Major Averages Close Broadly Lower, S&P 500 Down Over 1.5%
The major averages closed broadly lower, with the S&P down over 1.5% and the Nasdaq falling over 2%, as investors continue to digest the Federal Reserve's more cautious stance on rate cuts while weighing ongoing volatility in energy markets. Traders continue to monitor the U.S.-Iran war, as Iran and Israel exchanged strikes overnight. Meanwhile, the Wall Street Journal reported that the Pentagon is sending thousands of extra Marines to the Middle East. Amid the continuing attacks, U.S. benchmark oil prices advanced again back near $100 per barrel.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:FedExprovided areport for Q3U.S. prosecutors indicted Super Microco-founder Wally Liaw and two others forNvidiachips to ChinaUnileveris in talks to separate its food business and combine it with McCormick,Nexstarhasof TegnaEcolabCoolIT Systems from KKRfor $4.75B in cash2. WALL STREET CALLS:Armto Buy at HSBC amid AI transitionOppenheimerFigsto Outperform on expectations for "sustained recovery"Chipotleto Outperform from Neutral at MizuhoMosaicto Neutral at BofA and to Sell at Freedom CapitalMagnum Ice Creamto Sell at Goldman Sachs3. AROUND THE WEB:Netflixand Warner Musichave reached a documentary partnership agreement, Deadline reportsKalshi's valuation hit $22B in an ongoing funding round, WSJ reportsNvidiaplans to sell 1M GPUs to Amazonby the end of 2027, Reuters reportsUBS'national bank charter has been approved by U.S. regulators, WSJ saysMetais reducing its reliance on outside content moderators, Bloomberg says4. MOVERS:Torridhigher afterand providing upbeat FY26 guidanceScholasticrises after reportingXPengfalls in New York afterFiscalNotelower afterand announcing it will lay off 25% of its staffFlowcoslips after its 7.8M5. EARNINGS/GUIDANCE:Milestone PharmaceuticalsreportedGemini Space StationreportedBitFuFureported a year-over-yearOndasprovidedIntellicheckreportedINDEXES:The Dow fell 443.96, or 0.96%, to 45,577.47, the Nasdaq lost 443.08, or 2.01%, to 21,647.61, and the S&P 500 declined 100.01, or 1.51%, to 6,506.48.
