Closing Bell: Wall Street Slides into Third Straight Loss as Economic Surprise Worries Mount
Indexes slip broadly on hawkish data and yield pressure; stock specific catalysts dominate across energy, tech, and miners.
Market Recap
S&P 500: 6,604.72 (−0.5 %)
Dow Jones Industrial Average: 45,947.32 (−0.4 %)
Nasdaq Composite: 22,384.70 (−0.5 %)
Russell 2000: 2,411.04 (−1.0 %)
This marks three consecutive days of losses for the major indexes, as market optimism around further rate cuts gives way to caution in the face of stronger economic data.
Stocks on the Move
Technology
Intel (INTC) jumped ~8.8 % after reports surfaced of early-stage investment talks with Apple.
Oracle (ORCL) declined ~5.6 % after announcing an $18 billion bond issuance amid cloud growth concerns.
Healthcare / Biotech
IBM (IBM) gained ~5.2 % on news HSBC is leveraging its quantum computing platform to boost trading accuracy.
Energy & Materials
Lithium Americas (LAC) surged strongly again, riding momentum from recent government involvement speculation.
Freeport‑McMoRan (FCX) extended losses (~6.2 %) after cutting production guidance amid mining disruptions.
Consumer
CarMax (KMX) plunged ~20 % after missing Q2 earnings and same-store sales expectations.
KB Home (KBH) turned in solid results though stock slipped ~0.6 %; upbeat margins offset by broader sector pressure.
Industrials
Jabil (JBL) dropped ~6.7 % despite a positive forward outlook, underscoring the market’s sensitivity to any softness in supply chain demand.
Other names grabbing headlines: Starbucks (SBUX) announced a $1 billion restructuring plan and slight same-store sales miss, and Alibaba (BABA) also dipped after weaker sentiment on international investment.
Sector Highlights
Tech & Semiconductors were under pressure as investors took profits and reevaluated growth multiples given higher yields.
Energy, Mining, and Materials held up better, especially names tied to critical minerals and battery inputs.
Consumer & Retail names diverged sharply — standout earnings were punished if guidance disappointed (e.g. CarMax).
Small Caps outsized decline (RUT) showed selling pressure running deeper in smaller names.
Key Takeaways
The market’s third straight loss signals growing fatigue in a rally heavily reliant on Fed policy optimism.
Economic surprises today (durable goods, jobless claims, GDP revisions) pushed yields higher and dampened the pace for further rate cuts.
The strength of key names tied to AI, quantum, batteries, and mining continued to drive headline volatility, rather than macro flows.
Earnings remain a tightrope as upside surprises are no longer immune from being sold into, particularly in stretched sectors.
What to Watch Tomorrow
8:30 AM (ET): Core PCE Price Index (Aug)
Why It Matters - The Fed’s preferred inflation gauge, will influence rate cut expectations.
8:30 AM (ET): Personal Consumption Expenditures (PCE)
Why It Matters - Total PCE for August will accompany core print, watch for divergence.
10:00 AM (ET): University of Michigan Consumer Sentiment (Final, Sep.)
Why It Matters - May offer insight into consumer behavior ahead of holiday season.
Earnings Releases Tomorrow
Pre-Market:
Post-Market:
Earnings slate: Earnings reports across consumer services, retail, and specialty materials.
