Market Updates
U.S. Movers: Clorox, Energy Stocks, Rivian Automotive
Scott Peters
05 Oct, 2023
New York City
Stocks faced headwinds as investors awaited an update on nonfarm payrolls data on Friday and crude continued its weeklong slide on Friday.
The S&P 500 index decreased 0.3% to 4,253.14 and the Nasdaq Composite fell 0.3% to 13,200.32.
The yield on 2-year Treasury notes increased to 5.02%, 10-year Treasury notes inched lower to 4.72% and 30-year Treasury bonds edged down to 4.88%.
Crude oil decreased $0.82 to $83.38 a barrel and natural gas prices increased 6 cents to $3.02 a thermal unit.
Energy stocks continued to decline for the second day in a row.
ExxonMobil, Chevron, Marathon Petroleum, Hess Corp and Occidental Petroleum declined between 1% and 2%.
Rivian Automotive Inc dropped 16.5% to $19.78 after the company said it plans to raise $1.5 billion through the sale of convertible bonds.
The electric vehicle maker also estimated third quarter sales between $1.29 billion and $1.31 billion and reported decline in cash and cash equivalent.
Clorox Co dropped 7.6% to $121.69 after the company forecasted weaker-than-expected fiscal first quarter outlook.
The consumer products maker said that the recent cyber attack costs outweighed benefits achieved through better pricing and supply chain improvements.
On September 25, Clorox began the process of transitioning back to automated order processing, helping the company to increase its shipment and rebuild inventories for retailers.
Net sales in the fiscal first quarter is expected to decline between 28% and 23% from a year ago and diluted loss per share between 75 cents and 35 cents.
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