Market Updates
U.S. Movers: Coty, Energy Stocks, Instacart, Pinterest
Scott Peters
20 Sep, 2023
New York City
Investors looked ahead to the Fed's rate announcement and its views on the economy, labor market and inflation later in the day.
The S&P 500 index inched up 0.3% to 4,455.56 and the Nasdaq Composite increased 0.04% to 13,684.31.
The yield on 10-year U.S. Treasury edged lower after rising at a high not seen since 2007.
The yield on 2-year Treasury notes hovered near 5.05%, 10-year Treasury notes inched lower to 4.32% and 30-year Treasury bonds edged up to 4.40%.
Instacart declined 4.3% to $32.65 on the second day of trading after the grocery delivery company priced its initial public offering at $30 a share and struggled to hold its early gains on the first day.
The company sold 30 million shares in the public offering but all shares changed hands on the first day of trading, suggesting that stock may face more headwinds in the next few weeks.
Pinterest Inc rose 4.3% to $27.34 after the company forecasted annual revenue growth to accelerate following the slowdown in 2022 and 2023.
The company laid out its future plans in its first investor day On Tuesday.
Coty Inc increased 5.7% to $12.12 after the cosmetic company lifted its full-year 2024 outlook and said comparable sales to grow in the range between 8% and 10% from its previous estimate between 6% and 8%.
Energy stocks were in focus after crude oil prices hovered near its one-year high, but edged lower in today's trading.
ExxonMobil, Chevron, Marathon Petroleum, Hess Corp, Valero Energy, ConocoPhillips and Devon Energy and Kinder Morgan traded mixed and ranged between a gain of 0.6% and a decline of 0.8%.
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