As we enter the last week of September, the S&P 500 and Nasdaq Composite have experienced declines of 4.2% and 5.9% respectively. Investors are closely watching U.S. inflation data and monitoring Congress negotiations to avoid a government shutdown.
Potential Movers in Today’s Market
In positive news, striking writers have reached a tentative agreement with Hollywood studios after nearly five months of strike. The Writers Guild of America has announced a three-year deal that brings meaningful gains and protections for writers across various sectors. As a result, media stocks are seeing a boost in premarket trading:
- Paramount Global (PARA) experienced a rise of 4.3%
- Warner Bros. Discovery (WBD) saw a jump of 4.4%
- Netflix (NFLX) rose by 0.7%
- Walt Disney (DIS) increased by 0.6%
- Amazon.com (AMZN) slipped less than 1%
Meanwhile, Amazon is making moves by investing up to $4 billion in artificial-intelligence company Anthropic. As part of the investment, Amazon will become Anthropic’s primary cloud provider while maintaining a minority stake in the company.
In other news, Instacart (CART), the grocery-delivery app also known as Maplebear, experienced a 1.6% rise in premarket trading. Wolfe Research initiated coverage of Instacart with a Peer Perform rating and a fair value range of $24 to $42 per share. Additionally, BTIG recently began covering Instacart with a Neutral rating. Despite a strong initial trading debut where shares opened at $42, Instacart shares have been falling since then.
Finally, earnings reports are expected this week from various companies, including:
- Thor Industries (THO), the recreational-vehicle maker
- Costco Wholesale (CSCO)
- Micron Technology (MU)
- Nike (NKE)
- Carnival (CCL)
- Paychex (PAYX)
- Jefferies Financial (JEF)
- Accenture (ACN)
- Jabil (JBL)
- CarMax (KMX)
- BlackBerry (BB)
Make sure to stay updated on the latest market developments.
