Top Movers of the Day

The S&P 500 Index ($SPY(SPY)) saw its fourth consecutive gain on Thursday, nearing a full recovery from September's losses, driven by a broad rally across most sectors despite mixed inflation data. The Producer Price Index (PPI) for August showed a 0.2% rise in wholesale prices, meeting expectations, but core PPI, excluding food and energy, rose 0.3%, slightly above forecasts. This, combined with Wednesday's Consumer Price Index (CPI) report, has solidified expectations for a smaller, cautious rate cut by the Federal Reserve next week.

Treasury yields rose slightly, with the 10-year note ending at 3.69%, but remained near recent lows. Market volatility eased, as reflected by the Cboe Volatility Index (VIX) falling below 17. Despite positive momentum, sectors like utilities and real estate underperformed, while communication services, energy, and technology sectors led the rally.

Investors remain cautious ahead of next week's Federal Open Market Committee (FOMC) meeting, where the Fed is expected to cut rates for the first time since 2020. Meanwhile, the European Central Bank cut rates by 25 basis points, with other major central banks like the Bank of England and Bank of Japan set to announce their decisions next week. Additional data, including consumer sentiment and inflation expectations, is also anticipated, which could influence market sentiment further.

Here are the top movers of the day:

• Kroger ($KR(KR)): Shares increased by 7.2% after reporting mixed Q2 results with earnings beating expectations but revenue falling short.

• Petco ($WOOF(WOOF)): Shares surged 11.3%, building on a 33% post-earnings rally from the previous day.

• Moderna ($MRNA(MRNA)): Stock dropped 12.4% after announcing plans to cut $1.1 billion in expenses by 2027, while also planning to launch 10 new products but halting work on some pipeline projects.

• Gilead Sciences ($GILD(GILD)): Shares gained 2.7% after positive results from a Phase 3 trial for its HIV prevention drug Lenacapavir, showing a 96% infection reduction.

• Roku ($ROKU(ROKU)): Stock rose 5.7% after Wolfe Research upgraded it, citing potential for sales growth due to cost-cutting and new strategies.

• Oracle ($ORCL(ORCL)): Shares climbed 2.7% after Bernstein named it a top investment idea, citing diverse offerings and revenue growth.