Today’s stock market: real-time updates

this 10-year Treasury bond Yields fell below the psychologically important 4% level on Thursday as the manufacturing sector fell deeper into contraction and expectations grew that the Federal Reserve would start cutting interest rates.

The yield on the benchmark debt instrument fell to 3.975% in early trading, down nearly 13 basis points, or 0.13 percentage points. The bond has not traded below 4% since early February.

This is because Institute for Supply Management The report said the index measuring U.S. manufacturing activity in July slipped to 46.8%, down 1.7 percentage points from June and below the Dow Jones forecast of 48.9%.

With the report, traders raised their bets on the Federal Reserve to cut interest rates this year. They increased the odds of a rate cut at the three remaining Federal Open Market Committee meetings this year and raised the chance of a one percentage point cut to around 20%, according to CME Group. Fed Watch An indicator for pricing 30-day federal funds futures contracts.

—Jeff Cox

Shares Modern The company’s second-quarter revenue beat estimates but it slashed its full-year sales forecast, sending its shares down more than 16%.

The biotech noted lower expected sales in Europe, Respiratory vaccines In the U.S., international revenue could be delayed until 2025. Moderna now expects full-year product revenue to be between $3 billion and $3.5 billion, down from its previous forecast of $4 billion.

For more information on Moderna’s earnings, read here.

—Pia Singh, Annika Kim Constantino

Shares Ferrari Shares of the automaker rose 5% in premarket trading after it beat Wall Street’s second-quarter expectations and raised its financial outlook for the year.

Luxury sports car manufacturer Reported adjusted earnings per share In the second quarter, the company reported adjusted earnings per share of 2.29 euros on net revenue of 1.71 billion euros. Wall Street was expecting adjusted earnings per share of 2.08 euros on revenue of 1.61 billion euros, according to average estimates compiled by the London Stock Exchange.

Ferrari shipped 3,484 vehicles in the April-June quarter, up 2.7% from the second quarter of 2023.

The company’s new raised outlook for this year includes net revenue of more than 6.55 billion euros, up from 6.4 billion euros last year; adjusted EBITDA of 1.82 billion euros, or adjusted earnings per share of more than 7.9 euros, up from 1.77 billion euros last year; or adjusted earnings per share of 7.5 euros.

Economic data on Thursday showed a sharp increase in the number of people filing for unemployment benefits last week, while a gauge of labor costs unexpectedly fell.

The U.S. Department of Labor reported that initial claims for unemployment insurance totaled 249,000, an increase of 14,000 in the week ending July 27. This was the highest level since August 2023 and higher than the Dow Jones forecast of 235,000.

Continuing claims, lagging one week, increased to 1.877 million, the highest level since November 27, 2021.

In other news, the U.S. Bureau of Labor Statistics reported that unit labor costs, a measure of wages and productivity, rose just 0.9% in the second quarter, below expectations for a 1.7% increase. Over the past four quarters, unit labor costs have risen just 0.5%, the smallest increase since the third quarter of 2019.

– Jeff Cox Oct 14 ’17 at 14:25

Check out some of the companies making headlines in pre-market trading.

• Hershey’s — The chocolate maker reported second-quarter results that missed analyst expectations, sending its shares down 7% premarket. The company earned $1.27 a share on revenue of $2.07 billion. Analysts polled by LSEG expected earnings of $1.43 a share on revenue of $2.31 billion. “Today’s operating environment remains dynamic as consumers reduce discretionary spending,” CEO Michele Buck said in a statement.

• Amazon — Shares of the e-commerce giant rose about 2% after the close Thursday ahead of its second-quarter results. Analysts polled by FactSet forecast earnings of $1.03 per share on revenue of $148.6 billion.

• Etsy — The e-commerce stock fell more than 1% after reporting mixed quarterly results. Etsy’s revenue beat expectations, but adjusted earnings per share of 41 cents fell short of the 45 cents-per-share consensus estimate, according to LSEG.

Read the full list here.

– Brian Evans Oct 14 ’17 at 14:25

Staffing firm Challenger, Gray & Christmas reported Thursday that the number of layoffs announced last month was the most in July so far in 2020.

Planned layoffs totaled 25,885 that month, down 47% from June but up 9% from the same period last year.

So far this year, companies have announced 460,530 layoffs, down 4.4% from the same period in 2023 but the third-highest level since 2009, according to Challenger.

—Jeff Cox

Shares Hershey’s Shares of the chocolate maker fell 7% in premarket trading after the company reported second-quarter results that missed analysts’ expectations.

The company earned $1.27 a share on revenue of $2.07 billion. Analysts polled by LSEG expected earnings of $1.43 a share on revenue of $2.31 billion.

“Today’s operating environment remains dynamic, with consumers pulling back on discretionary spending,” Chief Executive Michele Buck said in a statement.

although S&P 500 Last week, the U.S. stock market experienced its first 2% correction in nearly a year. Bank of America remains optimistic about the future trend of the stock market. This may be a “consolidation phase within the bull market, but it is not the end of the bull market. Instead, things are just beginning to improve for the broader corporate sector.”

– Fred Ebert Oct 29 ’17 at 14:25

Joe Kalish of Ned Davis Research said the Fed is ready to cut rates next month based on Wednesday’s statement and press conference.

“The Fed is preparing for a rate cut in September, as evidenced by the statement revisions being close to our expectations,” wrote Kalish, the firm’s chief global macro strategist.

“What the Fed didn’t say is that they are more confident that inflation is moving toward their target. That will change when they actually cut rates,” he added. However, Fed Chairman Jerome Powell “acknowledged that they have gained additional confidence and that a September rate cut is ‘on the table’ if the data holds up at recent levels.”

– Fred Ebert Oct 29 ’17 at 14:25

Jeffrey Gundlach, founder of DoubleLine, said market participants should expect the Federal Reserve to cut interest rates by 150 basis points next year.

For reference, the total reductions he suggested would leave the benchmark interest rate between 3.75% and 4%. Unchangedcurrently 5.25% to 5.5%.

“I think we’re going to see about 150 basis points of rate cuts,” Gundlach said on CNBC. “That’s my base case for rates over the next year.”

— Alex Haring, Scott Schnipper

Gold futures rose 0.9% on Wednesday (December) to a new high of $2,473 an ounce, Federal Reserve Chairman Jerome Powell said. The central bank may start cutting interest rates in September If inflation data continues to cool.

Gold prices rose 5.7% at the end of July, the fourth gain in five months for the precious metal, bringing its year-to-date gain to 19.4%. Adjusted for inflation, the all-time high for gold remains $3,461 an ounce, set in January 1980, during the final year of then-President Jimmy Carter’s term.

—Gina Francola and Scott Schnipper

Here are the stocks making the biggest gains in after-hours trading:

• Meta Platform — Shares of the social media giant rose 7%. Meta Platforms Revenue and earnings beat expectations In the most recent quarter, earnings per share were $5.16 on revenue of $39.07 billion.
• Arm Holdings — Shares of the U.K.-based semiconductor company fell about 13 percent on uncertainty over its outlook. Arm forecast 2019 adjusted earnings per share of between 23 cents and 27 cents. Second fiscal quarterwhile analysts expected earnings of 27 cents per share, according to LSEG.
• Teladok — The company’s second-quarter revenue performance fell short of expectations, sending its shares down more than 15%.

See the full list of stocks moving after the close here.

— Samantha Subin

Stock futures were set to open higher Wednesday evening as Wall Street assessed the latest batch of earnings reports.

this S&P 500 Futures Meta Platforms shares rose 0.3%, boosted by strong results from the company. Nasdaq 100 Futures rose by 0.5%, while Dow Jones Industrial Average An increase of 40 points, or 0.1%.

— Samantha Subin