Stock Market Live September 25: S&P 500 (VOO) Tumbles on Improved Jobs Report
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Stock Market Live September 25: S&P 500 (VOO) Tumbles on Improved Jobs Report
"The U.S. Bureau of Labor Statistics reported today that first-time unemployment filings declined by 14,000 week over week. Unemployment claims in the week ended September 20 were 218,000 (seasonally adjusted), which was also below the 235,000 economists had predicted. CNBC called the jobs data "solid," noting that Q2 gross domestic product was also revised higher, to 3.8%, painting a picture of a stronger economy... with potentially less need for interest rate cuts by the Federal Reserve."
"Earnings Builder KB Home ( NYSE: KBH) beat earnings by eleven cents last night, reporting a fiscal Q3 profit of $1.61 per share on $1.6 billion in sales. Management forecast that by the end of fiscal 2025, however, its sales will be only $6.1 billion or $6.2 billion, less than the $6.3 billion that Wall Street is looking for. KB Home stock is down more than 1% premarket."
Initial U.S. unemployment filings declined by 14,000 to 218,000 for the week ended September 20, below economist forecasts of 235,000. Q2 GDP was revised higher to 3.8%, reinforcing signs of economic strength and reducing the need for near-term Federal Reserve rate cuts. Equity investors reacted negatively, with the Vanguard S&P 500 ETF down about 0.5% premarket. Starbucks announced a $1 billion restructuring, closing roughly 1% of its 11,400 North American locations and laying off 900 store workers, bringing total layoffs to 2,000 this year. KB Home beat Q3 earnings but trimmed its fiscal 2025 sales outlook, and CarMax missed Q2 earnings and revenue estimates.
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