on a 0.5% gain from Wednesday.</li>
<li>Bonds: Treasury yields edged higher, causing the iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) to decline by 0.5%.</li>
<li>Japanese yen: The USD-JPY pair rose 0.7% on Thursday to 145.35 levels. The Invesco CurrencyShares Japanese Yen Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXY#NYSE">FXY</a>) fell 0.7%. </li>
<li>Stocks: The S&amp;P 500 as tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) was up by 0.3%. The tech-heavy Nasdaq 100, tracked by the Invesco QQQ Trust, Series 1 (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), climbed 0.8%, despite a 2.2% drop in Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>).</li>
<li>Sector Performance: The Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) led sector gains, up 0.9%.</li>
<li>Oil: The United States Oil Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>) rose by 2.2%, fully reversing Wednesday&#8217;s losses.</li>
<li>Gold: The SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>) rose 0.4% to $2,515 per ounce.</li>
</ul>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40624107/traders-brace-for-feds-favorite-inflation-report-friday-july-price-pressures-expect">Traders Brace For Fed&#8217;s Favorite Inflation Report Friday: July Price Pressures Expected To Edge Higher</a></li>
</ul>
Illustration created using artificial intelligence via MidJourney.

Forex

PowerShares DB US Dollar Index Bullish Fund

US Dollar, Oil Prices, Tech Stocks Rise As GDP Roars By 3% In Q2; Bonds, Yen Slip As Bets For Large Rate Cuts Ease

Urban Outfitters (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/urbn#NASDAQ">URBN</a>) is a mid-cap firm in the consumer discretionary sector. In 2024, the company&#39;s shares vastly outperformed their sector, with a total return of over 16% before its recent earnings.
The SPDR Consumer Discretionary Select Sector Fund (ARCA:XLY) has returned just under 5%. The company reported fiscal Q2 2025 earnings on Aug 21. I&#39;ll provide some background on the firm&#39;s operations and then review its earnings report and conference call. I&#39;ll close with some outlook of the company.
<h2>Urban Outfitters: Traditional Retail Combined with a Market Differentiator</h2>
Urban Outfitters operates as three reportable segments: Retail, Wholesale, and Nuuly. The company&#39;s retail segment consists of its physical stores and websites through which it directly sells to consumers. Its notable retail store brands are Anthropologie, Free People, and Urban Outfitters.
&nbsp;Anthropologie caters to sophisticated and contemporary women aged 28 to 45, making up 43% of the company&#39;s total revenues in 2023. Free People targets contemporary women aged 25 to 30 and makes up 21% of the firm&#39;s total revenues.
Urban Outfitters targets young adultsF aged 18 to 28 who are &quot;culturally sophisticated, self-expressive, and actively engaged with their peer group.&quot; It made up 26% of the company&#39;s total revenues.
The wholesale segment sells Free People and Urban Outfitters clothing to department stores. It makes up 4.6% of total revenues.
The Nuuly segment is one area where Urban Outfitters differentiates itself considerably compared to massive apparel companies like Nike and Lululemon (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/lulu#NASDAQ">LULU</a>). Nuuly offers a subscription service for women&#39;s clothing, allowing customers to rent a variety of clothing pieces.
Customers select products to rent for a month and then send them back to receive new products the next month. The available items stretch beyond the clothes the company makes itself, including third-party and vintage products. The Nuuly segment made up 4.6% of total revenues.
<h2>Urban Outfitters Beats on Headline Number but Shows Underlying Weakness</h2>
Urban Outfitters beat estimates on&nbsp;adjusted earnings per share (EPS) and revenue.&nbsp;Adjusted EPS came in at $1.24, 24% above analyst expectations and an increase of 13% from the past year. Net sales came in at $10 million above analyst expectations at $1.35 billion, 6% above analyst expectations.
Comparable sales for the retail segment increased by 2%. Free People grew by 7.1%, Anthropologie grew by 6.7%, and Urban Outfitters decreased by 9.3%. Nuuly&#39;s sales were impressive. They rose 63% from last year&#39;s quarter, well above expectations.
Despite many positives in the company&#39;s earnings release, a few factors caused the market to react sourly. First, comparable sales at Urban Outfitters stores came in below analysts&#39; expectations.
This isn&#39;t the first time this has happened recently. Urban Outfitters stores&#39; comparable sales dropped 14% in fiscal Q1 2025 and fiscal Q4 2024, as Free People and Anthropologie both saw strong growth.
<h3>Earning&#39;s Call Causes Concern for the Namesake Business</h3>
In the company&#39;s earnings call, executives used dramatic wording about the Urban Outfitters stores. Shea Jensen, President of Urban Outfitters America, said the firm has been reviewing the brand for six months.
She had strong words about that review: &quot;What we have learned is that while there is a great deal of opportunity for improvement, the brand is not fundamentally broken.&quot; It is good that they have ways to improve, but even suggesting the brand might be &quot;fundamentally broken&quot; is alarming.
She noted that through the pandemic, the market saw &quot;rapid and seismic shifts as the generational passage from millennials to Gen Z&quot; occurred. She admitted that the company essentially lost track of how to win their young buyers, causing their customer funnel to erode.
She laid out a five-pillar plan for how the firm intends to restore the business, saying, &quot;Our first step is to understand the Gen-Z customer.&quot; She added that in the firm&#39;s research, they &quot;heard very clearly that customers perceive us as expensive.&quot;
Shares were down nearly 13% in after-hours and premarket trading on Aug. 21 and 22.
<h2>Restoring the UO Brand is Not a Quick Fix</h2>
Overall, the market wants Urban Outfitters to restore its namesake business. That will take a while, especially since the firm says it is just now starting to understand the Gen-Z customer.
Also, the perception that the brand is expensive will weigh it down based on the currently depressed economic sentiment. However, the company can likely restore the brand eventually. Strength in its other segments shows that it is able to market to customers successfully.
The article &quot;<a href="https://www.nasdaq.com/articles/urban-outfitters-stock-dips-can-gen-z-strategy-boost-sales">Urban Outfitters Stock Dips: Can a Gen-Z Strategy Boost Sales?</a>&quot; first appeared on MarketBeat.

URBN

Urban Outfitters Stock Dips: Can a Gen-Z Strategy Boost Sales?

As the <a href="https://www.benzinga.com/earnings">earnings season</a> unfolds, more businesses are sharing perspectives on consumer trends. 
According to a Bloomberg <a href="https://www.bloomberg.com/opinion/articles/2024-07-16/us-consumer-health-is-fine-shoppers-are-just-getting-pickier?sref=TBDibEcD">analysis</a>, retailers are frustrated over the lack of spending on the part of shoppers. And yet, retail sales soared by 1%<a href="https://www.benzinga.com/economics/macro-economic-events/24/08/40393687/retail-sales-soar-in-july-weekly-jobless-claims-undercut-expectations-traders-lea"> month-over-month in July</a>.
The sharp rebound from stagnation in June surprised economists who expected an uptick of just 0.3%. The data also threw off analysts who expected consumers to pull back on spending <a href="https://www.benzinga.com/topic/inflation">due to stubborn inflation</a>.
Turns out, consumers are spending &#8212; they&#8217;re just picky <a href="https://www.benzinga.com/topic/retail">about where they shop</a>. 
For example, spending intentions for leisure and housing are on the rise, according <a href="https://www2.deloitte.com/us/en/insights/economy/consumer-pulse/state-of-the-us-consumer.html">to</a> Deloitte. Sectors like clothing, however, are experiencing low intention levels compared to 2021.
"Consumer spending has been muted this year due to volatile goods spending, with overall spending going up by only 0.3% since year-end 2023," said the report.
The University of Michigan&#8217;s monthly consumer sentiment index proclaimed <a href="https://www.benzinga.com/markets/equities/24/07/39750466/us-consumer-morale-dips-more-than-expected-in-july-sentiment-remains-stubbornly-subdued">July as the worst month</a> for consumers since November 2023. However,<a href="https://www.benzinga.com/news/econ-s/24/08/40419637/us-consumer-confidence-rebounds-in-august-expectations-are-subject-to-change-as-presidential-campaig"> sentiment picked up in August</a>.

<h2 class="wp-block-heading">What Companies Are Saying </h2>
Home Depot Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HD#NYSE">HD</a>) felt the sting of <a href="https://www.benzinga.com/24/08/40381559/home-depot-ceo-says-inflation-keeps-eating-away-at-disposable-income-are-home-repairs-being-put-off">homeowners holding off on renovations until interest rates come down</a>. The company&#8217;s second-quarter comparable sales decreased 3.3%, with U.S. comparable sales down 3.6%, <a href="https://www.benzinga.com/news/earnings/24/08/40334855/home-depot-q2-earnings-customer-transactions-decline-cites-weaker-home-improvement-spending-but-rai">reflecting weaker consumer demand</a>.
Macy&#8217;s Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/M#NYSE">M</a>) also saw consumers turning away from more expensive items. Second-quarter sales hovered at around $4.94 billion — down 3.8% year over year.
Macy&#8217;s CEO Tony Spring <a href="https://www.cnbc.com/2024/08/21/macys-m-q2-2024-earnings.html">told</a> CNBC that "a softness, a carefulness, a delay in the conversion of purchasing&#8221; are to blame.
&#8220;Even the affluent consumer is not spending like they were a year ago,&#8221; he added.
Macy&#8217;s released mixed second-quarter results that <a href="https://www.benzinga.com//node/40484046">missed analyst consensus and forced it to lower its guidance</a>. 
Other retailers had better luck. 
TJX Companies Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TJX#NYSE">TJX</a>) shares jumped by over 6% on Wednesday. The company, which owns TJ Maxx, Marshalls, HomeGoods and Sierra, among other brands, <a href="https://www.benzinga.com/news/earnings/24/08/40484279/tjx-companies-q2-earnings-strong-sales-higher-margins-invests-in-dubais-brands-for-less">posted a 4% increase in store sales</a>. 
The jump in sales was driven entirely by a net rise in customer transactions, said the company, which was surprised by the results and raised its guidance for next year. 
A sales uptick for TJX might mean consumers are choosing to direct their discretionary spending toward discount prices found in stores like TJ Maxx and Marshalls.
An earnings report from Ross Stores Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ROST#NASDAQ">ROST</a>), scheduled for Thursday, might confirm the trend. Analysts from Zachs expect the company to post revenues of $5.25 billion, representing a year-over-year increase of 6.3%.
Strong quarterly results from Walmart Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>) took shares 9% higher after the company's <a href="https://www.benzinga.com/news/earnings/24/08/40391777/walmart-q2-earnings-e-commerce-and-advertising-businesses-fuel-revenue-and-profit-beat-hikes-annual">earnings results were posted Thursday</a>. 
Sales for the quarter totaled $169.34 billion, up 4.8% year-over-year, beating expectations and pushing the company to raise its guidance.
"So far, we aren&#8217;t experiencing a weaker consumer overall," said CEO C. Douglas McMillon. The retail exec also reported a deflationary trend in its U.S. store prices. Walmart shares <a href="https://www.benzinga.com//node/40486532">rose on Wednesday</a> in response to positive results from 
Walmart CFO John David Rainey said: &#8220;Everyone is looking for some piece of information that maybe indicates further weakness with our members and our customers, <a href="https://www.benzinga.com//node/40446780">we&#8217;re not seeing it</a>.&#8221; 
Rainey said his company is not immune to the volatility of the day, especially when considering the geopolitical backdrop. &#8220;Other economic data out there, as well as the state of affairs globally, would suggest that it&#8217;s prudent to remain appropriately cautious,&#8221; he said. 
Target Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGT#NYSE">TGT</a>) sales <a href="https://www.benzinga.com/news/earnings/24/08/40482203/target-q2-earnings-revenue-and-profit-beat-digital-sales-boost-annual-profit-outlook-hiked">were up by 2.7% and also beat market expectations</a>. CEO Brian Cornell noted improving trends across discretionary categories, most notably in apparel and beauty products.
Consumers have shown remarkable resilience in the face of multiple challenges over the last several years, and they remain resilient today, he said, adding:&nbsp;"Given the significant headwinds they faced with inflation over the last few years, consumers continue to focus on value as they work hard to manage their household budgets.&#8221;
Chief Commercial Officer Rick Gomez said that while economic data remains mixed, American families continue to deal with a lot but are still "willing and able to spend."&nbsp;
"Yes, they&#8217;re still being choiceful. Yes, they&#8217;re budget conscious. And yes, they&#8217;re hunting for deals and everyday value. But they&#8217;re also willing to shop when they find that right combination of fashion and newness at the right price. This was on full display in our second quarter results," said Gomez.
<h2 class="wp-block-heading">ETFs To Watch </h2>
<ul>
<li>Consumer Discretionary Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>), an ETF that follows the performance of major companies in industries such as retail, automobiles, consumer durables, apparel, hotels and restaurants, is up by 1.1% on Wednesday and down 1.3% in the last month.</li>
<li>Vanguard Consumer Discretionary Index Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VCR#NYSE">VCR</a>) presents a similar performance, up 1.3% on Wednesday and down 0.5% in the last month.</li>
</ul>
Now read:
<ul>
<li><a href="https://www.benzinga.com//node/40492530">Fed Minutes Reveal &#8216;Plausible Case&#8217; For Interest Rate Cut As Policymakers Cheer Inflation Progress</a></li>
</ul>
Shutterstock image.

General

Is The Consumer OK? What We Know From Retailers About Spending In 2024

McDonald&#8217;s Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCD#NYSE">MCD</a>) shares are<a target="_blank" href="https://www.benzinga.com/movers" rel="noreferrer noopener"> trading higher on Wednesday.</a>
The company is set to <a target="_blank" href="https://www.mcdonalds.com/gb/en-gb/newsroom/article/50th-social-and-economic-impact-report.html" rel="noreferrer noopener">invest</a> £1 billion ($1.30 billion) in the U.K. and Ireland over the next four years, aiming to open new restaurants and generate over 24,000 jobs.
The new restaurants are part of McDonald&#8217;s ongoing investment to adapt to evolving customer expectations.
The rollout will feature new formats, including recently launched &#8216;Drive to&#8217; locations and additional smaller formats being tested this year, ensuring each new restaurant aligns with the needs of its community.
&#8220;We&#8217;re proud of what we have delivered in the last 50 years and are committed to investing in new opportunities and supporting growth across the UK,&#8221; said Alistair Macrow, CEO, McDonald&#8217;s UK&amp;I.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/earnings/24/08/40457537/us-stocks-may-take-a-breather-after-s-p-500s-impressive-8-session-winning-streak-strategist-says-ma" rel="noreferrer noopener">US Stocks May Take A Breather After S&amp;P 500&#8217;s Impressive 8-Session Winning Streak: Strategist Says Market Will Hit Fresh Highs In Next 4 Weeks, But Warns Investors Of Potential Risks</a>
The plan to build over 200 new restaurants in the U.K. is in line with McDonald&#8217;s target of building 10,000 more restaurants globally by 2027.
McDonald&#8217;s expects net restaurant unit expansion to contribute nearly 2% to 2024 <a target="_blank" href="https://www.benzinga.com/news/earnings/24/07/40008869/mcdonalds-q2-earnings-consumer-spending-shifts-hit-revenue-and-operating-margins-franchise-revenue-" rel="noreferrer noopener">Systemwide sales growth in constant currencies.</a>
According to <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>, MCD stock has gained over 3% in the past year. Investors can gain exposure to the stock via Neuberger Berman Next Generation Connected Consumer ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NBCC#NYSE">NBCC</a>) and Consumer Discretionary Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>).
Price Action: MCD shares are trading higher by 1.18% to $289.00 at last check Wednesday.
Photo by nlinnlin on Shutterstock
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/08/40230750/kfc-owner-yum-brands-sees-slower-sales-growth-goldman-sachs-analyst-revises-forecast" target="_blank" rel="noreferrer noopener">KFC Owner Yum Brands Sees Slower Sales Growth, Goldman Sachs Analyst Revises Forecast</a></li>
</ul>

Neuberger Berman ETF Trust Neuberger Berman Next Generation Connected Consumer ETF

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