The stock market is trading higher midday. The S&P 500 gained 0.53% and the tech-heavy Nasdaq Composite added 0.84%. The Dow Jones Industrial Average added 0.42%. The Russell 2000 Index rose 1.4%.
Nonfarm payrolls added 254,000 jobs in September, well above the 150,000 expected by economists polled by Dow Jones. The unemployment rate fell to 4.1%, below the anticipated 4.2%.
S&P 500 big stock movers today
Five S&P 500 stocks making big upside midday moves are:
- Amentum Holdings AMTM +7.2%
- Albemarle (ALB) +6.1%
- Vistra (VST) +5%
- American International (AIG) +4.8%
- Deckers Outdoor (DECK) +4.7%
The worst-performing five S&P 500 stocks with the largest midday drops are:
- Equifax (EFX) -3.9%
- Lennar (LEN) -3.6%
- D.R. Horton (DHI) -3.6%
- Extra Space Storage (EXR) -3.4%
- Pulte Group (PHM) -3.1%
Stocks also worth noting include:
- Spirit Airlines (SAVE) -27.8%
- Rivian (RIVN) -3.7%
- CVS Health (CVS) +3.2%
- Nvidia (NVDA) +1.12%
- Tesla (TSLA) +3.3%
Rivian falls on production cut
Rivian stock lost 3.7% after the company trimmed its full-year production guidance.
The electric-pickup maker is revising its annual production guidance to between 47,000 and 49,000 vehicles, down from 57,000 units. This is due to a component shortage affecting both the R1 and RCV platforms.
Related: Tesla analysts update views after Q3 deliveries
Rivian is also affirming its annual delivery outlook of low-single-digit percentage growth compared with 2023.
Rivian produced 13,157 vehicles and delivered 10,018 in the third quarter.
Spirit Airlines drops after report of bankruptcy talks with bondholders
Spirit Airlines lost 28% after The Wall Street Journal reported that the company was considering a bankruptcy filing following its failed merger with JetBlue.
The company is also considering restructuring its debt outside of court, but current discussions lean toward a Chapter 11 filing. The timing of any filing isn't expected to be immediate, people familiar with the matter told the Journal.
Related: Spirit Airlines makes a change travelers are sure to like
Spirit Airlines has been struggling to compete with peers that offer similar low-cost fares. The stock is down nearly 90% year-to-date.
CVS Health trades higher amid breakup discussions
CVS Health gained 3% as it is considering breaking itself up and undergoing a strategic review of its business.
The company has hired advisers to conduct a strategic review of its operations, with one option being a split of its retail pharmacy and insurance divisions, CNBC reported.
More Retail Stocks:
- Target makes bold clarification to return policy amid alarming trend
- Analyst revisits Costco stock price target, rating ahead of earnings
- Nike shares swoosh higher after new CEO is named
This would be a significant change for CVS, which has spent tens of billions over the past two decades on acquisitions to create an all-in-one health destination.
CVS has lowered its 2024 earnings forecast for three consecutive quarters. In August, the company announced a plan to reduce $2 billion in expenses over the coming years, as rising medical costs continued to pressure its financial performance.
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