Stocks fell Friday, as investors reacted to signals from the Federal Reserve that it could keep interest rates higher for longer.
These stocks made moves Friday:
Ford
(ticker: F) rose 1.9%,
General Motors
(GM) slipped 0.4%, and
Stellantis
(STLA) gained 0.1% after the United Auto Workers expanded its strike to 38 General Motors and
Stellantis
parts distribution facilities while keeping a more limited work outage at Ford, which has been making progress in negotiations with the union, the UAW said.
Microsoft’s
(MSFT) $75 billion acquisition of
Activision Blizzard
(ATVI) drew closer to being cleared after the U.K.’s antitrust authority said a new restructured deal substantially addresses its concerns over cloud gaming.
Microsoft
shares dropped 0.8%, while
Activision
jumped 1.7%.
American depositary receipts of
Alibaba
(BABA) rose 5%,
JD.com
(JD) gained 2%, and
PDD Holdings
(PDD) climbed 4.1%. A Bloomberg report said China was considering relaxing rules that cap foreign ownership in domestic publicly traded companies.
Squarespace
(SQSP) jumped 4.2% to $28.66 after the e-commerce platform was initiated with a Buy rating at
UBS
and a $40 price target.
Scholastic
(SCHL) sank 13% after the children’s book publisher reported an adjusted loss in the first quarter of $2.20 a share—much wider than analysts’ estimates, which called for a loss of $1.35. Revenue of $228.5 million fell from $262.9 million a year earlier and missed forecasts of $268.8 million.
Scholastic
said it typically reports a loss in the first quarter when schools aren’t in session.
Seagen
(SGEN) shares rose 3.5% after the biotech company announced positive results from a Phase 3 trial for a bladder cancer treatment combination.
United States Steel
(X) rose 2.5% after a report from Bloomberg said
Stelco Holdings,
Canada’s biggest steelmaker, was pursuing a bid for the American steel producer. U.S. Steel rejected a takeover offer from
Cleveland-Cliffs
(CLF) in mid-August.
Deere
(DE) fell 1.8% after the agricultural equipment giant was downgraded to Hold from Buy at Canaccord.
VinFast Auto
(VFS), the Vietnamese electric-vehicle maker, reported a second-quarter loss of $526.7 million, which was 8% narrower than the year-earlier period. The company said it delivered 9,535 vehicles in the second quarter, up from 1,789 a year earlier. The stock declined 0.8%.
Amazon.com
(AMZN) fell 0.2% after the online giant said Friday that it intends to add advertising to Prime Video next year.
Wayfair
(W) finished down 2% to $59.34 after shares of the online furniture retailer were upgraded to Market Perform from Underperform at Bernstein, and the price target was raised to $65 from $60.
Write to Joe Woelfel at [email protected]
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