One of Our Most Recent Defensive Buys Cleared a Hurdle and Its Stock Jumped

Every weekday, the Investing Club releases the Homestretch; an actionable afternoon update just in time for the last hour of trading.

One of Our Most Recent Defensive Buys Cleared a Hurdle and Its Stock Jumped

TL;DR

  • The S&P 500 reversed earlier losses, ending slightly positive as Treasury yields declined.
  • The probability of a Federal Reserve interest rate increase at the upcoming meeting has decreased significantly.
  • Cardinal Health extended its distribution agreement with CVS Health through 2032, reaffirming its growth guidance.
  • McKesson also announced a similar distribution agreement with CVS Health.
  • An initial public offering for the AI lab Anthropic may occur before Thanksgiving, with a potential valuation of $2 trillion.
  • Broadcom is expected to become Anthropic's largest customer for custom AI chips next year, and has agreed to lend Anthropic up to $42 billion.
  • Nike is scheduled to report earnings after the market close.
  • The September nonfarm payroll report is expected to show job gains, influencing stock and bond markets based on its impact on potential Fed rate hikes.