The S&P 500 experienced a slight decline of 0.27% as markets closed on 09-29-2023. The Dow Jones Industrial Average also saw a downturn, finishing 0.47% lower. However, the Nasdaq Composite managed to rise by 0.14%. The 10-year Treasury yield fell 0.33% to 4.581.
Next week's market activity is expected to be influenced by several key events. Options trading volume on WeWork (WE, Financial) and Syndax Pharmaceuticals (SNDX, Financial) is higher than normal, indicating potential volatility. The week's conference schedule includes events such as the Chardan Genetic Medicines Conference and the UBS Mobility Virtual Conference. Investors will also be closely watching updates on deliveries from Tesla (TSLA, Financial), Nio (NIO, Financial), XPeng (XPEV, Financial), Rivian Automotive (RIVN, Financial), Fisker (FSR, Financial), Li Auto (LI, Financial) and Lucid Group (LCID, Financial). Quarterly sales reports from General Motors (GM, Financial), Ford Motor (F, Financial), and Toyota (TM, Financial) will also be under scrutiny.
AT&T (T, Financial) declared a $0.2775/share quarterly dividend, in line with previous declarations. The company's forward yield stands at 7.39%, payable on November 1. AT&T leads in dividend yield, although it lags in dividend consistency.
BP's (BP, Financial) top executive in the U.S., Dave Lawler, is set to leave the company, according to a report by Financial Times. Lawler, who has served as Chair and President of BP Americas since July 2020, is reportedly leaving to pursue other interests. His departure comes just weeks after the resignation of global CEO Bernard Looney.
Albertsons (ACI, Financial) saw a slight decline of 0.5% amid a report that the Federal Trade Commission is likely to challenge Kroger's (KR, Financial) planned almost $25 billion acquisition. The combination is likely to be challenged, according to an Axios Pro report.
BlackRock (BLK, Financial) CEO Larry Fink stated on Friday that he sees "some very large opportunities for inorganic growth," indicating he's open to more big acquisitions. The company has been bolstering its private markets business as it pushes further into alternative investments.
Exxon Mobil (XOM, Financial) and partner Hess (HES, Financial) announced they have withdrawn from the deepwater Kaieteur exploration block offshore Guyana after their first well in the block was declared to be non-commercial.
Intel (INTC, Financial) shares rose nearly 2% on Friday after the semiconductor giant announced that its new fab in Ireland has started high volume extreme ultraviolet lithography production.
Bank of America reiterated a Buy rating on The Walt Disney Company (DIS, Financial) on Friday as the outlook for next year looks more positive than the present. The return of Bob Iger as chief executive officer is expected to shift focus from restructuring and toward driving sustainable long-term growth.
Private equity firm Carlye Group (CG, Financial) is reportedly in talks to purchase a majority stake in two medical device businesses of Medtronic Plc (MDT, Financial) for more than $7 billion.
Amazon (AMZN, Financial) has been accused by a regional director of the National Labor Relations Board of violating a settlement with the body. The complaint states that Amazon is not abiding by a 2021 settlement that requires it to let workers stay on company property after their shifts to organize.
Walgreens Boots Alliance (WBA, Financial) is reportedly looking to add former Cigna (CI, Financial) executive Tim Wentworth as the company’s next chief executive officer.
Contemporary apparel designer Guess? (GES, Financial) announced that Maurice Marciano was retiring from the company’s board of directors.
Hedge fund manager Bill Ackman (Trades, Portfolio), CEO of Pershing Square Capital Management, stated that the key to success in a high-interest rate environment is owning businesses that have pricing power.
Dan Loeb, the hedge-fund manager whose firm Third Point oversees $11.7 billion, has reportedly faced requests from some investors to give them back their money after losses.
The psychedelics drugs market, currently in its relative infancy, is set to surge by 2029, when it will be worth $7.2B globally. This growth is due in part to regulatory developments, including recent guidance from the FDA.
AbbVie (ABBV, Financial) announced that its FDA-approved blood cancer therapy venetoclax did not reach the primary endpoint in a Phase 3 trial for patients with multiple myeloma as a late-line combination regimen.
The United Auto Workers union called on an additional 7K members to go on strike at noon on Friday. The expansion of the strike will see a Ford (F, Financial) Chicago assembly plant and General Motors (GM, Financial) plant in Lansing, Michigan added to the plants impacted.
