S&P 500 Gains and Losses Today: Index Jumps After Economic Data, Arm IPO

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.

Shares of AT&T (T) rose 3% after the company’s CFO gave updated guidance for free cash flow. 

Visa (V) shares tumbled 2.6% after the credit card and payments company announced it would consider letting banks sell their Class B shares.

HP (HPQ) shares dropped almost 2% after Warren Buffett’s Berkshire Hathaway (BRK.A) reduced its stake in the PC and printer maker.

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.