Package maker Sealed Air Corp. fell the most in six months Thursday after saying higher raw material costs would crimp the bottom line. A few days earlier it was rising freight outlays at Fastenal Co., where $1.1 billion of market value was erased. On Oct. 9, paint maker PPG Industries Inc. mentioned rising expenses. The shares cratered.
Everyone knows fund managers can’t keep up with benchmarks, and the last 12 months have been particularly grim. So when it turns out an exchange-traded fund supposedly driven by artificial intelligence has managed the feat, people take notice.
October hasn’t been a kind month for stocks, and Thursday was a good example of that as the S&P 500 had its third-worst decline since early April -- though note that we’re seeing a bounce in the futures this morning after positive earnings from megacaps Honeywell and Procter & Gamble just crossed the tape.
The largest U.S.-listed exchange-traded fund tracking Saudi Arabian stocks sank Thursday as U.S. Treasury Secretary Steve Mnuchin said he was skipping an investor conference in Riyadh amid rising pressure to hold the kingdom’s leadership accountable for the disappearance of a Saudi journalist.
The feeling leading up to earnings was a bit of unease mixed in with lump-in-the-throat anxiety given the barrage of warnings, misses and preliminary disappointments. That tide appeared to shift Tuesday night the second Netflix’s earnings statement hit the wires and washed away fears of a second straight miss.
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