The S&P 500 rose 12 points and the SPDR S&P 500 ETF (SPY) gained $1.30, while the Dow increased 163 points and the Nasdaq climbed about 58 points. Markets priced in an 87% chance of a Federal Reserve rate cut, supported by lower-than-expected US PCE inflation of 2.8% for September and reports that job cuts have exceeded one million year-to-date. Netflix agreed to buy parts of Warner Bros. Discovery for $72 billion, including Warner Bros. film studio and HBO Max, with the transaction to close after a planned spin-off of Discovery Global. Netflix shares slipped below $100. Morgan Stanley upgraded MP Materials to overweight with a $71 price target amid rare-earth supply concerns.
"The S&P 500 is up 12 points, pulling the SPDR S&P 500 ETF ( SPY) up $1.30. The Dow is up 163 points, while the tech-heavy Nasdaq is up about 58 points. Driving markets higher are hopes for another rate cut next week. In fact, markets are pricing in an 87% chance of a rate cut, according to CME FedWatch. While we won't see payroll numbers until after the Federal Reserve's meeting on October 10,"
"Netflix ( NASDAQ: NFLX) just announced it would buy parts of Warner Bros Discovery ( NASDAQ: WBD) for $72 billion, or $27.75 per WBD share. "The transaction is expected to close after the previously announced separation of WBD's Global Networks division, Discovery Global, into a new publicly-traded company, which is now expected to be completed in Q3 2026," according to the press release. Netflix will acquire Warner Bros. film studio and streaming service, HBO Max."
Read at 24/7 Wall St.
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