The stock market is trading higher midday. The S&P 500 added 0.16% and the tech-heavy Nasdaq Composite climbed 0.54%. The Dow Jones Industrial Average lost 0.03%. The Russell 2000 Index rose 0.27%.
Consumer confidence saw its largest one-month drop in over three years, falling to 98.7 in September. Economists surveyed by Dow Jones had predicted a reading of 104.
China stocks rallied after Beijing announced moves to boost economic growth. Chinese fintech company Alibaba surged 7% while electric-vehicle maker Nio added 9%.
S&P 500 big stock movers today
Five S&P 500 stocks making big midday moves are:
- Freeport-McMoRan (FCX) +7.3%
- Las Vegas Sands (LVS) +5.7%
- Estee Lauder (EL) +5.5%
- Nvidia (NVDA) +4.6%
- Wynn Resorts (WYNN) +4.2%
The worst-performing five S&P 500 stocks with the largest midday drop are:
- Global Payments (GPN) -6.5%
- Regeneron Pharmaceuticals (REGN) -5.7%
- Visa (V) -4.4%
- McKesson (MCK) -4.3%
- Discover Financial Services (DFS) -4.1%
Stocks also worth noting include:
- Tesla (TSLA) +0.8%
- Alibaba (BABA) +7.4%
- Trump Media (DJT) +5.7%
- Nio ADR (NIO) +9.2%
- Costco (COST) -1.6%
- Boeing (BA) -0.8%
Tesla rises on bullish analyst report
Tesla stock rallied 1% after a positive outlook from analysts.
Barclays expects Tesla to report Q3 deliveries of 470,000 units, up 8% year-over-year and above the consensus estimate of 461,000, according to thefly.com.
The analyst says third-quarter volume strength will be driven almost entirely by China as Europe is weak. A delivery beat can drive continued stock strength and be a reminder of "dissipated concerns on fundamentals," the analyst says.
Related: Analysts praise groundbreaking Tesla rival, preview robotaxi event
Barclays affirmed its equal-weight (effectively neutral) rating on Tesla with a $220 price target.
UBS also expects Tesla to report Q3 deliveries of roughly 470,000 units but warns that consensus expectations look elevated and energy storage deployments are “lumpy.” UBS has a sell rating and a $197 price target on Tesla.
Boeing trades lower after making 'final offer' to striking workers
Boeing stock dropped 1% after the company offered workers a 30% wage increase, up from the earlier proposal of 25%.
Boeing also doubled the ratification bonus to $6,000, reinstated the annual machinist bonus, and increased the company’s 401(k) matching contribution.
Related: Analyst adjusts Boeing stock price target on strike impact
The company said it was the “best and final offer,” but the workers said the new offer “was thrown at us without any discussion.”
The strike started on Sept. 13 after workers voted 94.6% against the previous proposal, which the union had endorsed. The union said there wouldn't be a vote before Boeing's deadline at the end of the week.
Visa falls on potential DoJ lawsuit
Visa declined 4% after Bloomberg reported that the U.S. Justice Department was preparing to sue the company, alleging that it monopolized the U.S. debit card market.
The lawsuit could be filed as soon as today, people familiar with the matter told Bloomberg. The antitrust division could accuse Visa of anticompetitive practices, including exclusive agreements and blocking rivals and tech firms from entering the market.
The probe was first initiated in 2021 when the payment processor said it believed its debit practices complied with applicable laws.
Related: Veteran fund manager sees world of pain coming for stocks
