Important points
The S&P 500 fell 0.2% on Thursday, October 10, 2024, after the latest inflation data was higher than expected. First Solar shares fell after a Jefferies analyst said various delays could dampen the solar company’s sales volume this quarter. CrowdStrike stock moved in price. The stock price rose after RBC Capital included the cybersecurity company among its top stocks in the software sector.
Major U.S. stock indexes stalled after the latest Consumer Price Index report showed a stronger-than-expected rise in prices in September due to higher food prices.
In addition to weighing on household budgets, high inflation data could constrain the Federal Reserve as policymakers consider further rate cuts.
On Thursday, the S&P 500 was down 0.2% and the Dow was down 0.1%. Both indexes retreated from their record closes recorded in the previous session. The tech-heavy Nasdaq also fell, but had a slightly better result, closing with a minimum daily loss of less than 0.1%.
Shares of solar panel manufacturer First Solar (FSLR) fell 9.3%, the most among S&P 500 stocks, after Jefferies lowered its price target from $271 to $266. Research analysts warned of potential delays that could dampen First Solar’s trading volumes this quarter and in the future. Other solar industry stocks also fell, with shares of solar technology company Enphase Energy (ENPH) falling 5.8%.
Semiconductor maker Advanced Micro Devices (AMD) unveiled a new artificial intelligence (AI) chip on Thursday at the Advancing AI 2024 event in San Francisco. The company’s stock fell 4%, with some analysts saying the company’s presentation may not have been enough to convince investors that its new products can compete with Nvidia’s (NVDA) AI chips. he suggested.
Shares of Generac Holdings (GNRC), a provider of home generators and other power solutions, fell 3.5% as Hurricane Milton passed through Florida. Thursday’s decline reversed some of the gains stocks had made before the storm.
The best performer of the day on the S&P 500 was shares of cybersecurity company CrowdStrike Holdings (CRWD), which rose 5.6% after RBC Capital included it in its list of top stocks in the software sector. Analysts believe the company is successfully moving past the July incident in which a flawed software update caused widespread IT outages around the world.
Shares of fertilizer maker Mosaic (MOS) rose 4.4%. Mosaic, based in Tampa, Florida, faced uncertainty about the potential impact of Hurricane Milton on its operations. The company announced Thursday that it will begin assessing the storm’s impact as soon as conditions permit.
Micron Technology (MU) stock rose 3.9%. AMD’s AI event may not have generated much enthusiasm from investors, but the company’s new chips have more memory than previous products, highlighting the importance of high-bandwidth memory in AI processes. It is emphasized. Micron, which makes memory chips, is a partner of AMD.
