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Market Wrap

The S&P 500 ekes out a gain with almost no help from megacap tech

Despite five of the Mag 7 stocks closing lower, the S&P 500 managed to post a gain after struggling for direction.

Tasha Matsumoto

Investors were optimistic about the government reopening and an end to delays on economic data. Though Microsoft and Nvidia were the only Mag 7 stocks to close higher, the S&P 500 managed to post a gain. The Nasdaq 100 and the Russell 2000 fell. For anyone who cares about a price-weighted index of 30 arbitrary blue-chip companies, the Dow Jones Industrial Average posted a second consecutive record close.

SPDR Gold Shares ETF rose as many volatile retail darlings were crushed, and the hot momentum-seeking money seems to be flowing out of those speculative pockets of the market and back into gold.

Stocks that moved higher:

Stocks that moved lower:

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Goldman: “We see three main areas of risk” for the market

If fresh data on the state of the US economy starts to confirm slowdown fears, buckle up.

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Assets tied to the riskiest parts of the market and the economy are getting dumped in unison

If you’re looking for things to worry about, this combination of risk appetite souring on thematic, volatile stocks at the same time as companies that are in the business of giving money to less creditworthy companies should probably be near the top of the list.

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Lucid continues its autumn rout, hitting a fresh all-time low following a price target cut by Stifel

It’s been a rough 48 days for luxury EV maker Lucid, which fell to a fresh all-time low on Monday following a price target cut by analysts at Stifel.

Stifel lowered its Lucid price target to $17, from $21, with analyst Stephen Gengaro writing that the company will likely require additional capital over the next few years. According to Stifel’s note, published Monday, Lucid’s production is improving but it’s still in the “prove-it-to-me” stage, and vehicles that could elevate sales volumes are “likely two years away.”

Last week, Lucid announced that it plans to raise $875 million through a private offering of convertible senior notes due in 2031. The company lowered its production outlook and reported negative free cash flow of $955 million in its third quarter.

Since the end of the EV tax credit on September 30 — which Lucid’s pricey vehicles only qualified for through leasing loopholes — its shares are down more than 40%. Zooming out, Lucid’s stock has shed 98% of its value from its 2021 highs amid peak electric vehicle optimism.

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JPMorgan analysts, on the other hand, have a much different view.

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