Stocks drift lower as staples, health care weigh
Stocks peeling back from all-time highs as traders eye a December rate hike, and a bumpy fall ahead. Plus – Nvidia shares getting zapped – we tell you why Tesla is behind it. And – forget drug stores – why Amazon may be your pharmacist of the future. Plus – does the Fed have an ulterior motive for reducing its massive balance sheet? Danielle DiMartino Booth reveals what it is. Catch The Final Round at 3:55 p.m. with Jen Rogers and Yahoo Finance markets correspondent Myles Udland.
Winners and losers
Stocks in the green today include Hertz as analysts see it could see stronger demand in Texas and Florida in the wake of hurricanes Harvey and Irma, Anadarko Petroleum as company’s board approved a $2.5 billion buyback, and Calgon Carbon – shares soaring after Kuraray agreed to by the water filtration company for $1.1 billion.
Stocks in the red today include Scholastic as sales plunged for the children’s book publisher from a year ago – call it the Harry Potter effect; Herman Miller as the furniture maker reported a 9% profit drop for a year ago, and Nvidia – shares of the chipmaker sliding as CNBC reports rival AMD is working with Tesla on AI chips for self-driving cars.
What’s next for the Fed
As expected, yesterday the Fed revealed a timeline to wind down its $4.5 trillion balance sheet by small amounts so that it doesn’t impact the markets. But does the Fed have an ulterior motive here? Joining us now is Danielle DiMartino Booth, she worked on Wall Street, at the Dallas Fed, and she’s the author of Fed Up.
