Here are the most important news items that investors need to start their trading day:
1. Retreating from records
All three major averages fell Monday, with the Nasdaq Composite and the S&P 500 pulling away from its record high. There were some bright spots for the day, though: Super Micro Computer soared 18% after the company was selected to join the S&P 500 later this month and AI darling Nvidia was up 3%. The overall losses Monday came as the market has, for the most part, been racing higher over the past several weeks. Follow live market updates here.
2. Moving Target
A shopper passes a sign for Black Friday sales at a Target store during a Black Friday sale in Arlington, Virginia, on November 22, 2023.
Andrew Caballero-Reynolds | AFP | Getty Images
Target reported earnings and revenue for the important holiday quarter that topped Wall Street’s expectations, but the company also said it expects weak sales again in 2024. Indeed, the retailer’s comparable sales (which exclude online sales and sales from new stores, among other things) declined for the third quarter in a row, it said Monday. But the company stressed that it’s made progress after getting hit by a drop in discretionary spending as profits from the year-ago quarter grew. Shares of Target were up about 8% in premarket trading.
3. Blue spirits
A JetBlue Airways plane sits on the tarmac at the Fort Lauderdale-Hollywood International Airport on January 31, 2024 in Fort Lauderdale, Florida.
Joe Raedle | Getty Images
Spirit Airlines and JetBlue are ending their agreement to merge, citing regulatory hurdles. The announcement comes weeks after a federal judge blocked JetBlue’s attempted takeover of budget carrier Spirit, saying it would “harm cost-conscious travelers who rely on Spirit’s low fares.” JetBlue made an unsolicited bid for Spirit Airlines nearly two years ago — right after Spirit had announced a different merger agreement with fellow budget airline Frontier. Spirit’s shares fell almost 11% on…
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