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Traders work on the floor of the New York Stock Exchange during afternoon trading on October 03, 2024 in New York City.
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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
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.
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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.
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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
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.