The stock market was little changed midday. The S&P 500 lost 0.05% and the tech-heavy Nasdaq Composite added 0.03%. The Dow Jones Industrial Average dropped 0.3%, while the Russell 2000 Index rose 0.27%.
The Shanghai Composite Index climbed 8.06% on September 30, marking the best daily performance since 2008.
Related: Stock Market Today: Middle Kingdom mania, Stellantis disaster, Port strike looms
Trending stocks:
Budget-friendly retailers Dollar Tree and Dollar General lost more than 3% midday, both of which were among the top five S&P 500 losers.
Nvidia lost nearly 1% after Bloomberg reported a potential pullback from Chinese firms. Tesla, Microsoft, and Amazon were down midday, while Apple, Alphabet, and Meta Platforms were up.
CVS stock is down nearly 22% year to date, while the S&P 500 index is up more than 20%.
S&P 500 big stock movers today
Five S&P 500 stocks making big midday moves are:
FedEx (FDX) +2.6% Dayforce (DAY) +2.1% Jacobs Solutions (J) +2.0% Intuitive Surgical (ISRG) +1.9% Apple (AAPL) +1.9%
The worst-performing five S&P 500 stocks with the largest midday drop are:
Dollar Tree (DLTR) -3.5% General Motors (GM) -3.5% Dollar General (DG) -3.2% Carnival (CCL) -3.2% Universal Health Services (UHS) -3.2%
Stocks also worth noting include:
Nvidia (NVDA) -0.8%Tesla (TSLA) -0.2%CVS (CVS) +1.5%Micron (MU) -3.2%Nio (NIO) +6.9%
CVS Health gains on potential activist push
CVS Health added 1.5% after The Wall Street Journal reported that Glenview Capital, a major CVS Health shareholder, was set to meet with company leadership to propose solutions for the struggling business, potentially signaling an activist push.
The hedge fund, which also has stakes in Centene and Teva Pharmaceuticals, has built a sizable position in CVS, according to a source.
Related: Another troubled drugstore chain files for Chapter 11 bankruptcy
In the latest earnings report in August, CVS cut its full-year guidance, the third consecutive quarter that the company has lowered its outlook. It also announced plans to cut $2 billion in costs over several years.
CVS stock is down nearly 22% year to date, while the S&P 500 index is up more than 20%.
Carnival falls despite earnings beat
Carnival stock lost 3% after the company posted fiscal third-quarter earnings.
For the quarter ended August 31, the cruise operator reported earnings of $1.27 per share, beating forecasts of $1.17. Revenue of $7.9 billion also beat the $7.82 billion estimate.
Related: Analysts retool Carnival stock price targets ahead of earnings
“We delivered a phenomenal third quarter, breaking operational records and outperforming across the board. Our strong improvements were led by high-margin, same-ship yield growth, driving a 26 percent improvement in unit operating income, the highest level we have reached in fifteen years,” Carnival’s chief executive Josh Weinstein said. “We are poised to deliver record operating performance for full year 2024.”
However, the company’s fourth-quarter guidance fell short of expectations, with projected earnings of $0.05 per share versus the $0.07 estimate and an expected adjusted EBITDA of $1.14 billion, slightly below the $1.16 billion forecast.
Nvidia drops on expected shift from Chinese firms
Nvidia shares declined 0.8% after a Bloomberg report on Friday revealed that Chinese regulators have been advising companies to avoid purchasing Nvidia’s H20 chips.
Related: Nvidia’s CEO Jensen Huang sold a ton of stock this year
According to Bloomberg’s source, this policy comes as informal guidance rather than a direct ban, as Beijing aims to support its own AI business and avoid heightening tensions with the U.S.
More Tech Stocks:
Analysts revise Corning stock price targets after investor meetingAnalyst revamps Salesforce stock price target after conferenceAnalysts praise groundbreaking Tesla rival, preview robotaxi event
The U.S. government banned Nvidia from selling its top AI processors to China in 2022 to curb Beijing’s tech growth. Nvidia CEO Jensen Huang said the company is working to support its Chinese customers while complying with U.S. policies.
“We have a lot of customers there that depend on us, and we’ll do our best to support them,” Huang said in a Bloomberg interview.
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