- U.S. equities rose on Sept. 14, 2023, with the S&P 500 Index adding 0.8%, after positive economic news and a successful IPO by British chip designer Arm.
- Shares of cruise lines soared as an analyst said the industry slump caused by the COVID-19 pandemic was over.
- HP shares slumped on reports Warren Buffett's Berkshire Hathaway sold off part of its stake in the PC and printer maker.
U.S. equities posted solid gains, with the S&P 500 up 0.8%, following reports showing August retail sales rose more than anticipated and core wholesale inflation came in as expected. That boosted optimism that strong consumer spending will continue to power economic growth while inflation holds steady. Also lifting confidence was a strong initial public offering (IPO) from semiconductor design firm Arm.
Almost every stock in the Dow advanced. Shares of Norwegian Cruise Line Holdings (NCLH) climbed 5.7%, and Carnival Corporation (CCL) shares added 4%, on upgrades from Redburn Atlantic, which said the cruise industry slump caused by the COVID-19 pandemic was over.
An upgrade from Wolfe Research sent Etsy (ETSY) shares 3% higher. Analysts there pointed to a rebound in consumer spending and other factors that will help lift the stock.
Shares of Carmax (KMX) picked up 4%, and Carvana (CVNA) shares soared 13.5%, on expectations that used car dealers would benefit from a strike against the Big Three automakers by the United Auto Workers Union.
Visa (V) shares tumbled 2.6% after the credit card and payments company announced it would consider letting banks sell their Class B shares.
Netflix (NFLX) shares dropped almost 3%, down for a second-straight day after CFO Spencer Neumann warned about the impact of the Hollywood strikes on the streaming service’s business.