- The S&P 500 Index lost 0.2% on on Sept. 19, 2023, as investors expressed fresh worries that the Fed will once again raise interest rates this year even if policymakers announce a pause in their hiking cycle tomorrow.
- Disney announced it will spend $60 billion to expand its theme parks and cruises, and shares tumbled.
- Shares of Enphase Energy and other solar stocks advanced after an Enphase director bought $4 million worth of its stock.
U.S. equities fell, with the S&P 500 slipping 0.2%, ahead of tomorrow’s Federal Reserve decision on interest rates. The market lost ground on worries that while policymakers likely won’t increase borrowing costs this time, they’ll need to do so later in the year to bring down inflation.
Walt Disney (DIS) shares lost 3.6% as the entertainment giant said it would be spending $60 billion to expand its theme parks and cruises.
Deere & Company (DE) shares sank 3% after Evercore ISI downgraded the stock and lowered its price target on concern about cuts in agricultural production.
Amazon (AMZN) shares declined 1.7% as Mastercard estimated overall holiday sales this year would be less than half of what they were last year, and the online retailing giant announced it was raising pay for holiday workers.
MGM Resorts International (MGM) shares tumbled 2.7% with the hotel and casino operator still struggling from the effects of last week’s cyber attack, as well as on a report that it may lose its chance to win casino licenses in New York City because of a bookmaking scandal.
Cboe Global Markets (CBOE) shares jumped 2.8%, hitting a record high, after the exchange operator chose board member Fredric Tomczyk to be CEO following the resignation of Edward Tilly, who left after failing to report he had personal relationships with colleagues.
Royal Caribbean Group (RCL) shares added 2.5% after Truist upgraded the stock and boosted the price target, pointing to positive trends for the cruise industry.
Enphase Energy (ENPH) shares jumped 4.2% on word director Thurman Rodgers bought more than $4 million worth of stock. Shares of other solar power companies also advanced.