U.S. Movers: Maplebear, Rocket Lab USA, Walt Disney

Scott Peters
19 Sep, 2023
New York City

Market averages on Wall Street declined ahead of the Federal Reserve's rate decision  and economic forecast on Wednesday. 

The S&P 500 index inched down 0.4% to 4,432.96 and the Nasdaq Composite decreased 0.6% to 13,626.27. 

The yield on 10-year U.S. Treasury bonds edged higher to the level last seen in 2007 as many investors anticipate the Fed to leave its target rate range unchanged between 5.25% and 5.50% at the of two-day meeting on Wednesday. 

The yield on 2-year Treasury notes hovered near 5.07%, 10-year Treasury notes inched slightly higher to 4.33% and 30-year Treasury bonds edged up to 4.41%. 

Rocket Lab USA Inc dropped 18% to $4.12 after the company's uncrewed launched failed in the early hours of Tuesday morning. 

The company confirmed that its 41st Electron rocket launch off the coast of New Zealand failed after two minutes and 30 seconds in flight carrying the Acadia 2 satellite for Capella Space based in San Francisco. 

The company also said it plans to postpone its next space launch and will revise lower its third quarter revenue outlook. 

Rocket Launch had 19 successful launches in a row since May 2021 and is now the second most active rocket launch company in the U.S., trailing only to Space X owned by Elon Musk. 

Maplebear Inc, parent of the delivery service provider Instacart, priced its initial public offering at $30 a share, at the upper end of its price range, and raise about $600 million.

The offering valued the company at $9.9 billion and and just days before PepsiCo agreed to invest $175 million in the delivery service company with an annual revenue of $2.5 billion in 2022 and net profit of $428 million. 

Walt Disney Co decreased 3.2% to $82.23 after the company said in a SEC filing that it plans to double its investment in theme parks and cruise business to $60 billion over the next decade.