Significant S&P 500 Movers on Friday
Posted 2 hours and 23 minutes ago
Decliners
- Shares of chip design software company Synopsys (SNPS) and Teradyne (TER) saw a decline of about 9%. Similarly, Advanced Micro Devices (AMD) and Microchip Technology (MCHP) dropped nearly 8%, marking a tough day for semiconductor stocks. AI leader Nvidia (NVDA) closed down almost 5% after reaching a new intraday peak prior to Trump’s remarks.
- Tesla (TSLA) and Amazon (AMZN) experienced a roughly 5% drop as the tech sector faced broad losses, with consumer staples being the only sector to show gains.
Advancers
- PepsiCo (PEP) shares surged nearly 4%, topping the S&P 500’s performance after the company reported stronger-than-anticipated quarterly results and appointed a new CFO. Growth in international markets counterbalanced declining volumes in North America.
- Auto parts retailers made a recovery after a week of substantial losses linked to First Brands’ Chapter 11 bankruptcy. AutoZone (AZO) shares rose by 2.7% after announcing a $1.5 billion stock repurchase authorization. O’Reilly Automotive (ORLY) saw a 2.4% increase as well.
Major Stock Indexes Close with Weekly Losses After Friday’s Decline
Posted 4 hours and 17 minutes ago
Initially, both the S&P 500 and Nasdaq were on course for weekly gains, but that changed by Friday.
All three major indexes, including the Dow Jones Industrial Average, finished lower for the week after sharp declines on Friday.
Weekly performance saw the Dow drop 2.7%, the S&P 500 by 2.4%, and the Nasdaq by 2.5%. This has occurred for the second time in three weeks that all three ended the week in the red.
For the year, the Nasdaq continues to lead with returns above 15%, while the S&P 500 and Dow are up nearly 12% and more than 7% respectively.
Kalshi’s Valuation Doubles to $5 Billion in Just Three Months
Posted 5 hours and 18 minutes ago
The prediction market sector is experiencing remarkable growth, with companies like Kalshi seeing significant increases in valuation.
Recent funding brought Kalshi’s valuation to $5 billion, up from $2 billion in June, with contributions from notable investors such as Sequoia Capital and Coinbase Ventures.
Kalshi reported trading volumes exceeding $1 billion in the week ending October 6, a substantial increase compared to $300 million last year. Its market share skyrocketed from 3% last year to more than 60% as of September.
Kalshi, which began operations in the U.S. in 2021, is now expanding into over 140 countries, while its competitor Polymarket is also set to relaunch in the U.S.
Consumer Sentiment Remains Steady Despite Shutdown Concerns
Posted 5 hours and 44 minutes ago
Despite the ongoing federal shutdown, consumers have shown little concern as indicated by the Michigan Consumer Sentiment Index, which stood at 55.0 for early October, slightly down from 55.1 in September.
This figure is the lowest recorded since May when sentiments were affected by Trump’s tariff announcements, although economists expected a more significant drop.
The survey revealed slight improvements in perceptions of the current economic situation, yet expectations for future conditions saw a decline.
According to survey director Joanne Hsu, the overall outlook remains consistent, with minimal evidence of the shutdown affecting consumer sentiments so far.
Trump Threatens to Increase Tariffs on China
Posted 5 hours and 56 minutes ago
The trade tensions between the U.S. and China escalated as President Trump hinted at raising tariffs due to restrictions on rare earth minerals critical for tech manufacturing.
In a social media post, Trump expressed doubt about a planned meeting with Chinese President Xi Jinping and threatened further tariffs following China’s actions to limit exports of these minerals.
This situation poses a risk to trade negotiations and could reignite a trade war, which had only recently seen a truce.
Trump emphasized that based on China’s moves, the U.S. would have to react financially with potential tariffs increase on Chinese goods.
Levi Strauss Faces Stock Decline Despite Strong Earnings
Posted 6 hours and 16 minutes ago
Levi Strauss (LEVI) saw its shares decline due to a cautious outlook for the current quarter amid tariff impacts.
The CFO announced an expected drop in fourth-quarter gross margins due to new duties and other adjustments, leading to lower earnings forecasts than analysts had predicted.
Despite a strong third-quarter earnings report surpassing estimates, the cautious guidance overshadowed positive results, with shares dropping 12% during trading sessions.
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