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Here's what CNBC TV's producers were watching as stocks slid on Thursday, and what's on the radar for the next session.
Jobs report on deck
- Ahead of Friday's jobs report, major indexes are all on pace to snap 3-week winning streaks.
- The S&P 500 and Dow Industrials posted record closes on Monday. Both are down 0.7% so far this week.
- The Nasdaq Composite hasn't set a record close since July 10. It's down 1.1% this week.
- Economists polled by Dow Jones expect the U.S. added 150,000 jobs in September versus 142,000 in August. The unemployment rate is expected to hold steady at 4.2%.
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Energy gains
- On an otherwise down day for stocks, the energy sector bucked the trend. The Energy Select Sector SPDR Fund (XLE) was up nearly 1.8% Thursday and is up 5.9% this week.
- Every member of the XLE was up Thursday, with the biggest winners Valero Energy, up 6.2%, Marathon Petroleum, up 5.7%, and Diamondback Energy, up 3.9%.
- West Texas Intermediate crude oil futures were up 5.2%, its best day in nearly a year.
The S&P 500's top performer
- The S&P 500's best performer this year added to its gains on Thursday... and it's not who you may think.
- Vistra Corp jumped about 5.7% to another all-time high. Shares are up 75% in the past month and a whopping 244% in 2024.
- The S&P 500's No. 2 stock, Nvidia, is up 148% year to date.
- Constellation Energy (+137%) and Palantir (+128%) are the only other two S&P stocks that have more than doubled this year.
Amazon losing streak
- The tech giant posted its seventh straight negative session on Thursday, its longest losing streak since September 2023.
- Amazon shares are down 6.2% in that period.
- The stock is still up almost 20% this year.
Tesla tumbles
- Shares of Tesla fell for a third straight day, and now on pace for their worst week since April.
- The stock is down 8% since Monday's close and is now down 3% for the year.
- Shares of General Motors and Ford are struggling this week, each down about 3% in the period.
Meta magic
- Shares of the Facebook parent rose 1.7% Thursday and closed at a fresh all-time high.
- Meta Platforms shares are up nearly 14% over the past month and nearly 65% this year.
Weight loss drug shortage is over
- The U.S. Food and Drug Administration removed Eli Lilly's weight loss and diabetes drugs from its shortage list late Wednesday.
- Lilly, which makes Mounjaro and Zepbound, saw shares down 0.6% on Thursday.
- Novo Nordisk, the maker of competing Wegovy and Ozempic, was down 1.2%.
- Meanwhile shares of Hims & Hers, which offers compounded GLP-1 treatments, dropped 9.6%.
China rally cools
- The recently red-hot China trade took a bit of a breather Thursday with the iShares China Large-Cap ETF (FXI) down nearly 2.8%, the iShares MSCI China ETF (MCHI) down 2.6% and the KraneShares CSI China Internet ETF (KWEB) down 3%.
- But the funds have been on a tear since Chinese officials started rolling out stimulus measures last week.
- The FXI and MCHI are both up about 33% in the past month.
- The KWEB is up 46% in a month.
- JD.com is up 67% in a month.
- Pinduoduo is up 56% in a month.
- Alibaba is up 37% in a month.
- Baidu is up 31% in a month.
- Tencent is up 23% in a month.
Q3 earnings season coming up
- Next week marks the start of Q3 earnings season with Delta Air Lines, PepsiCo and several big banks on the calendar.
- Pepsi reports Tuesday before the bell. Shares are up 3.7% in the last three months.
- Delta reports Thursday before the bell. Shares are up 0.2% over the past three months.
- JPMorgan Chase and Wells Fargo come out Friday morning. JPM is down 1.7% and WFC down 9.4% in the past three months.
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